EghtesadOnline: Oil prices came off seven-week lows on Monday but remained under pressure after Japan said it was weighing releasing oil reserves and as the Covid-19 situation in Europe worsened, raising concerns about both oversupply and weak demand.
EghtesadOnline: US investment bank Goldman Sachs said the OPEC+ agreement to boost oil supplies supports its view on oil prices and expects a modest “upside” from its summer forecast for Brent to reach $80 a barrel.
EghtesadOnline: Oil prices were steady on Monday with investors and traders awaiting crucial talks by OPEC+ following disagreement over output within the group that could lead to major producers pumping up volumes to grab market share.
EghtesadOnline: Brent crude prices eased on Friday but hovered near $70 a barrel as production cuts by major oil producers constrained supply, with optimism about a recovery in demand for the resource in the second half of the year also lending support.
EghtesadOnline: Oil prices soared on Monday to their highest in about 13 months as fears of heightened tensions in the Middle East prompted fresh buying, while hopes that a US stimulus and an easing of lockdowns will buoy fuel demand provided support.
EghtesadOnline: Oil prices held steady on Monday as a better than expected quarterly rebound for China’s economy countered fears over soaring Covid-19 cases around the world and tight restrictions that could dent economic growth and fuel consumption.
EghtesadOnline: Oil prices fell on Monday as a continued surge in coronavirus cases globally forced a series of renewed lockdowns, including strict new measures in Southern California in the United States, the world’s top oil consumer.
EghtesadOnline: Oil prices dropped 1% for a second straight session on Monday as US producers began restoring output post-Hurricane Delta.
EghtesadOnline: Oil rose on Monday, with Brent touching the highest in five months, underpinned by a 30% cut in Abu Dhabi crude supplies and encouraging Chinese data even as global demand struggles to return to pre-COVID levels in a well-supplied market.
EghtesadOnline: Oil prices fell on Monday on oversupply concerns as OPEC and its allies wind back production cuts in August and a rise in worldwide Covid-19 cases points to a slower pick-up in fuel demand.