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Oil rises about 1%, posts third week of gains on vaccine hopes | Reuters

Oil rises about 1%, posts third week of gains on vaccine hopes | Reuters Oil prices rose about 1% higher on Friday and posted a third consecutive weekly rise, buoyed by successful COVID-19 vaccine trials, while renewed lockdowns in several countries to limit the spread of the coronavirus capped gains.Brent crude LCOc1 futures rose 76 cents, or 1.7%, to settle at $44.96 a barrel.The more active U.S. West Texas Intermediate (WTI) January crude contract CLc2 gained 52 cents, or 1.2% to $42.42 a bar...
Tags: Travel, Wti, Reuters, Reuters Oil, Pfizer Inc, Rupert Neil Bumfrey


Oil prices little changed, on track for third straight weekly gain | Reuters

Oil prices little changed, on track for third straight weekly gain | Reuters Oil prices were little changed on Friday, on track for a third consecutive weekly rise, but demand concerns stemming from surging coronavirus cases and renewed lockdowns in several countries capped gains.Prospects of an effective COVID-19 vaccine and hopes that OPEC and its allies will keep production in check have bolstered oil markets this week.Brent crude LCOc1 futures were up 2 cents, or 0.05% at $44.22 a barrel by ...
Tags: Travel, Opec, Wti, Reuters, Reuters Oil, Rupert Neil Bumfrey, OANDA, Jeffrey Halley


Oil prices mixed as surging COVID-19 cases outweigh vaccine optimism | Reuters

Oil prices mixed as surging COVID-19 cases outweigh vaccine optimism | Reuters Oil futures were mixed on Thursday as the surge in coronavirus cases and tighter economic restrictions around the globe stoked fears over slower fuel demand, outweighing upbeat vaccine news.Brent crude futures LCOc1 rose 12 cents, or 0.3%, to $44.46 a barrel by 0732 GMT, reversing from an earlier loss. U.S. West Texas Intermediate crude CLc1 slipped 3 cents, or 0.1%, to $41.79 a barrel, paring most of its earlier decl...
Tags: Travel, United States, Brent, Wti, Reuters, Reuters Oil, Rupert Neil Bumfrey, Kazuhiko Saito, Fujitomi Co


Oil falls on demand concerns, posts second monthly decline | Reuters

Oil falls on demand concerns, posts second monthly decline | Reuters Oil prices fell on Friday and posted a second consecutive monthly drop as rising COVID-19 cases in Europe and the United States heightened concerns over the outlook for fuel consumption.Brent crude LCOc1 dropped 19 cents to settle at $37.46 a barrel, after touching a five-month low of $36.64 in the previous session. The front-month Brent contract expired on Friday and the January contract LCOc2 settled down 32 cents.U.S. West T...
Tags: Travel, Europe, France, Germany, United States, Wti, Reuters, Reuters Oil, Rupert Neil Bumfrey


Oil falls 3% as COVID-19 infections raise demand concerns | Reuters

Oil falls 3% as COVID-19 infections raise demand concerns | ReutersOil fell 3% on Monday, extending last week’s losses as growing cases of COVID-19 in the United States and Europe raised worries about crude demand, while the prospect of increased supply also hurt sentiment.Brent crude LCOc1 was down $1.25 cents, or 3%, at $40.52 by 0755 GMT. U.S. West Texas Intermediate (WTI) dropped $1.28 cents, or 3.2%, to $38.57, having fallen more than a dollar shortly after the start of trading.Brent fell 2...
Tags: Travel, Europe, France, United States, Brent, Wti, Reuters, U S West Texas Intermediate WTI, Rupert Neil Bumfrey, COVID, ReutersOil


Crude steady as rising European COVID-19 cases offset U.S. oil stock draw | Reuters

Crude steady as rising European COVID-19 cases offset U.S. oil stock draw | Reuters:Oil prices were steady on Thursday as a new wave of coronavirus cases in Europe led several countries to reimpose travel restrictions, offsetting a bullish drop in U.S. crude and fuel inventories.Brent futures LCOc1 settled 17 cents, or 0.4%, higher at $41.94 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 gained 38 cents, or 1.0%, to end at $40.31.That cut Brent's premium over WTI WTCLc1-LCOc1 to i...
Tags: Travel, Europe, Brent, Wti, Reuters, Rupert Neil Bumfrey, Craig Erlam, OANDA


Oil prices slide near 2% after surprise U.S. crude stock build - Reuters

Oil prices slide near 2% after surprise U.S. crude stock build - Reuters:Oil prices slid nearly 2% on Thursday after U.S. data showed a surprise build in crude stockpiles last week related in part to ongoing reductions at refineries along the Gulf of Mexico following Hurricane Laura.Brent futures LCOc1 fell 73 cents, or 1.8%, to settle at $40.06 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 fell 75 cents, or 2.0%, to settle at $37.30.After the market close, WTI briefly traded dow...
Tags: Travel, Brent, Wti, Gulf of Mexico, Reuters, Rupert Neil Bumfrey, U S Energy Information Administration EIA


Oil falls 3%, posts weekly drop on demand concerns - Reuters

Oil falls 3%, posts weekly drop on demand concerns - Reuters:Oil prices fell more than 3% on Friday and posted their biggest weekly decline since June as fears of a slow economic recovery from the COVID-19 pandemic compounded worries about weak oil demand.Brent crude LCOc1, the international benchmark, fell $1.41, or 3.2%, to settle at $42.66 a barrel. U.S. West Texas Intermediate (WTI) CLc1 fell $1.6, or 3.9%, to settle at $39.77 a barrel.Brent fell 5.3% from last week, while WTI lost 7.4%.Pric...
Tags: Travel, Wti, Reuters, Rupert Neil Bumfrey


Oil dips as prices struggle to break through demand uncertainty - Reuters

Oil dips as prices struggle to break through demand uncertainty - Reuters:Oil prices dropped on Monday, with Brent slipping from a five-month high as global demand remained below pre-COVID levels while U.S. production edged up.Brent crude futures settled at $45.28 a barrel, down 53 cents, or 1.2%. U.S. West Texas Intermediate crude CLc1 settled at $42.61 a barrel, down 36 cents, or 0.8%.Brent still closed out August up 7.5% for a fifth successive monthly price rise. WTI logged a fourth monthly g...
Tags: Travel, Brent, Wti, Reuters, Rupert Neil Bumfrey, Hurricane Laura


Oil prices down on demand worries, growing supply - Reuters

Oil prices down on demand worries, growing supply - Reuters:Oil prices edged lower on Friday on worries that demand would recover more slowly than expected from COVID-19 pandemic lockdowns, while rising supply also overshadowed optimism over falling crude and fuel inventories.This week, two prominent forecasters, the International Energy Agency and the Organization of the Petroleum Exporting Countries, trimmed their 2020 oil demand forecasts. OPEC and its allies are increasing output this month....
Tags: Travel, Opec, Brent, Wti, Reuters, International Energy Agency, Organization of the Petroleum Exporting Countries, Rupert Neil Bumfrey, Lipow Oil Associates, Andy Lipow, COVID, Houston Brent


Oil slips below $45/bbl on demand concerns but posts weekly rise - Reuters

Oil slips below $45/bbl on demand concerns but posts weekly rise - Reuters:Oil prices fell nearly 2% on Friday, limiting their weekly gain due to concerns the global recovery could falter from a resurgence of coronavirus cases.The rise in infections remains the dominant issue for the fuel demand outlook. Cases in the United States are still rising in a number of states, while India recently reported a record daily jump in infections. More than 700,000 people have died in the worldwide pandemic.B...
Tags: Travel, India, United States, Wti, Reuters, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


Oil slips as rise in coronavirus cases overshadows fuel demand recovery - Reuters

Oil slips as rise in coronavirus cases overshadows fuel demand recovery - Reuters:Oil prices eased on Tuesday amid concerns that a fresh wave of COVID-19 infections around the world will see a pickup in fuel demand stalling amid tighter lockdowns - just as major producers ramp up output.U.S. West Texas Intermediate (WTI) crude futures eased 4 cents, or 0.1% to $40.97 a barrel at 0655 GMT, while Brent crude futures fell 11 cents, or 0.3% to $44.04 a barrel.The slide comes after WTI rose 1.8% and ...
Tags: Travel, United States, Brent, Wti, Reuters, National Australia Bank NAB, Asia Europe, U S West Texas Intermediate WTI, Rupert Neil Bumfrey, Lachlan Shaw


Oil prices rise 3% on signs of U.S. economic recovery - Reuters

Oil prices rise 3% on signs of U.S. economic recovery - Reuters:Oil prices rose 3% in volatile trade on Tuesday as Wall Street surged and the International Energy Agency (IEA) increased its oil demand forecast for 2020, but gains were capped by worries about a second wave of coronavirus cases.Brent crude futures ended the session up $1.24, or 3.1%, at $40.96 a barrel while U.S. West Texas Intermediate crude (WTI) rose $1.26, or 3.4% to settle at $38.38 a barrel.Oil prices were bolstered early in...
Tags: Travel, Wall Street, IEA, Wti, Reuters, International Energy Agency IEA, Rupert Neil Bumfrey


Oil prices slump 8% as virus-related demand concerns resurface - Reuters

Oil prices slump 8% as virus-related demand concerns resurface - Reuters:Oil prices tumbled about 8% a barrel on Thursday, fuelled by renewed concerns about demand destruction as new cases of coronavirus tick up globally, while crude inventories hit a record in the United States.U.S. coronavirus cases surpassed 2 million on Wednesday, according to a Reuters tally, and new infections are rising slightly after five weeks of declines. While most states have loosened restrictions on movement that sh...
Tags: Travel, United States, Wti, Fed, Reuters, U S Federal Reserve, U S West Texas Intermediate WTI, Jerome Powell, Rupert Neil Bumfrey


Oil falls 3% despite OPEC+ cuts as Gulf ends voluntary curbs - Reuters

Oil falls 3% despite OPEC+ cuts as Gulf ends voluntary curbs - Reuters:Oil fell about 3% on Monday after Saudi Arabia said an extension of output cuts by OPEC+ nations would not include additional voluntary reductions by a trio of Gulf producers. After rising for seven consecutive session, Brent oil futures LCOc1 fell $1.30, or 3.1%, to $41.00 a barrel by 12:16 p.m. EDT (1616 GMT). U.S. West Texas Intermediate crude (WTI) CLc1, meanwhile, fell $1.35, or 3.4%, to $38.20.Both benchmarks rose to th...
Tags: Travel, Saudi Arabia, Opec, Wti, Gulf, Reuters, Rupert Neil Bumfrey, U S West Texas Intermediate


Oil Plunges Again After Sudden Index Shift Prompts Fire Sale - Bloomberg

Oil Plunges Again After Sudden Index Shift Prompts Fire Sale - Bloomberg:Crude whipsawed near $11 a barrel after a major index tracked by billions of dollars in funds bailed out of near-term contracts for fear prices may turn negative again.June futures fell as much as 21% in New York before paring some of the decline to trade 8.8% lower. S&P Dow Jones said it will roll all of its West Texas Intermediate contracts for June into July on Tuesday, due to the risk that the nearer contract will go ne...
Tags: Travel, New York, London, Bloomberg, Wti, Dow Jones, Rupert Neil Bumfrey, United States Oil Fund LP


Oil prices sink as world runs low on storage capacity amid frail demand - Reuters

Oil prices sink as world runs low on storage capacity amid frail demand - Reuters:Oil prices slumped again on Tuesday amid concern about dwindling capacity to store crude worldwide, heightened by fears that fuel demand may be slow to pick up once countries ease curbs imposed on business and social life to combat the coronavirus pandemic. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell to as little as $10.64 a barrel on Tuesday, and were off 12.8%, or $1.64, at $11.14 a barrel as of 06...
Tags: Travel, Wti, Reuters, Rupert Neil Bumfrey


Oil heads for steep weekly slide after coronavirus turmoil - Reuters

:Oil prices rose on Friday but headed for their third weekly loss as production shutdowns failed to keep pace with sliding demand due to the coronavirus crisis.Brent crude LCOc1 was up 58 cents, or 2.72%, at $21.91 at 1215 GMT, having risen 5% on Thursday, and U.S. oil CLc1 rose 51 cents, or 3.09%, to $17.01 a barrel, after rising 20% the day before. Both contracts traded within a range of around $2 a barrel.Prices are heading for their eighth weekly loss in the last nine, with Brent on course f...
Tags: Travel, Brent, Wti, Reuters, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


Oil rallies on faster output cuts to offset virus-induced falloff in demand - Reuters

Oil rallies on faster output cuts to offset virus-induced falloff in demand - Reuters:Oil soared on Thursday, extending its rebound after major oil-producing nations said they would accelerate planned production cuts to combat the dramatic slump in demand due to the COVID-19 pandemic.Crude prices have had one of their most tumultuous weeks ever. U.S. West Texas Intermediate crude futures (WTI) CLc1 closed at negative $37.63 a barrel on Monday, in the worst sell-off for that contract in history. ...
Tags: Travel, Wti, Reuters, Rupert Neil Bumfrey


Oil rallies on acceleration of output cuts from OPEC nations - Reuters

Oil rallies on acceleration of output cuts from OPEC nations - Reuters:Oil soared on Thursday, extending its rebound after major oil-producing nations said they would accelerate planned production cuts to combat the dramatic slump in demand due to the COVID-19 pandemic.Crude prices have had one of their most tumultuous weeks ever. U.S. West Texas Intermediate crude futures (WTI) CLc1 closed at negative $37.63 on Monday, in the worst sell-off for that contract in history. Global benchmark Brent c...
Tags: Travel, Opec, Wti, Reuters, Rupert Neil Bumfrey


Brent oil futures plunge as growing glut feeds market panic - Reuters

Brent oil futures plunge as growing glut feeds market panic - Reuters:Brent oil futures prices plunged again on Tuesday as oil market panic extended into a second day with no end in sight to a swelling global crude glut as the coronavirus pandemic has obliterated demand for fuel.The most-actively traded U.S. contract, which expires in June, briefly sank into single-digits a day after traders had to pay $37.63 to get rid each barrel of oil at settlement of the expiring May contract. Facing a dear...
Tags: Travel, Wti, Reuters, Rupert Neil Bumfrey


US oil price crashes to record low as coronavirus hits demand | Financial Times

US oil price crashes to record low as coronavirus hits demand | Financial Times:Benchmark US oil prices crashed towards $1 a barrel on Monday, as the collapse in demand caused by the coronavirus pandemic leaves the world awash with so much crude, and so little available storage capacity, that producers may soon be paying for buyers to take it off their hands.West Texas Intermediate, the US marker, lost 92 per cent on Monday, with the price of oil for delivery next month sinking to a low of $1.02...
Tags: Travel, US, Wti, Jefferies, Financial Times, CME Group, Cushing Oklahoma, Rupert Neil Bumfrey, Jason Gammel


Oil prices sink to lowest in over a year, biggest weekly drop since 2016 - Reuters

Oil prices sink to lowest in over a year, biggest weekly drop since 2016 - Reuters:Oil prices slumped for a sixth day in a row on Friday to their lowest in more than a year, causing futures to drop by the most in a week since 2016, as the spread of coronavirus stoked fears that a slowing global economy would hit energy demand.The coronavirus spread further, with cases reported for the first time in six countries across three continents, battering markets and leading the World Health Organization...
Tags: Travel, Brent, Wti, Reuters, World Health Organization WHO, Rupert Neil Bumfrey


Oil falls for fifth day on demand concerns as coronavirus spreads - Reuters

:Oil prices fell for a fifth day on Thursday to their lowest since January 2019 as a growing number of new coronavirus cases outside of China fuelled fears of a pandemic which could slow the global economy and lower crude demand.Brent crude LCOc1 was down 60 cents, or 1.1%, at $52.83 a barrel at 0741 GMT. The contract earlier fell to as low as $52.53, the lowest since Jan. 2, 2019.West Texas Intermediate (WTI) futures CLc1 fell by 55 cents, or 1.1%, to $48.18 a barrel. It earlier fell to as low ...
Tags: Travel, China, Wti, Reuters, Jan, Rupert Neil Bumfrey


Oil prices mixed as demand concerns outweigh output cut expectations - Reuters

Oil prices mixed as demand concerns outweigh output cut expectations - Reuters:Oil prices were mixed on Thursday as concerns about falling demand caused by travel restrictions tied to the coronavirus outbreak in China, the world’s biggest oil importer, outweighed expectations of supply cuts from major producers.Brent crude LCOc1 fell 6 cents, or 0.1%, to $55.73 per barrel at 0735 GMT. U.S. West Texas Intermediate (WTI) CLc1 was up 5 cents, or 0.1%, to $51.22 a barrel. Brent rose 3.2% on Wednesda...
Tags: Travel, China, Wti, Reuters, China National Chemical Corp, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


Oil steadies as Chinese economy offsets trade optimism - Reuters

Oil steadies as Chinese economy offsets trade optimism - Reuters:Oil prices steadied on Friday as sluggish economic growth in China, the world’s biggest crude importer, raised concerns over fuel demand and countered optimism from the signing of a China-U.S. trade deal.Brent crude LCOc1 futures rose 23 cents to settle at $64.85 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 2 cents to settle at $58.54 a barrel.For the week, Brent fell 0.2%, while WTI lost 0.8%China’s economy...
Tags: Travel, China, Brent, Wti, Reuters, Rupert Neil Bumfrey


Oil edges up after five days of losses ahead of U.S.-China trade pact - Reuters

Oil edges up after five days of losses ahead of U.S.-China trade pact - Reuters:Oil prices edged higher on Tuesday after five days of declines as the United States and China prepared to sign a preliminary trade deal and as Middle East tensions eased.Brent LCOc1 futures gained 29 cents, or 0.5%, to settle at $64.49 a barrel, while U.S. West Texas Intermediate (WTI) crude CLc1 ended 15 cents, or 0.3%, higher at $58.23.That put WTI front-month futures below the second month CLc1-CLc2 for the first ...
Tags: Travel, China, United States, Middle East, Wti, Reuters, U S China, Rupert Neil Bumfrey


Oil falls below $65/bbl in first weekly drop since November - Reuters

Oil falls below $65/bbl in first weekly drop since November - Reuters:Oil fell below $65 a barrel on Friday in its first weekly loss since late November, erasing the week’s risk premium added since a U.S. drone strike killed a top Iranian general as investors focused on rising U.S. inventories and other signs of ample supply.However, markets were still eyeing the longer-term risks of conflict, and prices were briefly supported on Friday by new U.S. sanctions on Iran in retaliation for its missil...
Tags: Travel, Iraq, Iran, Chicago, Brent, Wti, Bahrain, Reuters, U S Navy, Qassem Soleimani, Rupert Neil Bumfrey, Phil Flynn, Fifth Fleet, Price Futures Group, North Arabian Sea


Oil prices surf U.S.-China trade thaw to three-month highs - Reuters

Oil prices surf U.S.-China trade thaw to three-month highs - Reuters:Oil prices remained atop three-month peaks on Thursday, extending a robust streak that began a week ago, as thawing trade relations between the United States and China supported global markets.Brent crude futures edged up 8 cents to $66.25 a barrel by 0645 GMT, while U.S. West Texas Intermediate (WTI) crude gained 4 cents to $60.97. Trading volume was thin, with not even news of President Donald Trump’s impeachment by the U.S. ...
Tags: Travel, China, United States, Sydney, Wti, Donald Trump, Mccarthy, Reuters, Cmc Markets, Michael McCarthy, U S House of Representatives, U S China, Rupert Neil Bumfrey


Oil eases on growing U.S. stockpiles; U.S.-China trade deal hopes check losses - Reuters

Oil eases on growing U.S. stockpiles; U.S.-China trade deal hopes check losses - Reuters:Oil slipped on Wednesday after an industry report showed a surprise build-up in U.S. crude inventories, but optimism surrounding the signing of the first phase of a U.S.-China trade deal prevented a bigger slide in prices.Brent crude futures LCOc1 dropped 9 cents, or 0.14%, to $64.18 a barrel by 0725 GMT, while West Texas Intermediate (WTI) crude futures CLc1 fell 12 cents, or 0.21%, to $58.29 per barrel.Wed...
Tags: Travel, China, United States, Wti, Reuters, West Texas Intermediate WTI, Rupert Neil Bumfrey



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