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…
The price of crude oil has advanced above $39 last trading week and the current price stands around $37. Crude oil remains under the pressure by growing fears that new restrictive measures could significantly reduce demand for oil. Fundamental analysis: There is still no clear trend for oil Crude oil…
At least seven European countries have introduced lockdown measures as of today to increase investors’ short-term concerns. France, Germany, Belgium, Italy, Spain, Portugal and Greece have announced temporary lockdowns in a bid to curb the spread of the novel coronavirus. All non-essential businesses will be forced to close in France…
The price of crude oil has weakened from $39.8 below $35 this trading week and the current price stands around $35.7. Baker Hughes reported the sixth consecutive weekly increase in US oil rigs and the price is also pressured by growing fears that new restrictive measures could significantly reduce demand…
Commodities are trading in a tight range today as investors are eagerly waiting for news from the U.S. related to the new stimulus plan. While gold and oil trade in a narrow range, silver prices have made important gains this week. Gold price should race higher on a stimulus…
The price of crude oil has advanced above $41.5 this trading week and the current price stands around $40.9. Oil has stabilized above $40 after the EIA report showed a sharp drop in crude inventories due to the closure of offshore production. Fundamental analysis: There is still no clear trend…
Crude oil prices recovered today, fueled by strong data in China. However, the data from the rest of the world show fading demand and supply renewals in Norway, Libya and the Gulf of Mexico capped the gains. Fundamental analysis: China helps crude China, the number one crude oil importer in…
The price of crude oil has advanced from $37 above $41 in less than several days and the current price stands around $40.5. Hurricane Delta shut down most production in the Gulf of Mexico and this had a positive influence on the price of oil. Fundamental analysis: The global oil…
Volatile financial markets have welcomed European traders and investors this morning after the U.S. President Donald Trump and his wife Melania had tested positive for coronavirus and went into quarantine. Trump tests positive Donald Trump confirmed on Twitter that he and his wife Melania are positive on COVID-19 infection.
Oil price is pressured by the reported return of Libyan exports but it is also under pressure from Covid-19 fears. The price of crude oil has weakened from $40.7 to $37.6 in less than several days and the current price stands around $38. Fundamental analysis: Demand for oil has weakened…
Copper prices fell 4.65% this week to follow the vast majority of other commodities lower. Crude oil prices also closed lower, nearly 2%, but still managed to force a close above $40 per barrel. Silver price crashed nearly 15% to log the 2-month low. Copper imports limited India aims…
Crude oil prices continued to trade sideways this week as the buyers struggled to cope with an increase in the number of new coronavirus cases worldwide. Fundamental analysis: COVID-19 infections rising The number of COVID-10 cases surged in the United States, particularly in the Midwest and New York City, which…
The price of crude oil has advanced from $37 above $42 in less than several days and the current price stands around $41. At its latest meeting, the OPEC agreed to extend the compensation period for overproduction till the end of December. Fundamental analysis: IEA cut its 2020 demand forecast…
Crude oil prices fell around 7% in the last two weeks on Monday on concerns regarding the delayed global economic recovery. Moreover, the troubles related to Libyan supply are causing more headaches for oil bulls. Fundamental analysis: Global economic recovery slower than expected Investors are increasingly pessimistic that the global…
