Oil hit a multi-year high above $83 per barrel on Wednesday, bolstered by OPEC+’s refusal to ramp up production more quickly against a backdrop of global worry about oil supply. The market eventually reversed those gains due to an American Petroleum Institute (API) data showing increased crude stocks in the United States and, according to …
Oil prices rose further on Thursday, propelled by increasing fuel demand and a larger-than-expected drop in U.S. crude stocks. At the same time, production in the Gulf of Mexico continues impeded by two storms. At 0856 GMT, Brent crude was up 9 cents, or 0.1 percent, to $76.28 per barrel. West Texas Intermediate crude in …
Oil prices drop for the sixth day in their extensive losing streak since February 2020. The sharp increase in COVID-19 cases has raised fears of declining fuel demand. After hitting the lowest earlier in the session, Brent crude was down 1.6%, at $ 67.12. U.S. West Intermediate crude (WTI) fell 2.1%, to $ 64.11. WTI …
The Longest Losing Streak Since 2020 – Oil Prices Fell Read More »
After four days of falls, oil prices stabilized on Wednesday. By 1125 GMT, Brent crude was up around $1, or 1.4 percent, to slightly above $70 per barrel. WTI crude oil in the United States rose 84 cents, or 1.25 percent, to $67.43. According to Avtar Sandu, the oil market may remain volatile in the …
The issue of increasing oil supplies is still in question due to the global epidemiological situation. Despite the U.S. request and the review of the OPEC+ statement on the case, it is impossible to talk in advance about what is not under your control. Oil prices have stabilized – the prospect of increased demand for …
Citgo Petroleum on Monday announced small second-quarter earnings, the first in seven quarters. High fuel exports have replaced a weak margin, and at the same time, the shutdown of the fuel pipeline has had a significant impact on it. The impact of the Covid-19 on the universe turned out to be greater than any of …
First Profit in Seven Quarters – Citgo Petroleum Read More »
Official data show that economic activity and throughput in China are lagging. Oil prices fell more than 1% on Monday, meaning new strains of COVID-19 colossal impact the world economy. The price of Brent oil fell by 1.3%, 90 cents per barrel, to $ 69.69. U.S. crude fell 1.4 percent, or 97 cents, to $ …
Fluctuation in Chinese Demand and Decreasing Oil Prices Read More »
After the International Energy Agency said that the demand for oil and its products has slowed down, Brent oil price fell 0.7% to $ 70.82 a barrel, after falling to 13 cents. According to the latest data, U.S. oil prices fell by 0.8%; shares fell 0.2% on the barrel on Thursday. The benchmarks are improving …
Delta Variant Demand Recovery – Oil Extends Losses Read More »
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