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MELBOURNE- Oil prices inched down on Friday, erasing some gains it initially acquired from its last session. Poor market activity was mainly from the output reduction deal that U.S. President Donald Trump signed with Saudi Arabia and Russia. However, the president showed no intention of cutting U.S. oil outputs.
Brent crude futures shed 9 cents, equivalent to 3%, and were quoted at $29.05. The contract reversed at exactly 0127 GMT after hitting a 21% increase on Thursday. U.S. West Texas Intermediate futures sunk down with a 5.2% loss after a positive 24.7% jump last trading session.
Friday’s weak session indicated that the market is anxious whether an agreement would be sealed since involved parties lack cooperation. The said arrangement is aimed at resolving the Saudi-Russian price war but Donald Trump publicized on Thursday his decision of not reducing U.S. oil production.
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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