SINGAPORE- Oil prices continued its positive performance for third day on Wednesday. Crude rode bullish tide together with other financial markets on optimism that the U.S. Federal Reserve will soon implement large volume of stimulus package to minimize the economic impact of the coronavirus contagion.
US West Texas Intermediate CLc1 was at $25.24 per barrel in early hour of its regular session. It added 81 cents, equivalent to 3.4%, and was quoted $24.82 at exactly 0412 GMT. Brent crude LCOc1 hiked with 75 cents, equivalent to 2.8%, and last stood at $27.90 per barrel. The Brent beat its previous record of $28.29.
The U.S. Congress is set to decide on Wednesday regarding the $2 trillion stimulus after Republicans and Democrats disclosed that they are heading to an arrangement. It boosted market sentiment as investors anticipate stock market recuperation.
However, there is still a slump in oil demand across all zones as more countries pronounce nationwide lockdowns and international travel restrictions to negate the further spread of the coronavirus.
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 ...
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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 dollar was briefly lifted on Thursday after the U.S. Federal Reserve offered no concrete clues about its next course of action, while investors hoped for an easy policy as the coronavirus resurgence stalled economic recovery. The dollar ...
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. ...