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Oil prices underperformed in the early trading session on Monday. Weak trading activity was mainly from investors’ dampened sentiment that the oil dispute between the United States and China will hinder economic recuperation as countries gradually lift lockdown restrictions.
U.S. West Texas Intermediate (WTI) crude CLc1 futures dropped as low as $18.32 a barrel. It shed a total of 7.6% at 0008 GMT after recording an 18% increase last week.
Brent crude LCOc1 futures reached new depths following a 3.4% setback. It erased a total of 90 cents after increasing up to 23% last week.
Oil prices greatly advanced last week on optimism that major oil manufacturers led by Russia and Saudi Arabia will start reducing outputs on May 1. Moreover, Exxon Mobil Corp and Chevron Corp pledged to cut outputs by 400,000 barrels a day in the second quarter.
Lockdown lifting in some parts of the United States and output reduction were expected to resolve fuel surplus and problems on storage tanks.
On Friday, the Chinese technology company ByteDance said that it would consider listing its domestic businesses in Hong Kong or Shanghai due to rising Sino-U.S. tensions. The company's standalone listing in Hong Kong or Shanghai might value ...
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 ...
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
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 ...
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