Browsing Tag

Oil

Oil prices rise by 2%

Oil prices rose about 2% on Thursday, turning positive as OPEC and its allies said the producer group would crack down on countries that failed to comply with output cuts and planned to hold an extraordinary meeting in October if oil…

Oil rises more than 4% as U.S. stockpiles fall

Oil prices jumped more than 4% on Wednesday, following a drawdown in U.S. crude and gasoline inventories and as Hurricane Sally forced a swath of U.S. offshore production to shut. Brent crude LCOc1 rose $1.64, or 4.1%, to $42.17 a barrel…

IEA says oil demand recovery set to slow for rest of 2020

The International Energy Agency (IEA) trimmed its 2020 oil demand forecast on Tuesday, citing caution about the pace of economic recovery from the pandemic. “We expect the recovery in oil demand to decelerate markedly in the second half of…

Oil rises towards $46 on U.S. inventory drop

On Wednesday, Oil rose towards $46 a barrel, gaining for a third day, supported by a report that U.S. crude inventories fell and as surveys showing stronger manufacturing raised hopes of an economic recovery from the coronavirus pandemic.…

Oil rises 2% after draw in U.S. oil stocks

Crude prices rose more than 2% on Wednesday after government data showed U.S. oil inventories fell across the board, bolstering hopes that fuel demand in the world’s biggest economy will withstand the coronavirus pandemic. Brent crude…

Oil gains on U.S. stimulus hopes and demand recovery

On Tuesday, Crude prices rose underpinned by expectations of U.S. economic stimulus to support the world’s biggest oil consumer, as well as a rebound in Asian demand as economies, pick up. Brent crude LCOc1 futures rose 22 cents to…

Oil slips over demand concerns

On Friday, oil dipped to around $45 a barrel on worries that a demand recovery would slow due to a resurgence of coronavirus cases, although a pledge from OPEC member Iraq to cut oil output further in August lent support. Brent crude…

Oil prices rise to their highest since early March

On Wednesday, oil prices rose to their highest since early March after data showed a big drop in U.S. crude inventories, although concerns that mounting coronavirus infections will lead to reduced fuel demand capped gains. Brent crude…