Archive for Tag: OIL Trade Idea

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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Brent Oil Futures

Oil Down Over Unexpected Surge in U.S. Gasoline Inventories

Brent was trading 0.08% down at $63.11. Oil was down Thursday morning in Asia, as U.S gasoline raised concerns about weakening demand for crude in the world’s biggest oil consumer alongside rising stockpiles. Brent Oil Futures were down 0.33% to $26.95 by 11:23 PM ET (3:23 AM GMT) and...

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Oil prices

Oil prices rise on stronger economic outlook, U.S. stockpile draw

Brent was trading 0.35% down at $62.52. Oil prices edged higher on Wednesday on the prospects for stronger global economic growth amid increased COVID-19 vaccinations and a report that crude inventories in the United States, the world’s biggest fuel consumer, fell. But optimism about talks between the United States...

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Suez Canal

Traffic slows in Suez Canal as tanker faces difficulties

Brent was trading 1.72% up at $63.13. Marine traffic slowed in the Suez Canal on Tuesday as oil tanker M/T Rumford appeared to face difficulties in the south of the canal, shipping websites MarineTraffic and TankerTrackers said. A trade source said that the canal notified companies that the M/T...

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Brent Oil

Suez Canal shipping backlog ends, days after giant vessel freed

Brent was trading 0.03% up at $64.67. All ships stranded by the grounding of the giant container ship Ever Given in the Suez Canal in March had passed through the canal by Saturday, ending the backlog that built up during the blockage, the canal authority said. The last 61...

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Oil prices

Oil Ends March Lower on Cautious Pre-OPEC Trade

Brent was trading 2.20% up at $64.12. Oil prices fell more than 2% Wednesday to close down for the day and March as traders moved cautiously ahead of a decision on production quotas by OPEC+. New York-traded West Texas Intermediate, the benchmark for U.S. crude, settled down $1.39, or...

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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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Oil prices

Oil prices rise 2% on fears Suez blockage may last weeks

Brent Crude was trading 3.60% up at $64.16. Oil prices reversed a sharp sell-off a day earlier to rise about 2% on Friday on mounting fears that it could take weeks to dislodge a giant container ship blocking the Suez Canal, which would squeeze supplies of crude and refined...

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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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Oil market outlook

Oil slips as European lockdowns dim demand recovery hopes

Brent Crude was trading 0.05% up at $64.55. Oil prices resumed their decline on Monday, falling on renewed concerns that European coronavirus lockdowns could slow any recovery in demand for fuel products. Brent Crude was down 24 cents, or 0.4%, at $64.29 a barrel by 0945 GMT. U.S. oil...

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