Oil was steady $38 a barrel in New York ahead of an OPEC+ meeting this week that will assess the group’s production cuts as the recovery from virus-driven demand destruction Continue Reading
Commodity trading giant Trafigura Group believes the oil market is about to go back into surplus as the demand recovery stagnates. “We expect crude stocks to build into the year-end,” said Ben Continue Reading
Oil posted its first back-to-back weekly loss since April’s rout with the end of the summer driving season and concern about OPEC’s production compliance weighing on prices. Futures in New Continue Reading
Oil prices were little changed on Friday, but posted their second straight weekly loss as stockpiles rise around the world and fuel demand struggles to rebound to pre-coronavirus levels. Both Continue Reading
U.S. West Texas Intermediate crude oil is under pressure on Friday and in a position to close lower for a second consecutive week on growing demand worries and an unexpected Continue Reading
While bearish sentiment has returned to oil markets due to what appears to be a weakening demand recovery, oil prices climbed on Friday morning after steep losses earlier in the Continue Reading
Crude oil futures were rangebound in mid-morning trade in Asia Sept. 11 after the US Energy Information Administration reported an unexpected build in US commercial crude inventories after six weeks Continue Reading
Oil resumed its trek downward after U.S. government data showed growing domestic crude supplies and wavering gasoline demand. Futures in New York fell toward $37 a barrel after an Energy Continue Reading
Weakened US product demand weighed on NYMEX product futures Sept. 10 even as gasoline inventories showed signs of normalizing after a sizable draw during the week ended Sept. 4. NYMEX Continue Reading
Russia’s central bank has warned that crude oil prices could slump to $25 in its risk scenario for monetary policy over the next three years, TASS reports . That scenario, Continue Reading
