Benchmark crudes for the first quarter showed a record growth since the second quarter of 2009. The cost of Brent for this period increased by 27%, WTI - by 32%. The growth of quotes was supported by a reduction in production by countries that comply with the OPEC + agreement, and a decrease in oil supplies from Iran and Venezuela, which are under US sanctions. Experts expect the United States to extend the resolution of a number of countries to import oil from Iran, bypassing the sanctions. The statement by the head of the Federal Reserve Bank, John Williams, that there are no significant risks for a recession in the United States, is also a positive factor for the oil market. The prices are also supported by information on the progress in trade negotiations between the USA and China. At the end of last week, Brent crude rose 56 cents to 68 dollars 38 cents a barrel. The price of WTI crude oil rose 67 cents to 59 dollars 97 cents a barrel.
On Friday, Caterpillar Inc (CAT.N) announced a lower second-quarter profit because of the recession caused by the coronavirus outbreak. The decline was due to lower sales volume and changes in dealer inventories. During the second quarter ...
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 ...
On Thursday, the United States’ Gross Domestic Product (GDP) suffered the biggest economic decline in the second quarter as the surge of coronavirus cases affected the whole country. The U.S. government decided to shut down restaurants, ...
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 ...