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Oil prices bounced on Thursday as a steep decline in oil inventories outweighed concerns that a surge in new coronavirus cases in the U.S. could stall demand recovery.
Brent crude futures rose 0.6%, or 25 cents, at $42.28 per barrel. U.S. West Texas Intermediate crude futures gained 0.6%, or 25 cents, at $40.07 per barrel.
The U.S. Energy Information Administration reported that crude stockpiles dropped 7.2 million barrels, significantly bigger than analysts’ expectations.
However, analysts noted that gasoline inventories rose higher than expected, capping gains on oil prices.
Meanwhile, new U.S. coronavirus cases increased almost 50,000 on Wednesday, its biggest one-day surge since the pandemic began.
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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