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The Minister of Energy of Saudi Arabia, Khalid al-Falih, said during the Future Investment Initiative forum that in order to counter the oil shortage in the world market, Saudi Arabia intended to increase its production by 1-2 million barrels per day. This statement pushed oil prices to plummet. By 18:13 Moscow time on Tuesday, Brent crude fell 2 dollars 23 cents to 77 dollars 60 cents per barrel. The price reduction below $78 per barrel has been observed for the first time since September 18. The price of the WTI mark dropped by 1 dollar 95 cents to 67 dollars 41 cents per barrel. According to experts, oil reserves in the United States last week increased by 3 million barrels, which also worries investors.
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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