Archive for Tag: OIL out-look

Oil prices

Oil prices hold steady as investors weigh rising supplies, demand outlook

Brent was trading 0.60% down at $62.77. Oil prices were little changed on Friday as investors weighed rising supplies from major producers and the impact on fuel demand from the COVID-19 pandemic. Brent Crudefutures for June edged down 2 cents to $63.18 a barrel by 0450 GMT, while U.S....

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OPEC+

OPEC+ panel lowers oil demand growth forecast

Brent was trading 1.49% up at $1687.60. OPEC+ has lowered its 2021 oil demand growth forecast by 300,000 barrels per day reflecting concerns about the market’s recovery amid a wave of new coronavirus lockdowns, a report from its experts panel meeting seen by Reuters showed. The Joint Technical Committee,...

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Brent Crude

Oil falls as demand concerns outweigh Suez Canal disruptions

Brent Crude was trading 1.40% down at $63.48. Oil prices fell on Thursday as a new round of coronavirus restrictions in Europe revived worries about demand for oil products, even as tug boats struggled to move a stranded container ship blocking crude oil carriers in the Suez Canal. Brent...

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Brent Crude Price

Oil’s decline continues as inventories rise, demand recovery clouded

Brent Crude was trading 1.10% down at $67.25. Oil prices declined for a fifth consecutive session on Thursday falling around 1% after official data showed a further increase in U.S and fuel inventories, while the ever-present pandemic clouded the prospects for a demand recovery. Brent Crudewas down 74 cents,...

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Brent Crude

Oil slips for fourth day on Europe demand concern, IEA report

Brent Crude was trading 0.85% down at $67.82. Oil slipped for a fourth day on Wednesday as concerns about weaker demand in Europe outweighed an industry report that showed U.S Crude stockpiles unexpectedly fell last week. Several European countries have paused the use of AstraZeneca ‘s COVID-19 vaccine due...

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Resurgence in COVID-19 cases slows oil demand rebound -IEA

Oil demand recovery will take a hit from a spike in new coronavirus cases before vaccine roll-outs and stimulus measures help in the second half of the year, International Energy Agency (IEA) said on Tuesday. “Border closures, social distancing measures and shutdowns…will continue to constrain fuel demand until vaccines...

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U.S. shale producers lock in future sales as oil prices rise to one-year high

U.S. shale producers are taking advantage of the oil market’s rally to levels not seen in nearly a year by locking in prices for future sales, sources familiar with the matter said. US CRUDEfutures this month jumped above $50 a barrel to the highest since February. The rally has...

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OIL STEADIES AS U.S. INVENTORY FALL TEMPERS DEMAND WOES

Oil prices steadied after an early jump on Wednesday as industry data showing a bigger-than-expected drop in U.S.CRUDEinventories, but rising global COVID-19 infections capped price gains. BRENT CRUDEprices were down 4 cents at $56.54 a barrel by 1032 GMT. Prices rose to a session high of $57.42 a barrel...

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Oil falls on renewed lockdowns, stronger dollar

Brent Crude Oil prices fell as much as $1 per barrel on Monday, hit by renewed concerns about global fuel demand amid tough coronavirus lockdowns across the globe, as well as a stronger U.S. dollar. Brent was down 80 cents, or 1.4%, at $55.19 a barrel at 1010 GMT,...

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Oil near 11-month highs on Saudi output cut pledge, equities rally

Oil prices held near 11-month highs on Friday and were on track for a strong weekly gain as Saudi Arabia’s pledge to cut output continued to buoy market sentiment. Brent Crude climbed 13 cents, or 0.2%, to $54.51 a barrel by 0531 GMT. It touched $54.90 on Thursday, the...

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