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Oil prices of traditional brands continued to decline. The price cuts spurred the fall in stock markets in Europe and Asia and the trade disputes between the US and China. Investors are also wary of further declining demand for oil if the growth rate of the global economy falls. An additional negative factor was the production of American oil and the reduction in the share of OPEC in the fuel market. Oil production in the United States increased by 200 barrels per day and reached its highest level since 1983. In contrast, oil production in OPEC countries has been falling at a record pace in the last two years. Saudi Arabia, Libya and Iran have already reduced their production levels. March Brent futures fell $0.68 to $60.64. February's futures for WTI crude fell $0.87 to $51.44.
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 ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
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 ...
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