Oil prices set for biggest fall in two weeks after Fed outlook spooks traders June 11, 2020 Oil prices are on track for their biggest daily fall in two weeks after a combination of a record build in stocks and the Federal Reserve’s economic predictions spooked traders. Worldwide benchmark Brent crude swiftly pared yesterday’s gains this morning, falling 3.4 per cent to $40.29 per barrel. US standard West Texas Intermediate followed suit, [...]
Oil prices push higher despite unexpected surge in crude stocks May 28, 2020 Oil prices pushed upwards today despite a larger than expected build in US crude stockpiles, holding on to the gains of the last few weeks. Global standard Brent crude rose 1.5 per cent to $35.29, whilst US benchmark West Texas Intermediate picked up 1.9 per cent to reach $33.43. The rise came despite US crude [...]
Oil prices on supply cut hopes and Covid-19 demand recovery May 26, 2020 Oil prices pushed higher this morning amid growing confidence about crude supply cuts and signs of a recovery in demand as global Covid-19 lockdowns are eased. West Texas Intermediate crude futures rose 3.4 per cent to $34.37 a barrel this morning, just shy of an intra-day high of $34.54. Brent crude futures were also up [...]
Oil prices soar as world begins to emerge from lockdown May 18, 2020 Oil prices continued their upwards trajectory this afternoon, dispelling fears of a repeat of last month’s price implosion as the countries around the world continued to move out of lockdown restrictions. Worldwide standard Brent crude broke through the $35 mark, rising nine per cent to stand at its highest levels since March. West Texas Intermediate, [...]
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 [...]