Oil prices surge past $30 for first time in two months May 18, 2020 Global oil prices jumped this morning on growing optimism as governments around the world continued to ease lockdown measures. Worldwide standard Brent crude rose 5.2 per cent to hit $34.20, its highest levels in a month. US benchmark West Texas Intermediate also surged 6.9 per cent to $31.47, levels which it has not seen since [...]
Oil prices mixed as second wave threat tempers new production cut May 11, 2020 Oil prices were mixed today, supported by Saudi Arabia’s move to reduce output by an extra 1m barrels per day, but pressured by fears of a second wave of coronavirus infections. Brent crude fell 1.6 per cent to $30.47 a barrel and US West Texas Intermediate crude rose 0.7 per cent to $24.92. Global oil [...]
Oil prices jump amid signs of rising demand May 7, 2020 Oil prices jumped today as a combination of an unexpected rise in Chinese exports and cuts by US producers helped extend a week of gains. By the mid-afternoon, worldwide standard Brent crude rose a further 5.7 per cent to cement its position above $31. US benchmark West Texas Intermediate (WTI) leapt 8.9 per cent to [...]
Trump hails climbing oil prices as lockdowns begin to lift around world May 5, 2020 Oil prices leapt upwards today on hopes that the easing of coronavirus lockdowns around the world would boost demand, prompting encouraging tweets from US president Donald Trump. After weeks of extreme volatility, both Brent crude and West Texas Intermediate (WTI) posted their fifth consecutive day of gains. Worldwide standard Brent crude, which two weeks ago [...]
Oil prices slip on fears of renewed US-China trade war May 4, 2020 Oil prices dropped this morning after last week’s gains amid fears that heightening tensions between the US and China could impair global economic recovery from the coronavirus pandemic. After their first week of gains in over a month last week, both worldwide benchmark Brent crude and US standard West Texas Intermediate (WTI) slipped back. Having [...]
Oil prices continue gains on signs demand starting to pick up April 30, 2020 Oil prices continued to pick up gains this morning due to the combination of signs that crude stocks are not growing as quickly as expected and that demand is slowly starting to pick up. After impressive gains yesterday, US standard West Texas Intermediate increased another 15 per cent to $17.22, buoyed by a smaller than [...]
Oil prices reverse losses as US government considers aid for sector April 28, 2020 Oil prices reversed their losses this afternoon after US government officials indicated that it would provide support to the battered sector. US standard West Texas Intermediate, which earlier today fell nearly 20 per cent, swung back to stand over three per cent up at $13.21. The move came after US treasury secretary Steve Mnuchin said [...]
Oil prices plunge: WTI nears $10 as storage fears increase April 28, 2020 Oil prices continued to slide this morning as traders rushed to withdraw their money from upcoming futures delivery contracts amid fears they will have nowhere to put the substance. With storage space running severely scarce around the world, exchange-traded funds are trying to avoid a similar situation to last week’s price crash by selling out [...]
Oil prices on brink of another collapse as storage dries up April 27, 2020 Oil prices were on the precipice this afternoon amid fears that a repeat of last week’s historic collapse into the negative could be on the cards. By mid-afternoon, the price of the June delivery contract for US standard West Texas Intermediate (WTI) had dropped nearly 28 per cent as storage facilities across the country approached [...]
Oil prices plunge amid fears of historic crash repeat April 27, 2020 Oil prices plunged this morning amid signs that the world’s storage facilities were on the brink of capacity, raising fears that producers are not cutting output fast enough to offset the collapse in demand. After last week’s historic crash, which saw the price of US standard West Texas Intermediate (WTI) turn negative for the first [...]