Category Archives: CRUDE OIL NEWS

30 OCT – GLOBAL MARKETS-Oil falls on lockdown angst, stocks post small bounce  

  Crude oil tumbled again on Thursday as lockdowns in Europe clouded the demand outlook while stocks were in and out of losses globally, hinging on support from Wall Street. French President Emmanuel Macron and German Chancellor Angela Merkel have ordered their countries back into coronavirus lockdowns, while cases are rising in 47 U.S. states…

30 OCT – Oil extends losses with 4% slump on renewed lockdowns

    NEW YORK – Oil prices tumbled by more than 4% on Thursday, dropping to a five-month low and extending the previous day’s sharp decline on the impact renewed coronavirus lockdowns could have on oil demand.   December Brent crude futures were down $1.66, or 4.2%, at $37.45 by 12:34 EST (1634 GMT), after…

28 October – OPEC Daily Basket Price Stands At $39.53 A Barrel Tuesday

  The price of OPEC basket of thirteen crudes stood at US$39.53 a barrel on Tuesday, compared with US$39.22 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran),…

29 October – Crude oil prices drop by over 5%

  The slide is attributed to unexpectedly large U.S. crude oil inventories for last week reported by the government, which reinforced concerns about depleting demand for fuel amidst the worsening global outbreak of Covid-19. At the time of writing, Brent crude traded at $39.44/Barrel down more than 5%. Why crude oil prices are falling heavily…

Crude oil futures decline on low demand

New Delhi: Crude oil futures on Monday fell by 0.57 per cent to Rs 2,952 per barrel as participants reduced their positions on low demand.On the Multi Commodity Exchange, crude oil for October delivery eased by Rs 17, or 0.57 per cent, to Rs 2,952 per barrel with a business volume of 2,971 lots. Crude…

Oil steady as surging virus cases cloud demand outlook

Oil prices were steady on Monday but on track for their first monthly fall since April as rising coronavirus cases continued to spur concerns about demand. Brent crude LCOc1 rose 12 cents, or 0.3%, to $42.04 a barrel by 1151 GMT. U.S. West Texas Intermediate CLc1 was at $40.36 a barrel, up 11 cents or…

Oil dips on signs that coronavirus measures are slowing recovery

Oil slipped to near $40 amid signals that coronavirus restrictions will slow the economic recovery and on signs of increased supply. Futures fell as much as 0.7% in New York, after losing 2.1% last week in the third drop this month. The oil market’s recovery is expected to be long and gradual, Russia’s Energy Minister…

Oil Price Rebound Stalls Ahead of Monthly High with OPEC

The price of oil trades in a narrow range as the rebound from the September low ($36.13) appears to have stalled ahead of the month high ($43.43), and signs of a protracted recovery may drag on energy prices as the Organization of the Petroleum Exporting Countries (OPEC) appear to be moving to the sidelines following…

Oil prices are falling, ending the week in the red

Oil prices continue to decline and end the week in the red amid fears of lower demand due to the return of restrictive measures in a number of countries, including France and the UK, as well as signals of a possible increase in supply. The cost of November futures for Brent oil on the London…

Oil Falls On Mounting COVID-19 Cases, Supply Concerns

NEW YORK: Oil edged lower on Friday, falling more than 2% on the week as COVID-19 cases surged globally and oil supply is set to rise in coming weeks.Brent crude futures settled at $41.92 a barrel, down 2 cents, while U.S. West Texas Intermediate (WTI) crude futures lost 6 cents to $40.25 a barrel. Brent…