(Reuters) – Brent crude futures jumped above $70 a barrel on Monday for the first time since the COVID-19 pandemic began, while U.S. crude touched its highest in more than two years, following reports of attacks on Saudi Arabian oil facilities. Brent crude futures LCOc1 for May reached $71.16 a barrel in early Asian trade and were at $70.76… Read More
Tag: Brent oil price
Brent edges past $60 to reach highest point in over a year
(Reuters) – Oil prices rose on Monday to their highest in just over a year, with Brent futures nudging past $60 a barrel, boosted by supply cuts among key producers and hopes for further U.S. economic stimulus measures to boost demand. Brent crude for April touched an intraday high of $60.06 a barrel, the highest… Read More
Crude oil futures rise, ICE Brent March contract settles above $57/b
(S&P Global Platts) Crude oil futures rose in mid-morning trade in Asia Jan. 13 on a larger-than-expected draw in US crude inventories and a weakening US dollar. At 10:29 am Singapore time (0229 GMT), the ICE Brent March contract was up 55 cents/b (0.97%) from the Jan. 12 settle at $57.13/b, while the February NYMEX… Read More
Brent oil predicted to rise above US$55 by end of 2021
Oil and gas demand growth is expected to be exceptional next year as the coronavirus vaccine takes hold and OPEC+ looks to constrain supply. In fact, U.K. based consultancy group Wood Mackenzie believes that by the end of 2021, Brent will surpass US$55. “Hope is in the air – we continue to expect an exceptional… Read More
Brent oil futures jump above $44 on vaccine news
(Reuters) – Oil prices jumped more than 4% on Monday, recouping the previous session’s losses after Moderna Inc said its experimental vaccine was 94.5% effective in preventing COVID-19. Brent crude futures for January were up $1.79, or 4.2%, to $44.57 a barrel by 1420 GMT, while U.S. West Texas Intermediate crude for December was up… Read More
Brent crude climbs above $40 as Biden’s win buoys risk-taking
(Reuters) – Oil prices rose more than 2% on Monday, with Brent futures topping $40 a barrel, after Joe Biden clinched the U.S. presidency and buoyed risk appetites, offsetting worries about the impact on demand from the worsening coronavirus pandemic. Brent crude futures for January climbed 94 cents, or 2.4%, to $40.39 a barrel by 0710… Read More
Oil prices decline as EIA reports first weekly U.S. crude-stock climb in 7 weeks
(MarketWatch) Oil prices declined on Thursday after U.S. government data revealed a weekly climb in U.S. crude inventories, on the heels of six consecutive weeks of declines, raising expectations of an oversupplied market as uncertainty continues to surround the outlook for demand. The Energy Information Administration reported Thursday that U.S. crude inventories rose by 2… Read More
Goldman Sachs boosts 2021 oil forecast, recommends Brent as an ‘effective’ hedge against uncertainty for investors
(Business Insider) Goldman Sachs expects the oil market to gain momentum in 2021 as the coronavirus-induced slump in demand is mitigated by the “rising likelihood of widely available vaccines” next spring. Analysts at the bank forecast international benchmark Brent will rally to $65 per barrel from $45 per barrel by the third quarter of 2021… Read More
Brent hits five-month high
(Reuters) – 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. Brent crude futures for November LCOc1 advanced to $46.50 a barrel by 0853… Read More
Brent outlook for 2020 stands at $42.35 as Guyana expected to lift 2 million more barrels
New oil producer Guyana is expected to lift 2 million barrels more of Liza crude this year, representing the country’s share of 5 million barrels; 3 million of which have already been exported. Oil production got underway in the South American country in December 2019, the eve of a year when the world was rocked… Read More