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The reason for the continued increase in oil prices on Tuesday was the intensification of Hurricane Florence, as well as a sharp reduction in oil supplies from Iran and Venezuela. At the same time, the spread between Brent and WTI brands was higher than $10 per barrel. WTI oil does not rise as fast as Brent, as growth of WTI is constrained by increased production and supply in the US. At the same time, the price for Brent oil is affected by geopolitical risks and interruptions in oil supplies to global markets. SEB chief commodity expert Bjarne Shieldrop believes that next year Brent prices will continue to grow as a result of a reduction in supplies of Iranian oil. By 14:10 Moscow time on Tuesday, November futures for Brent crude rose by 61 cents to 77 dollars 98 cents a barrel. The price of the October WTI oil futures rose 27 cents to 67 dollars 81 cents per barrel.
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
Oil prices climbed on Wednesday after U.S. crude inventories fell against analysts’ expectations, prompting a boost in the market amid the coronavirus resurgence. Brent crude futures gained 0.3%, or 14 cents, at $43.36 per barrel. U.S. ...
Oil prices gained for the third day on Tuesday, supported by a bounce in demand from efforts to lift the U.S. economy as it struggles to recover from the coronavirus pandemic. Prices were also buoyed by a weakening dollar, making it ...
Oil prices fell on Monday as a surge in coronavirus cases and the escalating U.S.-China tensions prompted a safe-haven bid. Brent crude slid 0.2%, or 8 cents, at $43.26 per barrel. U.S. West Texas Intermediate crude fell 0.2%, or 7 cents, ...
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