Tag: Oil prices
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Oil prices rise on demand optimism
Oil prices on Friday rose amid hopes that an ongoing economic recovery in the United States will have a positive impact on oil demand. The upside, however, remained capped by concerns about the potential for a rise in Iranian supplies should sanctions on official exports be lifted. Brent crude futures for August settlement raised half…
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Oil prices rebound 2% on Trump’s health, Norway strike escalation
Oil prices rose more than two per cent on Monday, lifted by comments from doctors for U.S. President Donald Trump, suggesting he could be discharged from hospital as soon as Monday. This is just a few days after his positive coronavirus test sparked widespread alarm. Trump’s health update eased political uncertainty in global markets, pushing…
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Oil prices hold near multi-week lows on demand worries
Oil prices edged up on Thursday, but held near multi-week lows hit overnight after U.S. data showed gasoline demand fell and recovery from the COVID-19 pandemic was lagging. U.S. West Texas Intermediate (WTI) crude futures were up nine cents or 0.22 per cent at $41.60 a barrel by 0349 GMT. Brent crude edged up two…
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Oil prices steady as ‘double trouble’ storms bear down on Gulf of Mexico
Crude oil prices remained steady, on Monday, as storms closed in on the Gulf of Mexico, shutting more than half the region’s oil production. Although, prices were capped by ongoing concerns about fuel demand being sapped by coronavirus lockdowns. Brent futures slipped two cents, or 0.1 per cent to $44.33 a barrel by 0316 GMT…
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Oil drops as demand risk rises, U.S. stockpiles fall less than expected
Oil prices fell on Thursday as major producers warned of a risk to demand recovery if the coronavirus crisis is prolonged as U.S. crude inventories dropped less than expected. Brent crude was down 36 cents, or 0.8 per cent at $45.01 a barrel by 0442 GMT, having slipped 0.2 per cent in the previous session.…
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Oil prices rise, head for weekly gain amid cautious hopes for fuel demand recovery
Oil prices advanced on Friday and were heading for the second week of gains amid growing confidence that demand for fuel is starting to pick up. This is in spite of the coronavirus pandemic that has slammed economies worldwide. Brent crude was up 14 cents, or 0.3 per cent at $45.10 by 0043 GMT, heading…
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Oil prices bolstered by bigger-than-expected drop in U.S. crude stocks
Oil prices moved higher on Wednesday after an industry report showed that U.S. inventories of crude fell more than analysts had expected. This bolsters hopes that fuel demand in the world’s biggest economy can weather the coronavirus pandemic. Brent crude was up 15 cents, or 0.3 per cent, at $44.65 a barrel by 0206 GMT,…
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Oil prices fall as rising coronavirus case numbers cast shadow over fuel demand pickup
Oil prices slid on Tuesday amid concerns that a nascent recovery in fuel demand could stall as a fresh wave of COVID-19 infections around the world sparks tighter lockdowns. This is just as major producers ramp up output. U.S. West Texas Intermediate (WTI) crude futures fell 30 cents, or 0.7 per cent to $40.71 a…
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Oil prices steady as clouds gather over fuel demand, looser supply curbs
Oil prices were unchanged on Friday, with trading marked by growing uncertainty about global recovery in fuel demand as new COVID-19 cases surge in several countries just as major producers get set to loosen production curbs. U.S. West Texas Intermediate (WTI) crude futures rose one cent to $40.76 a barrel at 0204 GMT, while Brent…