Reuters LONDON -Oil prices fell on Wednesday on concerns about the market’s recovery after OPEC and its allies lowered their 2021 demand growth forecast, although strong Chinese factory activities lent some support. Brent crude for May, which expires on Wednesday, fell 49 cents, or 0.76%, to $63.65 a barrel at 1322 GMT. The more active Brent contract for June was
Reuters LONDON – Oil prices sunk for a fifth day running on Thursday on a stronger dollar, a further increase in U.S. crude and fuel inventories and the weight of the ever-present COVID-19 pandemic. Brent crude was down $2.33, or 3.43%, to $65.67 a barrel at 1426 GMT. U.S. oil was down $2.27, or 3.51%, at $65.67 after shedding 0.3%
Reuters LONDON – Oil slipped for a fourth day on Wednesday as concerns about weaker demand in Europe outweighed an industry report that showed U.S. crude inventories fell unexpectedly last week. Several European countries have paused the use of AstraZeneca’s COVID-19 vaccine on worries over possible side effects. Germany is seeing rising coronavirus cases, Italy is imposing a nationwide Easter
Reuters LONDON – Oil fell to around $68 a barrel on Tuesday in a choppy session, as easing concern of a supply disruption in Saudi Arabia and U.S. dollar strength countered the prospects for tighter supply due to OPEC+ output curbs. Crude hit its highest since the start of the pandemic on Monday after Yemen’s Houthi forces fired drones and
Reuters LONDON – Hedge funds sold petroleum for the second week running as crude prices topped $65 a barrel, the highest level since before the COVID-19 pandemic. The equivalent of 11 million barrels in petroleum futures and options were sold by hedge funds and other money managers in the week ending March 2, according to records published by regulators and
Reuters SINGAPORE – Brent crude futures jumped above $70 a barrel on Monday for the first time since the COVID-19 pandemic began, while U.S. crude touched its highest in more than two years, following reports of attacks on Saudi Arabian oil facilities. Brent crude futures for May reached $71.16 a barrel in early Asian trade and were at $70.76 a
Reuters LONDON – Oil prices jumped more than 3% on Friday, hitting their highest levels in over a year after OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery in demand. Brent crude futures were up $2.23, or 3.3%, at $68.97 a barrel by 1441 GMT – a nearly 14-month high.
Reuters LONDON – Oil prices rose on Monday, supported by optimism about COVID-19 vaccinations, a U.S. stimulus package and growing factory activity in Europe despite coronavirus restrictions. Brent crude was up 34 cents, or 0.5%, at $64.76 a barrel by 1448 GMT, and U.S. West Texas Intermediate (WTI) crude rose 13 cents, or 0.2%, to $61.63 a barrel. Both contracts
Reuters LONDON – ICE exchange, home of Brent oil futures trading, has put pressure on pricing agency Platts to postpone its physical Brent market reform, saying the market needs more time to consult and adjust the value of derivatives in line with the changes. S&P Global Platts has this week decided to include U.S. crude West Texas Intermediate (WTI)
Reuters LONDON – Oil prices firmed on Wednesday amid continued outages in the United States and a weaker dollar, even though U.S. inventories last week rose unexpectedly. Brent crude futures gained $1.19, or 1.8%, to $66.56 a barrel at 1511 GMT, after hitting a session low of $64.80. U.S. West Texas Intermediate (WTI) crude futures were up $1.09, or 1.8%,
Reuters LONDON/SINGAPORE/MOSCOW – Sales of physical crude oil are gaining pace at higher prices following a rally in the futures market, traders and analysts said, as expectations mount of near-term increases in demand. Global benchmark Brent futures are trading above $65 a barrel, quadrupling in value since pandemic lows in April. In contrast to Brent futures, physical sales are near-term
Reuters HOUSTON – Texas’s freeze entered a sixth day on Thursday, as the largest energy-producing state in the United States grappled with massive refining outages and oil and gas shutins that rippled beyond its borders into neighboring Mexico. The cold snap, which has killed at least 21 people and knocked out power to more than 4 million people in Texas,
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