Tag Archives: Oil

August West Texas Intermediate crude futures fell nearly 1.50% during European session after facing a rejection near 40.50. WTI failed to sustain the higher levels but on track to record weekly gains. The growing fears of an increase in the numbers of cases with Covid 19 affected the market sentiment, …

Oil prices increased on Thursday, maintaining support from a decline in the US crude inventories. In addition, positive economic showed signs of a recovery despite a record surge in coronavirus disease (COVID-19) cases in the United States. Brent crude futures closed up by 2.6% or $1.11 at 43.14 per barrel, …

Russia’s Energy Minister Alexander Novak said on Thursday that the global oil market may strike a balance between supply and demand and may face a shortage of crude. Citing Reuters. He added that investments in the global energy sector will decrease by one third this year, noting that recovery in …

Russian oil and gas condensate production fell to 9.32 million barrels per day (bpd) in June from 9.39 million bpd in May, near its target under a deal with the OPEC+ group, Interfax news agency reported on Thursday, citing energy ministry data. The production of oil and gas condensate per …

Oil prices closed higher on Wednesday, after data showed a decline in the United States crude inventories last week. Brent Crude increased by $0.76 or 1.84% to close at $42.03 per barrel, while the WTI crude futures settled higher by $0.55 or 1.4% at $39.82 a barrel. The US crude …

The United States crude oil inventories decreased by 7.195 million barrels during the week ended June 26, according to data by the US Energy Information Administration (EIA) released on Wednesday. This is the first decline in US oil inventories after three consecutive weekly increases. The decrease exceeded the expectations of …

According to Reuters, Saudi Arabia may raise its August official selling price (OSP) for crude oil sold in Asia. That would be the third monthly price hiking due to an increase in Middle East benchmarks and a rebound in Asian refining margins. As of August, Middle East crude supply may …