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Oil prices rose on Thursday as demand is starting to recover and the U.S. crude glut is not growing as fast as anticipated.
West Texas Intermediate crude futures gained 14.3%, or $2.15, at $17.21 per barrel. Brent crude was up 10.3%, or $2.33, at $24.87 per barrel.
Brent crude for July delivery grew 8.7%, or $2.10, at $26.33 per barrel.
U.S. crude stockpile increased 9 million barrels last week, bringing the total to 527.6 million barrels. This was significantly lower than the 10.6 million-barrel increase predicted by analysts.
U.S. gasoline inventories fell by 3.7 million barrels from last week’s record highs. A recovery in fuel demand provided a floor for refinery output.
President Donald Trump said that his administration will reveal a plan on providing aid to oil companies.
Private storage in the United States is almost full while the Strategic Petroleum Reserve only holds 78 million barrels of storage left.
The Dollar fell to two-year lows on Friday, heading to its lowest decline in 10 years as concerns mounted over the economic recovery of the U.S. amid a second resurgence of the COVID-19 pandemic. The Dollar index plunged to 92.777, on course ...
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 ...
Japan’s Finance Minister Taro Aso expressed worries about the yen’s continual rise, calling it “rapid” and hinting at the strong currency’s impact on exports as Japan struggles through a recession. The yen’s ...
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 ...
Samsung Electronics Co Ltd looks forward to the second half of the year as it expects a larger increase in chip demand brought by new smartphone launches. However, the company warned that the coronavirus crisis and trade disputes carry risks. Samsung, ...
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