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Oil prices stabilized on Thursday after a sharp drop on the eve of the US Department of Energy's announcement of less than expected reduction in oil reserves and unexpected growth in gasoline stocks in the US. The oil market is also under pressure due to the situation in foreign trade associated with the intentions of the US and China to introduce additional duties on the import of goods from both countries. Analyst at Global Risk Management, Michael Poulsen, said: “Fears that the worsening of the situation in trade could affect the oil market and pressures on prices, because the slowdown in growth of the two largest economies of the world will affect the demand for oil”. By 15:05 Moscow time on Thursday, October futures for Brent crude rose by 4 cents to 72 dollars 32 cents a barrel. The price of September futures for WTI oil fell 2 cents to 66 dollars 92 cents per barrel.
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 ...
Apple, Google, Amazon, and Facebook’s chief executive officers faced Republican and Democratic U.S. lawmakers on Wednesday for the much-anticipated congressional hearing. The CEOs were questioned for alleged abuse of their market power ...
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 ...
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