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 $ …
Read More »Oil Retesting Support
Oil, Crude, trading
Read More »Oil Closes Higher and WTI Finishes at Highest Level in 11 Months
Oil prices returned to gains on Thursday, finishing higher on the back of the rollout of Coronavirus vaccines and positive sentiment towards the expected increase in government stimulus spending in the United States as planned by the new administration. Brent crude futures for March delivery gained 36 cents, or 0.6%, to …
Read More »Annual Inflation in Saudi Arabia Increased by 5.3% in December 2020
The consumer price index increased in KSA by 5.3% in December 2020 compared to the same month last year in December 2019, which is lower than the inflation rate for the previous month, November 2020. This price development is largely due to the increase in value-added tax from 5% to …
Read More »Oil Prices Are Rising Thanks to Strong Chinese Data And Lower US Inventories
Oil prices rose Thursday, January 14th, after US crude stocks fell for the fifth week in a row and strong data from China showed a rise in imports, but the increase in global coronavirus infections curbed the gains. Brent crude futures gained 13 cents, or 0.2%, to $56.19 a barrel, …
Read More »Crude Oil May See Temporary Selling
Oil, Crude, trading
Read More »Oil Finishes Lower Following EIA’s Weekly Report
Oil prices closed Wednesday lower after a mixed performance, ending a rising trend that lasted for six consecutive sessions. The decline in crude prices came amid the rebound of the U.S. Dollar (USD) and a less than expected draw in American crude inventories coupled with a rise in gasoline and …
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