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Oils prices fell, consistent with the broader risk-off mood elsewhere. On Monday, Bloomberg reported that OPEC members had increased their oil production for the first time year in August. This cast a shadow of doubt over the bloc’s self-imposed production restraints.
The U.S. benchmark blend WTI fell 1.5% to $54.26 a barrel, while the international benchmark Brent fell by 1.1% to $58.02.
On Friday, Baker Hughes’ oil rig count fell by another 12 to 742, the lowest since November 2017, pointing to increasing strains on shale producers. However, even though the rig-count nearly 9 months ago, U.S. production still hasn’t start declining.
Hurricane Dorian, which is briefly threatening the Gulf of Mexico last week, is set to north, hitting the northeast coast of Florida, along with Georgia and South Carolina, according to the National Hurricane Center.
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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