Virus-ravaged oil market collapses by a fifth in 2020London: World oil prices slumped by more than a fifth this year as deadly coronavirus savaged the world’s appetite for crude, despite a vaccine-driven upturn at the end of 2020. Europe’s benchmark contract North Sea crude stood at $51.13 per barrel in mid-afternoon deals on Thursday.…
NEW YORK, Global crude prices edged higher on Thursday but lost more than a fifth of their value in 2020, as lockdowns to combat the novel coronavirus depressed economic activity and sent oil markets reeling. Still, Brent and U.S. crude benchmarks have more than doubled from April’s nadir as producers cut output to…
Oil futures turned slightly higher Wednesday, as hopes built for progress toward another economic relief package from Washington and data from the U.S. government revealed a weekly decline in crude inventories. The continued rollout of the U.S. COVID-19 vaccine to help restore economic growth also provided support, but recent forecasts for weaker demand limited…
Crude oil futures rise on spot demandNew Delhi: Crude oil prices on Wednesday rose by Rs 22 to Rs 3,512 per barrel as participants widened their positions on firm spot demand. On the Multi Commodity Exchange, crude oil for delivery in December traded higher by Rs 22, or 0.63 per cent, at Rs 3,512…
Oil prices rose on Monday, pushing Brent back above $50 a barrel, buoyed by hopes that a rollout of coronavirus vaccines will lift global fuel demand while a tanker explosion in Saudi Arabia jangled nerves in the market. Brent crude futures for February rose 67 cents, or 1.3%, to $50.64 a barrel by…
LONDON: Oil prices eased on Friday, but were set for a sixth week of gains as progress towards novel coronavirus vaccination programmes fed hopes that demand for fuel would rebound next year. Brent was down 18 cents, or 0.4%, at $50.07 a barrel at 1242 GMT, after rising above $51 a barrel…
SINGAPORE –Oil retreated in London, slipping from a nine-month high and cooling a rally that has added more than 40% to crude prices since early November.Prices erased earlier gains on Friday as the dollar climbed and equities fell. Brent crude had topped $50 on Thursday, though it settled technically overbought, suggesting a pullback…
Due to the uncertainty that COVID-19 was going to have on the global economy in general, and crude oil specifically, West Texas Intermediate (WTI) front-month futures contracts closed at a negative price in April 2020. WTI represents the price for future delivery of a barrel of WTI crude oil. Since June 2020, WTI front-month…
Oil in London climbed above $50 a barrel for the first time since the pandemic ground the global economy to a halt in a remarkable rally that few predicted would happen this soon. Global benchmark futures surged 2.8% Thursday, reaching a nine-month high. The rebound represents a startling turnaround for a market…
Data from the US Energy Information Administration (EIA) released on Wednesday showed crude oil inventories for the week ending November 13 at 489.5 million barrels, a drop from levels three weeks ago at 492.4 million barrels, but still higher than what was forecast by analysts. Investors need to exercise caution also because stocks in…
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