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Prices for a barrel of Brent and WTI oil rose moderately on the basis of trading on Monday, Baker Hughes reports. The price of Brent futures for March rose 0.43% to $62.97 a barrel. March WTI futures climbed 0.39% and exceeded $54 a barrel. The number of drilling rigs in the United States decreased by 21 units to the minimum value. The number of installations fell to 852 units, which corresponds to the minimum of May 2018. Analysts at Commerzbank AG report that the recovery of oil extraction in the country may turn out to be lower than expected. Nevertheless, the rise in oil prices will not be too high due to the slow growth of the Chinese economy associated with the trade war with the United States and the decline in retail trade. China's GDP last year grew at the lowest pace in 30 years. The increase was 6.6%.
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 ...
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 ...
Oil prices fell on Monday as a surge in coronavirus cases and the escalating U.S.-China tensions prompted a safe-haven bid. Brent crude slid 0.2%, or 8 cents, at $43.26 per barrel. U.S. West Texas Intermediate crude fell 0.2%, or 7 cents, ...
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