Oil prices strengthen after morning scare
Oil prices recovered early losses and see gains on relief that international trade remains unchanged, while road fuel demand stands strong despite a spike in Covid-19 cases.
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Oil prices recovered early losses and see gains on relief that international trade remains unchanged, while road fuel demand stands strong despite a spike in Covid-19 cases.
Oil prices continued to gain on prolonged enthusiasm from Thursday’s OPEC+ meeting, with traders expecting increased production-cut compliance and regaining trust that supply is under control.
Oil prices have swung to gains after road fuel demand signals and an upcoming OPEC+ meeting weighted positively on trader sentiments.
Oil prices have swung to gains after a morning flavoured by concerns over expected crude stock build in the US.
Oil prices are enjoying some stability now, after pricing in fears of a new pandemic wave and the OPEC+ cuts agreement.
Oil prices fell this morning, as traders priced in fears of a second round of Covid-19-related demand decline.
Oil prices lost ground this morning, as traders corrected last week’s exuberant gains, amid worries that Covid-19 will not let demand recover as quickly as hoped.
Oil prices have fallen as US stocks rise and as traders price in concerns about how quickly demand will return, fearing a second Covid-19 wave.
Oil prices fell this morning on indications that US stocks unexpectedly rose.
Oil prices fluctuated this morning, swinging from marginal gains to losses as traders price in Libya supply and a spike in new global Covid-19 cases.
Rystad Energy has said that OPEC+ has "taken a tighter grip on the near-term crude oil fundamentals with Saturday’s extension decision."
On Saturday, OPEC+ agreed to extend the deal to withdraw almost 10% of global supplies from the market by a third month to the end of July.