Oil prices recover as Donald Trump says China deal still intact June 23, 2020 Global oil prices pushed higher this morning after US president Donald Trump soothed traders’ nerves by assuring the market that his long-sought trade deal with China was intact. The previous session had seen the market suffer a bout of jitters after White House trade adviser Peter Navarro said that the hard-fought deal was “over”. However, [...]
Oil prices hit highest levels since early March as Opec+ pledges cut compliance June 19, 2020 Oil prices topped $42 today after oil producer group Opec and its allies pledged better compliance with record production cuts in a meeting yesterday. Worldwide standard Brent crude rose 2.3 per cent to hit $42.46 this morning, extending gains from its previous session. Meanwhile, US benchmark West Texas Intermediate was headed back towards $40 where [...]
Oil prices begin slide over coronavirus second wave fears June 17, 2020 Global oil prices slipped back this morning on rising fears over a second wave of coronavirus infections after an outbreak in Beijing. Worldwide benchmark Brent crude fell 1.5 per cent over the morning’s trading, slipping back to $40.34. Meanwhile US standard West Texas Intermediate, which was recently trading close to $40 levels, dropped 1.8 per [...]
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 [...]