Category Archives: CRUDE OIL NEWS

Crude Oil Market Might Soon Be In An Oil Glut Era.

14 Sept 20-Saudi Arabia a major oil producer had recently reduced its official selling price on its Asian crude grades to China on the macro that the world’s second-largest economy has no place to store additional oil supplies, triggering the crude oil bears to breach below the $40 support price level in the case of…

Oil posts second straight weekly plunge as stockpiles soar, demand dwindles

14 Sept 20-US and UK futures’ prices were little changed on Friday, but both of the oil futures had been whacked away as much as 6 per cent this week and had reported their second straight weekly percentage decline in a row as crude oil stockpiles are rising all over the globe and gasoline demands…

Oil ends lower for second week as stockpiles rise, demand weakens

NEW YORK – Oil prices were little changed on Friday, but posted their second straight weekly loss as stockpiles rise around the world and fuel demand struggles to rebound to pre-coronavirus levels. Both Brent and U.S. crude lost about 6% on the week after a series of signals that showed markets still have an abundance…

Oil prices decline on high inventories, weak US stock markets

Oil prices fell further on Friday and were on track for a second weekly drop after the US stock markets tumbled and US stockpiles rose unexpectedly.Brent fell 28 cents, or 0.7 per cent, at $30.78 a barrel by 12:10 GMT, and US crude was down 17 cents, or 0.5 per cent, to $37.13 a barrel.…

Brent crude to rise to $50/bbl in 2021 on inflation, weaker dollar – Morgan Stanley

Morgan Stanley expects Brent crude prices to climb to $50 per barrel by the second half of 2021 supported by a weaker dollar and higher inflation, it said in a note on Wednesday. “Unprecedented expansion of monetary aggregates has weakened the U.S. dollar and put upward pressure on inflation expectations,” the bank said.Morgan Stanley also…

Crude oil futures rise on spot demand

01 Sept. 2020-New Delhi: Crude oil prices on Monday rose by Rs 42 to Rs 3,191 per barrel as participants widened their positions on firm spot demand. On the Multi Commodity Exchange, crude oil for September delivery traded higher by Rs 42, or 1.33 per cent, at Rs 3,191 per barrel in 3,205 lots. Analysts…

Brent hits five-month high on Abu Dhabi supply cuts, China data

LONDON, Oil rose on Monday, with Brent touching the highest in five months, underpinned by a 30% cut in Abu Dhabi crude supplies and encouraging Chinese data even as global demand struggles to return to pre-COVID levels in a well supplied market. Brent crude futures for November advanced to $46.50 a barrel by 1143 GMT…

Oil Prices Rebound As U.S. Inventories Dwindle

18 August 2020:Traders remain concerned about the increasing number of COVID-19 cases in many parts of the world including the United States, India and Brazil. The rise in infections continues to have a negative impact on global oil demand in August. Last week, India had reported its fifth consecutive y/y decline in oil consumption with…

Oil prices down on demand worries, growing supply

18 August 2020:Oil prices edged lower on Friday on worries that demand would recover more slowly than expected from COVID-19 pandemic lockdowns, while rising supply also overshadowed optimism over falling crude and fuel inventories. This week, two prominent forecasters, the International Energy Agency and the Organization of the Petroleum Exporting Countries, trimmed their 2020 oil…

Oil rises on China plan to boost U.S. imports, OPEC+ compliance

18 August 2020:NEW YORK- Oil prices rose on Monday, as OPEC+ producers almost fully complied in July with their global production cut accord, and after U.S. officials said China is in compliance with the first phase of the two nations’ trade deal. Brent crude rose 21 cents, or 0.5%, to $45.01 a barrel by 12:43…