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Oil

Oil prices jump on U.S. inventory drop

On Wednesday, oil prices rose after a surprise drop in U.S. crude inventories, but demand concerns amid record increases in COVID-19 infections in some U.S. states capped gains. Brent crude futures LCOc1 rose 54 cents, or 1.3%, to $43.76…

Oil prices fall as U.S. fiscal package faces tough talks

On Tuesday, oil prices fell as U.S. lawmakers prepared to wrangle over an economic stimulus package and investors worried about a rise in coronavirus cases worldwide. Brent crude was down 4 cents, or 0.1%, at $43.37 a barrel at 1331 GMT,…

Oil prices edges higher on weak dollar

On Monday, Oil prices edged higher helped by a weak dollar and expected U.S. stimulus measures but gains were capped by rising global coronavirus cases and tensions between the United States and China. Brent crude LCOc1 rose 32 cents, or…

Oil prices slip as U.S. inventories and virus fears grow

On Wednesday, oil prices fell as industry data showed a bigger than expected inventory build in the United States, where a surge in coronavirus cases could further dent fuel demand in the world’s biggest oil consumer. Brent crude fell 60…

Oil steady despite surge in Coronavirus infections

Oil prices were little changed on Monday after falling earlier as a record daily rise in global coronavirus cases boosted concerns that demand could fall again, while a producer meeting this week was expected to recommend an increase in…

Iran to develop oil industry despite U.S. sanctions

Iran is determined to develop its oil industry in spite of U.S. sanctions imposed on the country, Iranian Oil Minister Bijan Zanganeh said in a televised speech on Saturday. “We will not surrender under any circumstances ... We have to…

Oil falls on resurgence of virus cases

On Friday, Oil prices dropped and were headed for weekly declines as inventories rose and record-breaking new coronavirus cases in the United States stoked concern about the pace of economic recovery and fuel demand. Brent crude was down…