Oil prices dip on US crude stocks build-up, maintaining bearish sentiment
Oil prices are losing ground again on indications that US crude oil inventories rose last week, maintaining the bearish price correction that September has introduced.
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Oil prices are losing ground again on indications that US crude oil inventories rose last week, maintaining the bearish price correction that September has introduced.
Oil prices are continuing to fall, with most concerns focusing on the US, where Covid-19 isn’t slowing down and road fuel demand trembles.
Oil prices continued their decline on Monday, as the market is growing less and less confident that oil demand will recover as quickly as it hoped.
Oil prices rose today, correcting the lows that the week brought, but an overall bearish sentiment remains in the market, on concerns about weaker demand and supply increases.
Oil prices declined today as the market finally prices in the underlying uncertainty over the oil demand’s recovery, Iraq’s cuts compliance and the additional effect of Covid-19 on the economy as a whole.
Oil prices edged down today as, while Covid-19 infections continue to multiply, the market did not receive any bullish surprise from the OPEC+ meeting, while it realised non-compliant members still had way to go to compensate for their overproduction.
Oil prices hold on to their gains as another weekly crude storage relief is expected to be announced by the US API institute today, a day before OPEC+ meets.
Oil prices swung to losses, scrapping earlier morning gains, as renewed concerns over the global oil demand outlook outpaced the enthusiasm that another week of stock draws from US inventories brought.
Oil prices fell on Friday as traders corrected the extravagant gains of this week, pricing in concerns over Covid-19’s effect on the demand recovery.
Oil prices rose on Wednesday on expectation for a significant draw in US crude oil stocks last week, but Covid-19 remains a concern.
Oil prices rose a bit today, correcting some of yesterday’s losses, which were more a sign of shock on economic collapse figures. Nevertheless, traders brace for August, a month of returned production from OPEC+ amid stalled demand recovery.
Oil prices are falling today, with traders ignoring yesterday’s US crude stock news and acknowledging Covid-19’s threat to the demand recovery, while waiting for OPEC’s returned production to hit the market again.