Commodities

Chinese customs data showed that China’s imports of crude oil jumped 34% in June on an annual basis; this is the record for the second month in a row next to the arrival of shipments purchased during the collapse of oil prices last April to Chinese ports. Data showed that …

The US Energy Information Administration (EIA) is expecting a steep decline in the production of shale oil in the United States by 56,000 barrels per day (bpd) to around 7.49 million bpd next month. This would be the lowest of US shale oil production since August 2017. The next OPEC+ …

Oil prices declined on Monday as the rising number of COVID-19 cases are leading to concerns regarding demand recovery. Brent crude futures settled higher by 1.2% at $42.72 per barrel, while the US benchmark crude oil, West Texas Intermediate (WTI), futures closed down by 1.1% to $40.10 per barrel. An …

Gold prices rose on Monday after posting two consecutive declines, during which it was able to maintain the $1,800 level. Although the yellow metal did not yet restore its highest level in nine years, where it closed last Wednesday, gold futures for August delivery increased by $12.20, or 0.7%, and …

Oil prices fell on Monday in Asia ahead of the OPEC meeting on Wednesday. Brent crude prices fell 0.74% to $ 42.92 a barrel, West Texas Intermediate (WTI) fell 0.81% to $ 40.22 a barrel. Oil had risen more than 2% on Friday after the International Energy Agency (EIA) revised …

Goldman Sachs has raised its forecasts for gold prices during 2020, according to a recent note, CNBC reported. The bank sees gold prices at $1,800 per ounce during the next three months, at $1,900 for the coming six months, and at $2,000 a ton for the coming 12 months. Goldman …

Oil prices gained more than 2% on Friday, after the International Energy Agency (EIA) expected improved demand for crude during 2020, claiming that the worst effects of the COVID-19 pandemic on the oil market are over. Brent crude settled higher by 2% or 89 cents at $43.24 per barrel, while …

Gold prices declined for the second consecutive day but were able to maintain the $1,800 level, near its highest in nearly nine years. The yellow metal futures for August delivery decreased marginally by $1.90 and settled at $1,801.90 per ounce. Gold prices increased by 0.7% for the week. This is …

The number of active US oil rigs decreased by four to 181 this week, according to data by Baker Hughes. It worth mentioning that the number of rigs drilling for crude oil in the US did not a single increased since mid-March.

The worst effects of the coronavirus pandemic on global oil demand may have passed, according to a report by the International Energy Agency (IEA) on Friday, the Wall Street Journal reported. However, the crisis will continue to leave its toll as markets slowly recover during the second half (H2) of …