CNBC Oil prices moved higher on Monday after OPEC and its allies agreed to cut production by 9.7 million barrels per day. The deal, which was finalized on Sunday after marathon discussions that spanned four days, is the single largest output cut in history. U.S. West Texas Intermediate crude rose 1.9% to trade at $23.18 per barrel, while international benchmark Brent crude
CNBC Oil prices on Thursday rallied more than 20% following reports of a possible deal to cut production by an enormous 10 million barrels per day, but one analyst is still predicting that Brent crude will sink to $10 a barrel. The benchmark Brent crude was trading up 9.92% trading at $32.91 on Friday afternoon in Asia, while West Texas Intermediate gained up 4.82% at $26.54. “We are
Reuters LONDON – U.S. President Donald Trump’s confidence he can get a deal to limit a global oil glut has driven world crude futures higher. But he cannot talk up the underlying physical market that shows the full extent of the demand destruction following the coronavirus outbreak. The Brent crude oil benchmark, used to price more than half the world’s
Reuters LONDON – Brent oil prices rose on Wednesday on expectations that major producers have moved closer to an agreement to enact deeper output cuts aimed at offsetting the slump in demand caused by the coronavirus outbreak. Brent crude LCOc1 was up by 91 cents, or 1.7%, at $52.77 a barrel at 1442 GMT. U.S. West Texas Intermediate (WTI) CLc1
Reuters NEW YORK – Oil prices edged up on Wednesday after U.S. crude in storage grew less than expected and gasoline inventories dropped, but hundreds of new coronavirus cases reported in Asia, Europe and oil-producing countries in the Middle East limited gains. Brent crude was rose 12 cents to $55.07 a barrel by 10:48 a.m. EST (1548 GMT), while U.S.
CNBC Oil prices rose on Thursday after the U.S. government reported a much smaller-than-anticipated rise in crude stocks, but gains were capped by worries about the spread of Coronavirus outside China. Data from the U.S. Energy Information Administration (EIA) showed that crude inventories rose only 414,000 barrels last week, compared with expectations of a 2.5 million barrel rise from analysts
Reuters LONDON – Benchmark Brent oil prices rose for a seventh consecutive day after demand worries eased with a slowing of new coronavirus cases in China and supply was curtailed by a U.S. move to cut more Venezuelan crude from the market. Brent LCOc1 was up 71 cents at $58.46 a barrel at 1510 GMT. The global benchmark has risen
CNBC OPEC’s battle to support oil prices as China’s coronavirus spreads internationally shows the producer group is struggling to wield the same influence over global crude markets, energy analysts have told CNBC. It comes amid speculation that OPEC and non-OPEC producers, sometimes referred to as OPEC+, could extend production cuts if the intensifying outbreak of the coronavirus hampers oil demand growth. International benchmark Brent crude traded at
CNBC Oil futures rose 1% Tuesday after a five-day losing streak as OPEC sources said the group and its allies might tighten the market amid fears that the coronavirus, which has claimed over 100 lives in China, could weigh on oil demand. Brent crude, which oscillated between positive and negative territory, gained 59 cents, or 1%, to trade at $59.91
Reuters LONDON – Brent oil futures fell on Wednesday from a four-month peak hit in frenzied early trading after a rocket attack by Iran on American forces in Iraq appeared to have no impact on oil infrastructure or crude flows. Tweets by U.S. President Donald Trump and Iran’s foreign minister also seemed to signal a period of calm – for
Reuters NEW YORK – Oil prices fell about 1% on Tuesday, surrendering some of the gains of recent days as investors reconsidered the likelihood of immediate supply disruptions in the Middle East after the United States killed a top Iranian military commander last week. Brent crude LCOc1 was down 71 cents, or 1%, at $68.20 a barrel. U.S. West Texas
Houston Chronicle Oil settled above $61 a barrel after posting its biggest annual gain in three years amid elevated tensions in the Middle East and signs that U.S. crude stockpiles fell further. Futures in New York rose Thursday but are set to post the first weekly decline in five weeks. Defense Secretary Mark Esper said Thursday that the U.S. was
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