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Oil prices fell in early Wednesday trade as a build in U.S. crude inventories and a forecast for U.S. crude production to fall less than expected added to oversupply concerns.
Brent crude futures lost 0.3%, or 13 cents, at $42.95 per barrel. U.S. West Texas Intermediate crude futures slid 0.3%, or 10 cents, at $40.52 per barrel.
Prices traded in a narrow range over the last two weeks as a surge in new coronavirus cases globally weighed on the prospects of fuel demand recovery.
U.S. crude inventories grew last week despite expectations for a draw, while gasoline and distillate stockpiles fell more than expected.
The U.S. Energy Information Administration said that crude oil production is expected to drop by 600,000 bpd in 2020, comparably smaller to its earlier forecast. However, global oil demand is also expected to recover by the end of 2021.
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 ...
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
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 ...
Asian stocks advanced on the prospect of ultra-easy monetary policy as the U.S. Federal Reserve kept interest rates near zero. Fed deemed it necessary to salvage the ailing economy, dragging the dollar down to a two-year low. The target range ...
On Wednesday, European stocks rose slightly after mixed earnings reports. However, the new wave of the coronavirus outbreak kept investors cautious while they also wait for the U.S. Federal Reserve’s announcement. The Stoxx Europe 600 ...
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