Oil prices declined on Friday to settle at their lowest closing level in about five months, as a negative outlook for the recovery of global demand persists, with uncertainty surrounding the future of output cuts. Brent crude futures for December delivery declined by 19 cents, or 0.5%, and closed at …
Read More »US Oil Rigs Rise for Sixth Week in Row
The number of active oilrigs in the United States rose by 10 to 221 during the week, according to the weekly report by Baker Hughes released on Friday. This is the sixth consecutive weekly increase in active rigs drilling for oil in the US. A decline in natural gas rigs …
Read More »Oil Continues to Post Losses
Global oil prices fell by more than 1%, to continue to suffer losses and heading towards the second monthly decline due to growing fears that the high number of Covid-19 cases in Europe and the United States may harm fuel consumption. Brent crude fell for the third day, and fell …
Read More »Oil is Taking Heavy Losses
Oil, Crude, trading
Read More »Oil Closes at Lowest Level in Five Months
Oil prices finished Thursday lower, at its lowest closing level in about five months, amid concerns about the rising number of Coronavirus cases and the recovery of the global economy and demand for energy. Brent crude futures for December delivery declined by $1.47, or 3.8%, to settle at $37.65 per …
Read More »OPEC+ Output Cuts Facing Uncertainty Next Year
Major crude oil producers in the Arabian Gulf are considering whether to extend output curbs into 2021, Reuters reported. The current OPEC+ agreement indicates that by the end of the year, production cuts will be eased by 2 million barrels per day (b/d). However, it is widely expected that the …
Read More »Oil Continues Losses Amid Renewed Fears of Coronavirus and a glut of supply
Oil prices continue their losses after losing 5% in the previous session, with governments re-imposing restrictions to contain the second wave of cases with the Coronavirus, and amid indications of a growing global supply glut. By 0743 GMT, US West Texas Intermediate crude futures were down 8 cents, equivalent to …
Read More »Oil Continues to Face Negative Pressure
Oil, Crude, trading
Read More »Oil Prices Tumble on US Inventory Data
Oil prices declined on Wednesday and finished at their lowest level since June, after data showed an increase in crude inventories in the United States. Data by the US Energy Information Administration (EIA) showed earlier today that crude oil stockpiles in the United States grew by 4.3 million barrels last …
Read More »Oil is Down More Than 4% as Increase in US Stockpiles Fueled Fears of Excess Supplies
Oil prices plunged on Wednesday, giving up the gains they had made the previous day, as an increase in US crude stocks and a rise in coronavirus cases in Europe and the United States fueled concerns about oversupply and weak demand for fuel. Brent crude futures fell $ 1.60 to …
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