Tag Archives: Oil

Oil prices surged by more than 3% on Tuesday, reaching its highest level in more than four months. This comes as the recently announced agreement between the European Union (EU) leaders on the EUR 750 million recovery fund renewed hopes for a strong economic recovery, coupled with positive reports about …

Oil prices rose on Tuesday, supported by positive news about the trials of the Covid-19 vaccine and the recovery fund agreement reached by European Union leaders, but gains were limited by fear of new lockdowns that may be a barrier to the recovery of demand for oil. Brent crude futures …

Oil prices settled higher on Monday with markets showing recovery signs despite the increasing number of COVID-19 cases. A recent report by the US Energy Information Administration (EIA) expected the global demand for crude oil to recover by August 2021 and restore its pre-crisis levels. The US benchmark crude oil, …

Oil prices retreated on Monday on tensions over a recovery in fuel demand, after Covid-19 cases rose worldwide. Brent crude fell 25 cents, or 0.6%, to $ 42.89 a barrel, while US crude oil (WTI) fell 0.5%, or 22 cents, to $ 40.37 a barrel. More than 14.5M people were …

Oil prices declined on Friday, but settled nearly unchanged for the week, in the absence of major economic data and the continuing uncertainty regarding the recovery of both the demand for crude oil and the global economy at large. Earlier today, data by Baker Hughes showed that the number of …

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 …