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Oil prices traded lower in Asia earlier on Monday, a few days before OPEC’s technical meeting scheduled on Wednesday. Investors are expecting that OPEC would further recommend the easing of its current supply cuts in a bid to reverse oil gains.
Brent futures dipped by 0.74%, selling at $42.92 per barrel at 11:58 PM ET (4:58 Am GMT). Meanwhile, WTI futures fell by 0.81% to $40.22 per barrel.
Oil prices previously rose by 2% on Friday after the International Energy Agency increased its 2020 oil demand by 400,000 barrels per day. However, the black liquid lost its gains from last week’s session as the COVID-19 pandemic worsened in countries such as the U.S., Brazil, and South Africa – some of the world’s largest consumers of oil.
Investors are also eyeing an upcoming crude oil supply estimate from the American Petroleum Institute (API) scheduled on Tuesday to evaluate the risk of an oversupply.
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 ...
June had seen Japan’s industrial output breaking its four-month slump. The recuperation could be attributed to a modest recovery seen in broader business and consumer activity after the world’s third-biggest economy suffered from ...
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 dollar was briefly lifted on Thursday after the U.S. Federal Reserve offered no concrete clues about its next course of action, while investors hoped for an easy policy as the coronavirus resurgence stalled economic recovery. The dollar ...
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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