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Oil prices slipped on Tuesday as fears over a second wave of COVID-19 cases hurt an already-dwindling demand. However, hopes on output cuts extending limited the price drop.
Brent crude fell by 0.4% (¢14) to $39.58 per barrel at 0027 GMT after it had gained 2.6% during the start of the week. Meanwhile, U.S. oil lost 0.7% (¢24) TO #36.88 per barrel, having last traded 2.4% higher in the previous session.
COVID-19 cases surged over 8 million worldwide on Monday with a majority coming from Latin America. The United States and China also reported new outbreaks after recently re-opening their economies.
Oil prices rose on Monday on the back of renewed optimism after the U.A.E.’s energy minister said that OPEC+ producers that have not fully complied with the output cuts will have to make extra cuts later. He added that there were signals of a recovering demand for oil as lockdowns loosened around the world.
The OPEC group and its allies have agreed to extend output cuts of 9.7 million barrels per day till the end of July.
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. ...
Britain on Wednesday signed a supply deal for up to 60 million doses of a possible COVID-19 vaccine that is being developed by pharmaceutical companies GlaxoSmithKline (GSK) and Sanofi. The financial details of the agreement were not disclosed. However, ...
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