Brent Crude Back to $120.50 as Supply Tightness Rattles Markets
(FT) The international oil benchmark, Brent crude, rose to a two-month high of $120.50 a barrel on Monday as markets warmed up for bottlenecks in the supply of the commodity.…
Oil’s Volatility Linked to Speculations as Liquidations Hit a Record After $140 Top
(Bloomberg) Liquidations on net-bullish bets on Brent crude hit a record last week as hedge funds exited positions following a run to almost $140 a barrel. The Intercontinental Exchange Inc.…
Brent Oil Rises to a 7-Year High as Political Unrest in the UAE Threaten Supply
(Bloomberg) Brent crude rose to a high of $88.13 a barrel, its highest level since October 2014, as markets priced for supply tightness due to escalating tensions in the United…
Long Positions Fall in Oil Markets as Supply-Demand Imbalances Support Prices
(OPEC) The new long positions on combined futures and options in Brent crude stood at 273,894 lots in the week ending August 31, after a fall of 12.1% or 37,765…
Oil Uncertainty Remains Despite Brent Averaging $75 a Barrel in July- EIA
(EIA) US Energy Information Administration sees heightened levels of uncertainty on demand for global liquid fuels following ongoing recoveries from Covid-19. EIA says Brent crude oil averaged a price of…
Oil on Track to Post the Largest Weekly Loss of Up to 6% as Covid Bite
WTI crude recovered less than $0.5 on Friday to trade at about $69.40 a barrel, but the gain was not sufficient to erase as much as 6% losses sustained since…
Brent Surpasses the $70 Mark ahead of OPEC+’s Crucial Output Meeting
Brent oil rose past the $70 a barrel level after OPEC+ said it expects tightening of the global market, reports Bloomberg. OPEC+ says surplus oil accumulated during the pandemic has…
Brent Crude Surges Past $70 after Attack on Saudi Arabia’s Oil Facilities
Brent crude futures rose 2.65% to $71.20 a barrel for the first time in more than a year in Asian trading hours on Monday. According to CNBC, the surge in…
Brent Climbs to $60 on Supply Cuts and U.S Stimulus Hopes
Brent oil surged past $60 a barrel, boosted by supply cuts and expectations of fresh U.S economic stimulus measures, according to Reuters. U.S West Texas Intermediate gained 64 cents or…
Brent Oil Tops $50 for the First Time since March, Boosts Energy Sector
Brent crude exceeded $50 a barrel for the first time in nine months on hopes of a faster demand recovery following the release of COVID-19 vaccines. Energy Select Sector SPDR…
Vaccine Hopes Rekindle Oil Prices for the Third Week
Brent crude futures gained 28 cents or 0.6%, at $44.46 a barrel at 1027 GMT, and were on track for a third consecutive weekly rise following successful COVID-19 vaccine trials,…