Oil, Crude, trading
Read More »IEA Cuts Oil Demand Forecasts for 2021
The International Energy Agency (IEA) cuts its expectations for the global demand for crude oil during 2021 by 280,000 barrels per day (b/d) to 5.5 million b/d, according to the monthly report released on Tuesday. A decline of 600,000 b/d is expected during the first quarter (Q1) of the year, …
Read More »Oil Closes Higher as the USD Declines
Oil prices rose on Tuesday, amid the decline of the U.S. Dollar (USD), despite the International Energy Agency (IEA) cutting its expectations for the global demand for crude oil in 2021. Hopes for increased government stimulus by the new administration that is about to take over in the United States …
Read More »Crude Oil: Negativity Persists
Oil, Crude, trading
Read More »Growing CoronaVirus Cases Put an End to Oil Rally
Oil prices retreated further from the 11-month high that they touched last week, ending a rally that began at the end of October due to production cuts and strong Chinese demand, in light of questions about market direction amid the growing number of coronavirus cases. Brent crude was down 30 …
Read More »Crude Oil Facing Negative Pressure
Oil, Crude, trading
Read More »Oil Erases Weekly Gains and Turns to Losses
Oil prices declined on Friday, giving up most of their weekly gains in a correction wave that follows recent surges amid continuous concerns about the rising number of new Coronavirus cases. Brent crude futures for March delivery declined by $1.32, or 2.3%, to close at $55.10 per barrel. For the …
Read More »U.S. Oil Rig Count Rises for Eight Week in Row
Active rigs drilling for oil in the United States increased by 12 to 287 this week, according to the weekly report released on Friday by Baker Hughes. This is the eight consecutive weekly rise for the U.S. oil rig count. The total rig count, representing the number of active rigs …
Read More »US Department of Energy: The US Plans to Sell 20 Million Barrels of Strategic Oil Reserves
The US Energy Department said Thursday it plans to sell up to about 20 million barrels of crude oil from the Strategic Petroleum Reserve, as dictated by two laws passed in 2015 and 2018. Both laws require the ministry to sell a little more than ten million barrels during the …
Read More »Oil Declining in Light of General Isolation Measures in China And US Unemployment Data
Oil prices plunged as fears about Chinese cities being subjected to general isolation measures due to the outbreak of the Coronavirus curbed a rally driven by strong import data from the world’s largest crude consumer and US plans for a stimulus package. Brent fell 46 cents, or 0.8%, to $ …
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