Crude oil news

Crude oil prices’ turnaround is evident. In April 2020, investors who trade oil were startled when the futures dipped to the negative zone. During this period, WTI futures fell to around -$0.11. Brent futures were slightly higher at ~ $16.16. Currently, both benchmarks are trading above the $50 psychological price…

Crude oil prices are trading at a one-year high as a reaction to Saudi Arabia’s announcement that it will cut its output by 1 million bpd in February and March. At the same time, the API has indicated a drop in US oil inventories. As of 07.05 GMT, WTI crude…

The wavering of crude oil prices over the past week is a sign that investors just want to close their books and wait for the new year. On Thursday, crude oil futures were on a high as a reaction to yesterday’s bullish stockpiles data from the EIA. Besides, investors looking…

Crude oil prices have continued to modestly tick higher in the past few days after the U.S. President Donald Trump signed a new stimulus bill. Fundamental analysis: Expectations for a higher demand Crude oil prices climbed on hopes that the fresh pandemic stimulus in the U.S. will drive fuel demand…

The US Congress approved a $900 billion coronavirus relief package, but Donald Trump refused to sign it. He insisted on $2,000 direct payments to Americans, and uncertainty about the US stimulus bill and coronavirus pandemic remain in focus for investors. The world still needs to face COVID-19 challenges, and some…

Crude oil prices dropped in Wednesday’s early trade as US recorded a rise in the commodity’s stockpiles. Trump’s tweet on his possible rejection of the stimulus deal has also impacted oil prices. The market is also reacting to the news on the new COVID-19 variant and the likelihood that it…

The price of crude oil has advanced above $49.25 last trading week, and the current price stands around $49. The U.S. lawmakers announced they reached a compromise on a $900 billion coronavirus relief package over the weekend. Still, travel restrictions and lockdowns could keep demand for oil at low levels…

Among other factors and, movements in the oil price market are likely to depend on the U.S. dollar. Given that analysts expect the greenback to remain under pressure in the first half of the next year, oil prices are likely to move in the opposite direction.  Fundamental analysis: A weaker…

Crude oil prices have hit a 9-month high. As at 07.30 GMT, WTI crude futures were up by 1.35% to trade at $48.52 per barrel. Similarly, the Brent crude futures rose by 1.41% to $51.78 per barrel. The commodity’s upward momentum is a reaction to the fall in the US…

Crude oil prices are up for the second day due to the continued vaccine-related optimism. The positive sentiment in the market has led investors to look past the supply build in the US. WTI futures were up by 0.18% to trade at $45.76. WTI was also on an upward trend,…

Crude oil prices have extended this week’s losses. WTI is down by 0.33% to trade at $45.47. At the same time, Brent has fallen by 0.14% to $48.52. The continued vaccination-induced optimism has maintained the benchmark oils above the $45 and $48 psychological price levels respectively. However, the upsurge in…

Crude oil prices closed higher last week as the buyers are working on a bullish case. Prices received a major boost after OPEC+ finally reached an agreement on production output levels.  Fundamental analysis: Agreement reached OPEC+, consisting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, announced…

Crude oil remains supported by vaccine hopes, but rising Covid-19 cases and new restrictive measures could significantly reduce oil demand. The price of crude oil has advanced above $46 this November, and the current price stands around $45. Fundamental analysis: OPEC will allow to increase output by 500K bpd starting…

Crude oil prices fell 1.5% on Tuesday after reports emerged that the Organization of the Petroleum Exporting Countries (OPEC) failed to reach an agreement over oil output cuts for 2021. Fundamental analysis: Talks to resume OPEC failed to reach an agreement about the extension of production reductions and has voiced…

Crude oil prices are wavering as the market reacts to U.S. inventories. API’s figures are higher than expected. Investors’ focus is now on the EIA data scheduled for later today. Besides, differences within the OPEC+ cartel has heightened concerns about a possible increase in supply. WTI is trading at ~$44.34,…

Crude oil prices are trading at the highest levels since March on positive news related to Covid-19 vaccine and diminishing concerns over weak demand next year. Fundamental analysis: Improving risk sentiment  Crude oil prices gained on the announcements from three major drugmakers including Pfizer-BioNTech, Moderna and Oxford that the coronavirus…

Crude oil prices soared after the release of data on U.S. oil inventories and rig count. As at 18.31 GMT, WTI had risen by 0.76% to trade at $46.25. Brent was also on an upward momentum, trading at 49.02. The market was reacting to a decline in oil inventories and…

Crude oil price has continued to ride on the recent news on COVID-19 vaccines. Investors are hopeful that the vaccination will get the world back to normal; which is positive for the bulls looking to trade oil. As at 09.07 GMT, Brent was up by 1.44% to trade at…

Crude oil price is breaking out on the upside. Brent has moved past the $45 price level to trade at $45.78. Similarly, WTI has risen above $ 43 price level to trade at 43.03. Investors are reacting to the positive news on the possible start of coronavirus vaccination in mid-December.

The price of crude oil has advanced above $43 last trading week and the current price stands around $40. Crude oil remains under the pressure by growing fears that new restrictive measures could significantly reduce demand for oil. Fundamental analysis: Rising COVID-19 cases could add another pressure to the price…

The International Energy Agency (IEA) and OPEC both cut the global demand for oil products amid the surging number of new COVID-19 infections.  Fundamental analysis: The rebound fading  The IEA cut its global oil demand outlook for this year as it is highly unlikely that COVID-19 will have a meaningful…

Pfizer (NYSE: PFE) and BioNTech (NASDAQ: BNTX) said today that their coronavirus vaccine candidate showed to be over 90% effective, marking a momentous step in the fight against the deadly virus that has taken more than a million lives around the world.  “A great day for science and…