Tag Archives: Oil

Oil prices retreated on Friday, as trading was cloudy over the global recovery in fuel demand and growing uncertainty, while cases of COVID 19 rise steadily in several countries with major producers prepared to ease production restrictions. Brent crude futures fell 11 cents, or 0.3%, to $ 43.26 a barrel …

Oil prices declined on Thursday due to negative economic data, which also pushed stock markets down. The OPEC+ move to raise output, by limiting the production cuts to 7.7 million barrels per day (bpd) from August 1, which was announced yesterday, is not expected to disrupt the market, as demand …

Russia is expecting a strong recovery in the global demand for oil, according to the Russian Minister of Energy, Alexander Novak, Reuters reported. The minister said on Thursday that a significant rise in August could see demand improve to 10% below the pre-COVID-19 levels. Demand was nearing 100 million barrels …

Oil prices retreated after OPEC + agreed to taper record supply curbs from August, although the drop had received some bailouts from the rapid recovery of US demand after crude inventories fell in. Brent fell 33 cents, or 0.8%, to $ 43.46 a barrel, with WTI down 42 cents, or …

Oil prices settled higher on Wednesday after showing a mixed performance during the session, finding support from a decline in the United States crude oil inventories, according to data by the US Energy Information Administration (EIA). A major factor that impacted oil prices today was the expected OPEC+ agreement between …

Crude oil prices rose on Wednesday after a sharp drop in US crude inventories as markets eyeing OPEC meeting later in the day on the future level of production cuts. Brent crude futures rose 19 cents, or 0.4%, to $ 43.09 a barrel, while West Texas Intermediate (WTI) futures rose …

Oil prices increased on Tuesday, as the market anticipates the results of the OPEC+ summit. The US benchmark crude, West Texas Intermediate (WTI), futures for August delivery settled higher by 19 cents, or 0.5%, at $40.29 per barrel. Meanwhile, the global benchmark, Brent crude oil futures for September delivery increased …

OPEC reported in its monthly report that global oil demand will rise to a record level of 7M bpd in 2021 as the economy recovers from Covid-19 crisis, but will remain below 2019 levels. This is the first report in which OPEC evaluates the oil markets next year and said …

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+ …