Oil prices ended Friday’s session with gains, extending their upward trend for the week. The prospect of OPEC+ cutting output outweighed worries about a recessionary economy and fears of a drop in oil demand, although the latter were boosted by Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole conference, signaling that a further […]
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Oil: With gains for the third day in a row, it collected weekly losses to 1.5%
Oil prices erased intra-session losses of as much as -2%, closing in positive territory for a third consecutive day and capping their losses for the week. In particular, the slow type West Texas Intermediate added on Friday 27 cents or 0.3%, to set its price at $90.77 per barrel. This was the highest close for […]
Oil rallies to $100 as US gas consumption rises
With a strong rise reaching 4%, oil prices are moving against the background of the increased consumption shown by the figures in the USA, while the c.g. of OPEC says risks to global demand are probably overstated. In particular, his contract Brent for October delivery is negotiated at 97.3 dollars the rising barrel 3.9% or […]
Oil closed strongly higher (+3%), boosted by increased gasoline consumption in the US
LAST UPDATE: 22.32 International oil prices closed with a strong rise of around 3% on Thursday, against the background of the increased consumption shown by the data in the USA, while the g.y. of OPEC says risks to global demand are probably overstated. In particular, the global benchmark, Brent oil for October delivery trades in […]
Oil: Daily losses trimmed gains by around 3.8% for the week
Oil prices lost ground on Friday after reports that the supply disruption in the Gulf of Mexico was short-lived. However, on a weekly basis, WTI and Brent maintained significant gains as fears of a possible recession in the global economy receded. In particular, the slow type West Texas Intermediate for September delivery fell on Friday […]
Oil slumps around 9% in the week
Oil prices rebounded slightly on Friday, ending a week of heavy losses for the “black gold”, after a surprisingly strong picture of the US labor market failed to ease fears of a global economic slowdown. Crude edged up slightly after data released today showed the US economy added more 528,000 seats of work in July, […]
Crude closed above $100 again
Oil prices rallied strongly, closing back above €100 in a week as heightened concerns over gas flows in Europe following Gazprom’s “force majeure” plea and a weaker dollar offset fears about crude demand due to an impending recession and lockdowns in China. Specifically, the September Brent contract jumped 5.11% and is trading at $106 a […]
Heavy losses for oil in the week, at -6.9% US crude
A rebound in oil prices on Friday pared some of the week’s significant losses amid Biden’s visit to Saudi Arabia and a U.S. official telling Reuters the U.S. did not expect to see an immediate increase in output from Riyadh, as US President Biden will ask. Expectations for such a possibility are focused on the […]
Oil prices at their lowest level since April
With losses but far from intraday lows of as much as -5%, oil prices closed on Thursday, falling to their lowest level since April. In particular, the slow type West Texas Intermediate U.S. crude for August delivery fell 52 cents, or 0.5%, to settle at $95.78 a barrel. The type oil Brent for September delivery […]
Oil: Week of recession worries with losses over 3.4%
Oil prices closed higher for the second consecutive session, but the “black gold” recorded significant losses during the week amid concerns about an impending economic recession – due to restrictive monetary policies – which will hit demand in the coming months. Despite the recovery in oil prices on Thursday and Friday, which allowed US crude […]