CRUDE OIL NEWS

17 DEC – Oil prices end higher on stimulus hopes, EIA supply decline, but demand outlook remains dim

  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 Read more

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17 DEC – Crude oil futures rise on spot demand

  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 Read more

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14 DEC – Oil Prices Rise on Covid-19 Vaccine Hopes, Tanker Blast at Saudi Arabia

  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 Read more

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12 DEC – Oil set for weekly gain amid coronavirus vaccine progress

    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 Read more

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12 DEC – Oil price rally stalls with Brent overbought at $50

    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 Read more

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11 DEC – Oil Volatility Continues To Drive Demand In 3X US Oil Exchange Traded Products

  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 Read more

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11 DEC – Back from the Covid abyss: Oil stages remarkable turnaround; back above $50

    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 Read more

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20 NOV – WTI crude rallied from $33/barrel to $42 in just 10 days

  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 Read more

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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 Read more

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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 Read more

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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, Read more

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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 Read more

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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. Read more

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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, Read more

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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 Read more

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