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The growth of oil prices accelerated by Friday evening based on a Bloomberg report that damage to the power cable led to a halt in oil production in the Saudi Arabian largest offshore field Safaniya. Previously, prices were supported by a statement by Saudi Minister of Energy, Khalid al-Falih. He said that the Kingdom intends to overfulfil in February the plan to reduce production to 10 million 100 thousand barrels per day against the agreed OPEC + limit for this country in the amount of 10 million 330 thousand barrels per day. During the evening trading on Friday, the price of Brent crude oil reached 66 dollars 6 cents per barrel, rising to 2.31%. WTI crude oil increased in price by 1.75%. Its price was 55 dollars 37 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 ...
Asian shares recorded a turbulent session on Friday as weak economic data from the United States and surging coronavirus infections worldwide dragged market confidence. The decline followed despite upbeat U.S. tech gains and signs of rebound ...
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. ...
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