NEW YORK 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 slipped further below $45 a barrel on Friday, giving up this week’s gains, under pressure from doubts about demand recovery due to the novel coronavirus pandemic and rising supply. Two prominent forecasters, the International Energy Agency and the Organization of the Petroleum Exporting Countries, trimmed their 2020 oil demand forecasts this week. OPEC and…
NEW YORK: Oil prices edged lower on Friday as investors feared 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…
Crude oil prices settled almost 2% lower at the last trading session of the week, dropping for the second time in five days amid growing fears that global energy demand could plummet to record lows. U.S. West Texas Intermediate futures closed lower, having shed 1.74% to trade at $41.22 per barrel. Brent, the world’s barometer…
Oil dipped below $45 a barrel on Friday 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 provided support. The resurgence of infections remains a key issue for the market and demand outlook. Tallies show…
NEW YORK : Oil in New York fell as US President Donald Trump’s latest attack on Chinese tech companies stoked tensions between the two countries, weighing on risky assets. Futures traded below $42 a barrel as Trump signed executive orders prohibiting US residents from doing business with WeChat, TikTok or the apps’ Chinese owners. The…
Crude oil futures declined to Rs 3,150 per barrel on August 6 as participants increased their short positions. Prices retreated marginally after rising for the fourth straight day on demand concerns despite a weaker dollar and bigger drawdown in US crude inventories. The US Energy Information Agency (EIA) reported that US crude inventories declined by…
London: Oil prices slipped off five-month highs on Thursday as bearish sentiment about fuel demand undermined support from a weak dollar and falling U.S. crude inventories. Brent crude fell 23 cents to $44.94 a barrel by 1100 GMT, while U.S. crude was down 48 cents at USD 41.71, breaking a four-day streak of gains. The…
New York — The US oil and gas rig count edged down 3 to 285 in the week ended Aug. 5, rig data provider Enverus said, as Permian counts fell back to early July lows. The number of oil-focused rigs fell four to 198, falling below 200 for the first time since early July, but…
The international benchmark moved above its low from March 6 in European trading hours, closing a so-called price gap that was formed on that day, a move that traditionally leads to additional buying.Oil climbed to a five-month high in London, topping $45 a barrel after U.S. industry data showed a decline in the nation’s stockpiles.…
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