CNBC Oil rose on Tuesday towards $41 a barrel as oil companies shut down some U.S. Gulf of Mexico oil output due to a hurricane, although surging coronavirus infections and rising Libyan supply limited gains. Companies including BP, Chevron and Equinor ASA evacuated rigs, and so far producers have shut 16%, or 293,656 barrels per day (bpd) of oil output
Reuters LONDON – Oil edged up to around $42 a barrel on Wednesday, supported by rising investor risk appetite and a report that U.S. fuel inventories fell, although rising crude supply and concern of stalling demand capped gains. European equities rose after better-than-expected German manufacturing data, giving oil a boost. The American Petroleum Institute said U.S. inventories of gasoline and
Reuters LONDON – Oil prices rose on Tuesday as analysts took the view that renewed lockdown restrictions would have only a limited impact on fuel demand, partly reversing a steep drop in prices the previous day. Brent crude LCOc1 was up 62 cents, or 1.5%, at $42.06 per barrel at 1343 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 for October, due to expire
Reuters LONDON – Oil rose towards $46 a barrel on Wednesday, gaining for a third day, supported by a report that U.S. crude inventories fell and as surveys showing stronger manufacturing raised hopes of an economic recovery from the coronavirus pandemic. U.S. crude stocks fell by 6.4 million barrels, the American Petroleum Institute (API) said, more than forecast. [API/S] Manufacturing
Reuters LONDON – Oil prices rose on Wednesday on a string of positive manufacturing data and a drawdown in U.S. crude inventories, both indicating an economic recovery, however, fears of surging coronavirus infections capped the gains. Brent crude LCOc1 was up 67 cents, or 1.6%, at $41.94 a barrel at 1336 GMT, and U.S. crude was up 71 cents, or
Reuters LONDON – Oil rose further above $26 a barrel on Friday as OPEC and its allies embarked on record output cuts to tackle a supply glut due to the coronavirus crisis that has been weighing on the market. The global oil benchmark, Brent crude, has fallen almost 60% percent in 2020 and hit a 21-year low last month as
