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Oil prices drop after recovering from surprise dip in U.S. inventories
Oil prices dropped on Thursday in Asia which overlooked gains following a surprise dip in U.S. inventories.
Oil prices rallied more than 1% overnight after the U.S. Energy Information Administration reported an unexpected 1.7-million-barrel crude inventory drop for the week compared to analysts’ expectations of a 2.2-million-barrel build.
However, oil erased its gains soon after.
Comments by Russian Energy Minister Alexander Novak said that no formal proposals have been put forward to change the terms of a global deal on curbing oil supplies which was agreed between OPEC and its allies.
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 ...
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. ...
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