Category Archives: CRUDE OIL NEWS

20 NOV – Oil prices anticipate tight market by mid-2021

  U.S. petroleum inventories are falling towards more normal levels as the glut earlier this year caused by volume warfare among OPEC+ members and the first wave of epidemic-driven lockdowns is gradually absorbed. Falling inventories are likely to herald a tighter production-consumption balance and a cyclical upswing in both spot prices and calendar spreads next…

19 NOV – Rises tailing NYMEX on hope OPEC may extend supply cuts

  MUMBAI – Crude oil prices in India and abroad reversed early losses and rose today as investors were optimistic that the Organization of the Petroleum Exporting Countries and allies may extend the current output cuts beyond Dec 31. The dollar’s weakness against a basket of major currencies also supported prices. A weaker dollar makes…

19 NOV – Oil gains on potential OPEC+ rethink and vaccine hopes

  Oil prices firmed on Wednesday on hopes OPEC and its allies will delay a planned increase in oil output and after Pfizer said its COVID-19 vaccine was more effective than previously reported.Brent crude rose 64 cents, or 1.5%, to $44.39 a barrel by 1444 GMT, while U.S. West Texas Intermediate crude gained 43 cents,…

18 NOV – Oil falls as big build in U.S. crude stockpiles raises spectre of supply glut

  TOKYO- Oil prices fell on Wednesday after a bigger-than-expected build in U.S. crude stockpiles stoked fears for weak fuel demand and a potential supply glut, but hopes that OPEC and its allies will postpone a planned January increase to oil output braked losses. Brent crude futures for January dropped 14 cents, or 0.3 per…

18 NOV – Oil dips on Covid-19 lockdown worries even though OPEC+ may tighten supply

  Oil prices slipped on Tuesday as worries that lockdowns to fight a new surge in coronavirus cases could hit short-term demand outweighed hopes for a vaccine and the possibility of tighter OPEC+ supply policies.Brent futures fell 38 cents, or 0.9 per cent, to $43.44 a barrel by 1-52 p.m. EST (1852 GMT), while U.S.…

11 NOV – Abu Dhabi to start trading crude futures from March

  Abu Dhabi will open a commodities exchange in March to rival those of Middle Eastern neighbours, letting investors trade its crude using futures contracts for the first time.   The ICE Futures Abu Dhabi exchange will open on March 29 and offer contracts based on the emirate’s flagship Murban crude grade, pending regulatory approvals,…

10 Nov – Oil jumps on vaccine hopes and OPEC+ supply signal

  LONDON: Oil jumped by almost 10% on Monday for its biggest daily gain in almost six months after news of a highly effective Pfizer vaccine against Covid-19 and Saudi Arabia’s assurance that an OPEC+ oil output deal could be adjusted to balance the market.   Brent crude rose $3.41, or 8.6%, to $42.86 a…

10 Nov – Oil soars 8% on promising COVID-19 vaccine results

    NEW YORK  – Oil surged about 8% on Monday, putting it on track for its biggest daily gain in more than six months after Pfizer announced promising results for its COVID-19 vaccine, boosting risk assets around the globe.   Brent crude LCOc1 was up $3.11, or 7.9%, at $42.56 a barrel at 1:35…

04 NOV – Oil jumps as inventory falls, market awaits U.S. vote results

  U.S. oil prices jumped more than 2% on Wednesday after industry data showed crude inventories in the United States dropped sharply and as investors awaited results from the tumultuous presidential election. West Texas Intermediate CLc1 was up $1.01, or 2.7%, at $38.67 a barrel by 1138 GMT Tuesday, after gaining more than 2% in…

02 NOV – Oil prices fall as Covid-19 second wave hits Europe, US

  International oil prices fell on Friday and posted a second consecutive monthly drop, as rising COVID-19 cases in Europe and the United States heightened concerns over the outlook for fuel consumption.   Brent crude dropped 19 cents to settle at $37.46 a barrel, after touching a five-month low of $36.64 in the previous session.…