CNBC LONDON — A group of some of the world’s most powerful oil producers will meet on Thursday to decide the next phase of their production policy. OPEC and non-OPEC partners, an energy alliance often referred to as OPEC+, convene via videoconference on Tuesday afternoon. A joint press conference is scheduled to take place following the conclusion of the meeting.
Reuters NEW YORK – Oil prices rose on Wednesday, heading for monthly and quarterly gains, after data showed U.S. crude stockpiles were shrinking and an OPEC report foresaw an undersupplied market this year. The Brent crude contract for August, due to expire on Wednesday, was up 28 cents, or 0.4% at $75.04 a barrel by 11:22 (1522 GMT.) The September
Reuters Oil prices rose on Monday, hitting their highest levels in more than two years supported by economic recovery and the prospect of fuel demand growth as vaccination campaigns in developed countries accelerate. Brent was up 73 cents, or 1%, at $73.42 per barrel, its highest since May 2019. U.S. West Texas Intermediate gained 75 cents, or 1.1%, to trade at $71.66
Reuters LONDON – Oil prices rose on Tuesday after strong Chinese import data, while Middle East tensions gave only a limited boost given no crude supply has been disrupted so far. Brent crude oil futures were up 67 cents, or 1%, at $63.95 a barrel by 1221 GMT, while U.S. crude oil futures gained 61 cents, or 1%, to $60.31
Reuters NEW YORK – Oil prices rose nearly 2% on Monday on optimism over the pace of coronavirus vaccinations in the United States and after the Yemen-based Houthi movement said it fired missiles on Saudi oil sites. Crude prices have remained rangebound in the past three weeks, as growing expectations of surging U.S. economic activity are balanced by the slow
Reuters LONDON – Oil prices rose on Tuesday, supported by hurricane supply disruptions in the United States, but forecasts of a slower than expected recovery in global demand from the pandemic weighed. Brent crude LCOc1 was up 41 cents, or 1%, at $40.02 a barrel by 1341 GMT, while U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 47 cents, or 1.3%, at
CNBC Oil prices rose on Wednesday after an industry report showed that crude inventories in the United States fell against expectations, giving the market a boost amid record increases of coronavirus infections in the U.S. and elsewhere. Brent crude futures were up by 49 cents, or 1.13%, at $43.71 a barrel, after dropping 0.4% on Tuesday. West Texas Intermediate crude
CNBC Oil prices rose on Thursday after data showed a fall in U.S. unemployment and a sharp drop in crude stockpiles, although concerns that a spike in U.S. coronavirus infections could stall a recovery in fuel demand kept gains in check. U.S. non-farm payrolls increased by 4.8 million in June, the Labor Department reported on Thursday, beating expectations. Brent crude futures
Reuters NEW YORK – Oil prices rose on Monday as signs fuel demand was recovering while OPEC+ members were complying with a production cut deal outweighed fears that new coronavirus infections could further slow the global economy. U.S. West Texas Intermediate crude rose 44 cents, or 1.2%, to $36.70 a barrel by 1:22 p.m. EDT (1722 GMT). Brent crude rose
CNBC Oil jumped more on Thursday and was on track for its second best week in history as a number of bullish factors supported prices, including U.S. companies cutting production, Saudi Arabia raising its official oil selling price and gasoline demand improving as economies around the world reopen. West Texas Intermediate, the U.S. benchmark, jumped 8%, or $1.91, to trade
Reuters LONDON – Oil prices rose on Thursday after sharp losses in the previous session, with investors hoping that a build-up in U.S. inventories may mean producers have little option but to cut output as the coronavirus pandemic ravages demand. With official data showing U.S. inventories surging the most on record, U.S. West Texas Intermediate (WTI) fell on Wednesday to
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
