Reuters NEW YORK -Oil prices slipped on Monday as the positive impact from COVID-19 vaccine news and an OPEC+ deal on oil production cuts was undermined by surging coronavirus cases and heightened tensions between the United States and China. Brent crude fell 16 cents to $49.09 a barrel by 11:17 a.m. EST (1617 GMT). U.S. crude fell 18 cents to
Reuters LONDON – Brent crude oil futures rose to just under $50 a barrel on Friday as major producers agreed on a compromise to increase output slightly from January but continue the bulk of existing supply curbs to cope with coronavirus-hit demand. Brent was up 27 cents at $48.98 a barrel by 1434 GMT after hitting its highest since early
Reuters LONDON – Oil prices rose on Wednesday as the market awaited a pact from producers on output, which many traders expect will continue to be reined in, and Britain’s approval of a COVID-19 vaccine gave hopes for a demand recovery a boost. Prices were hit earlier by a surprise build in oil inventories in the United States and as
Reuters LONDON – Oil prices inched down on Tuesday as investors awaited direction from OPEC and its allies after the producers postponed a formal meeting to decide whether to lift output from January. Brent crude was down 19 cents at $47.69 a barrel by 1430 GMT and West Texas Intermediate was down 36 cents at $44.98. Both contracts have surged
Reuters Oil prices will struggle to gain upward traction next year as demand remains in the grip of the coronavirus pandemic despite growing optimism over vaccines and a likely extension of output cuts by top producers, a Reuters poll showed on Monday. The poll of 40 economists and analysts forecast Brent would average $49.35 a barrel next year, little changed
Reuters LONDON – Oil prices fell on Monday on uncertainty about whether OPEC+ would agree to extend their large output cuts at talks this week, but vaccine hopes still kept benchmark crudes on track to rise by more than a fifth in November. Brent crude for January delivery, a contract that expires on Monday, had dropped 50 cents or 1%
Reuters NEW YORK – Oil prices climbed to the highest in more than eight months on Wednesday, as data showing a surprise drop in weekly U.S. crude inventories extended a rally driven by hopes that a COVID-19 vaccine will boost fuel demand. Brent crude rose 80 cents, or 1.7%, at $48.66 a barrel by 12:57 p.m. ET (1757 GMT), adding
Reuters LONDON – Oil hit its highest since in March on Tuesday, rising above $47 a barrel as a third promising coronavirus vaccine raised demand recovery hopes and U.S. President-elect Joe Biden received the go-ahead to begin his transition. AstraZeneca on Monday said that its COVID-19 shot was 70% effective in trials and could be up to 90% effective, giving
Reuters LONDON – Oil prices rose on Monday, extending last week’s gains as traders anticipated coronavirus vaccine trials would spur a recovery in demand. Sentiment was also bolstered by expectations that the Organization of the Petroleum Exporting Countries (OPEC), Russia and other producers, a group known as OPEC+, would extend a deal to restrain output. Brent crude rose 58 cents
Reuters NEW YORK – Oil prices slipped on Thursday as hopes for a vaccine were overshadowed by a surge in new cases of the coronavirus around the world, which raised concerns about the outlook for crude demand. Brent crude was down 35 cents to $43.99 a barrel by 12:36 p.m. EST (1736 GMT). U.S. West Texas Intermediate crude slipped 32
CNBC Oil prices firmed on Wednesday as hopes that producer group OPEC and its allies will delay a planned increase in oil output to offset a bigger than expected build in U.S. crude inventories. Brent crude futures rose 50 cents, or 1.14%, to $44.25 per barrel, while U.S. West Texas Intermediate crude gained 27 cents, or 0.65%, to trade at $41.70 per
Reuters LONDON – U.S. petroleum inventories are gradually normalising as output curbs by OPEC+ and processing restraint by refiners push the oil market back towards balance. But with stocks of crude and distillates still well above the five-year average, OPEC+ and refiners will need to maintain their disciplined approach until at least March to avoid renewed downward pressure on prices.
