Tag Archives: Oil

Oil prices settled lower on Friday, narrowing its weekly gains, amid concerns over the recovery of the demand and a second wave of the coronavirus (COVID-19) pandemic. Brent crude futures for October delivery finished lower by 0.4% at $44.80 per barrel, but gained 0.9% for the week. Meanwhile, the West …

Oil prices rose, and is on track to achieve gains for the second week in light of the growing confidence that demand for fuel has started to rise despite the Coronavirus pandemic that is ravaging economies around the world. Before the Tokyo Stock Exchange closed, Brent crude rose 14 cents, …

Oil prices settled lower on Thursday after a mixed performance, on the back of expectations of a slump in the global demand for crude oil this year. This comes one day after crude prices surged due to a more than expected decline in U.S. oil stockpiles. Brent crude futures for …

The International Energy Agency has revised its oil demand forecast for 2020 by 8.1 million barrels per day, warning that reducing air travel due to the Coronavirus will reduce global oil demand. The Paris-based International Energy Agency lowered its forecast for 2020 by 140,000 bpd to 91.9 million bpd, the …

Crude oil prices fell Thursday, August 13, after OPEC said it expects demand for its oil to decline more than expected, although US government data showed a decline in inventories, indicating that demand is returning despite the Coronavirus pandemic. Brent crude fell eight cents to $ 45.35 a barrel by …

Oil prices increased on Wednesday, reaching their highest level in about five months, supported by the decrease in U.S. crude inventories. Brent crude futures for October delivery settled higher by 93 cents, or 2.1%, at $45.43 per barrel, its highest closing level since March 5. Meanwhile, the West Texas Intermediate …

Oil prices rose on Wednesday, August 12, after a report from the sector showed that US crude stocks fell by more than analysts’ expectations, boosting hopes that demand for fuel in the world’s largest economy can survive the Coronavirus pandemic. Brent crude rose 52 cents, or 1.2%, to $ 45.02 …

The United States crude oil inventories decreased by 4.4 million barrels last week, according to data by the American Petroleum Institute (API) released on Tuesday. The U.S. crude stockpiles now stand at around 516 million barrels. Meanwhile, gasoline inventories fell by 1.3 million barrels, while distillate stockpiles declined by 2.9 …

Oil prices decline on Tuesday, after rising earlier in the session to its highest level in about five months, amidst concerns about a second COVID-19 wave as the number of cases increase in many countries. In addition, the market is still anticipating passing the second stimulus package by the U.S. …

The U.S. Energy Information Administration (EIA) said on Tuesday that it expects crude oil production in the United States to decline by 990,000 barrels per day (b/d) in 2020 to 11.26 million b/d. This implies a higher decline than what was forecasted last month, at 600,000 b/d. The EIA now …