Tag Archives: West Texas

Oil fell for a second day as bullish impetus from OPEC+ production cuts faded against a weaker-than-expected demand picture. West Texas Intermediate dropped below $80.50 per barrel after weakening 2 percent on Monday, the biggest daily fall in four weeks. US shale production is seen higher in May, while there …

Oil prices eased on Thursday on China’s plan to release state oil reserves to reduce pressure on domestic refiners and a smaller than expected U.S. weekly crude draw. Traders said losses were limited by the slow return of U.S. output after Hurricane Ida and higher than expected U.S. gasoline demand. …

Crude futures slipped on Monday as concerns over slowing global growth outweighed the prospect of tightening supply after talks among key producers to raise output in coming months stalled. Brent crude for September fell 15 cents, or 0.2%, to $75.40 a barrel by 0411 GMT while U.S. West Texas Intermediate …

Oil prices rose on Tuesday, with Brent topping $70 and trading at its highest since March, as optimism grew over the fuel demand outlook during the summer driving season of the United States, the world’s top oil consumer. Prices were also boosted after data from China showed that factory activity …

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 …

Oil prices slipped off five-month highs on Thursday as bearish sentiment about fuel demand undermined support from a weak dollar .DXY and falling U.S. crude inventories. Brent crude LCOc1 fell 23 cents to $44.94 a barrel by 1100 GMT, while U.S. crude CLc1 was down 48 cents at $41.71, breaking …

Oil prices fell on Tuesday amid concerns that a surge in new coronavirus cases, especially in the United States, will hamper any recovery in fuel demand. Brent crude LCOc1 futures declined by 24 cents, or 0.56%, to $42.86, by 1236 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell …

Oil prices slid for a second straight session on Monday as coronavirus cases rose in the United States and other places, leading some countries to resume partial lockdowns that could hurt fuel demand. Brent crude LCOc1 dropped 83 cents, or 2%, to $40.19 a barrel by 0456 GMT, while U.S. …

Markets showed signs of optimism on Friday, with European shares opening higher and oil prices rising despite a record number of new COVID-19 infections in the United States. They rose across the U.S. by at least 39,818 on Thursday, the largest one-day increase of the pandemic. The governor of Texas …

Oil prices slipped further on Thursday after tumbling more than 5% in the previous session, as a record build in U.S. crude inventories and a rapid resurgence in COVID-19 cases cast doubts on a recovery in fuel demand. U.S. West Texas Intermediate (WTI) crude futures fell 26 cents, or 0.7%, …

Oil prices fell on Monday as concern grew that a record rise in global coronavirus infections could stall recovery in fuel demand, outweighing tighter supplies from major producers. Brent crude LCOc1 was down 24 cents, or 0.6%, at $41.95 a barrel by 1141 GMT. The West Texas Intermediate (WTI) crude …

Oil prices ticked up on Thursday after U.S. oil product stocks shrank, providing bulls with ammunition ahead of a meeting between OPEC producers and their allies to discuss their future output strategy. Brent crude LCOc1 futures were up 37 cents at $41.08 a barrel at 0846 GMT. U.S. West Texas …

Oil prices slumped on Thursday, dragged down by another record build-up in U.S. crude inventories and the U.S. Federal Reserve’s projections that the world’s biggest economy would shrink 6.5% this year. Brent crude LCOc1 futures erased Wednesday’s gains, falling 6.6%, or $2.74, to $38.99 a barrel by 1342 GMT. U.S. …

Oil fell more than 1% towards $40 a barrel on Wednesday after a report showed a rise in crude inventories in the United States, reviving concerns about oversupply and weak demand due to the coronavirus crisis. The report from the American Petroleum Institute, an industry group, said crude stocks rose …

Brent crude LCOc1 futures fell 1.18%, or 47 cents, to $39.32 a barrel as of 0652 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 futures slid 1.80%, or 67 cents, to $36.62 a barrel. Saudi Arabia and Russia, two of the world’s biggest oil producers, have agreed to support …