Energy Market Report – Oil

  • Market Comments January

    Wednesday 2nd January 2019 - Oil markets fell by around 1 percent in 2019’s first trading on Wednesday, pulled down by surging U.S output and concerns about an economic slowdown in 2019 as factory activity in China, the world’s biggest oil importer, contracted. International Brent crude futures LCOcl were at $53.19 per barrel at 0544 GMT, down 61 cents, or 1.1 percent, from their final close of 2018. West Texas Intermediate (WTI) futures CLcl were at $44.95 per barrel, down 47 cents, or 1 percent.

    Thursday 3rd January 2019 - Oil prices dropped by 1 to 2 percent on Thursday among volatile currency and stock markets, and on concerns that an economic slowdown in 2019 will cut into fuel demand just as crude supplies are surging. U.S West Texas Intermediate (WTI) crude oil futures CLcl dropped by 1.8 percent, or 82 cents, from their last settlement to $45.72 by 0739 GMT. International Brent crude futures LCOcl were down 1 percent, or 53 cents, at $54.38 a barrel.

    Friday 4th January 2019 - Friday’s oil prices were on the rise by more than 1 percent, shaking off earlier losses, after China said it would hold talks with the U.S government on Jan. Brent crude futures LCOc1 were at $56.60 per barrel at 0741 GMT, up 65 cents, or 1.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were at $47.61 per barrel, up 52 cents, or 1.1 percent.

    Monday 7th January 2019 - Oil prices were on the rise by more than 1.5 percent on Monday on hopes that talks in Beijing can resolve a trade war between the United States and China, while supply cuts by major producers also supported crude. Brent crude futures LCOcl were at $58.04 per barrel at 0751 GMT, up 98 cents, or 1.7 percent, from their last close. U.S West Texas Intermediate (WTI) crude oil futures CLcl were at $48.85 per barrel, up 89 cents, or 1.9 percent.

    Tuesday 8th January 2019 - Oil prices were steady on Tuesday, maintained by hopes that talks in Beijing between U.S. and Chinese officials might defuse trade disputes between the world’s biggest economies, while OPEC-led supply cuts also tightened markets. International Brent crude futures LCOc1 were at $57.42 per barrel at 0742 GMT, up 9 cents, or 0.2 percent from their last close. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were at $48.56 per barrel, up 4 cents, or 0.1 percent.

    Wednesday 9th January 2019 - Oil prices were on the rise by around 1 percent on Wednesday, extending increases from the previous session on hopes that Washington and Beijing may soon resolve trade disputes that have cast a dark shadow over the global economy. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were at $50.42 per barrel at 0752 GMT, up 64 cents, or 1.3 percent, from their last settlement. International Brent crude futures LCOc1 were up 69 cents, or 1.2 percent, at $59.41 per barrel.

    Thursday 10th January 2019 - Oil prices dropped by about 1 percent on Thursday on swelling U.S. supply and among a cautious reaction to trade talks between the United States and China, the world’s two largest oil consumers, that finished without concrete details to ending their dispute. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were at $51.80 per barrel at 0432 GMT, down 56 cents, or 1.1 percent, from their last settlement. International Brent crude futures LCOc1 were down 0.9 percent, or 57 cents, at $60.87 per barrel.

    Friday 11th January 2019 - Oil prices were on track for weekly increases on Friday, despite this, markets were held in check by expectations of an economic slowdown in 2019. International Brent crude futures LCOc1 were at $61.62 per barrel at 0749 GMT, down 6 cents, or 0.1 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were 4 cents above their last settlement, at $52.63 per barrel.

    Monday 14th January 2019 - Oil prices dropped by 1 percent on Monday, with Brent crude sliding below $60 per barrel, after Chinese data showed weakening imports and exports in the world’s biggest trading nation and second-largest crude oil consumer. International Brent crude oil futures LCOc1 were at $59.88 per barrel at 0816 GMT, down 60 cents, or 1 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 59 cents, or 1.1 percent, at $51 a barrel.

    Tuesday 15th January 2019 - Oil prices were on the rise by around 1 percent on Tuesday among supply cuts led by producer club OPEC and Russia, although a darkening economic outlook may soon weigh on growth in fuel demand. International Brent crude oil futures LCOc1 were at $59.62 per barrel at 0740 GMT, up 63 cents, or 1.1 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $51.14 per barrel, up 63 cents, or 1.3 percent.

    Wednesday 16th January 2019 - Oil prices were firm on Wednesday after rising about 3 percent in the previous session as expectations that OPEC-led supply cuts will tighten markets despite signs of a global economic slowdown. Brent crude oil futures LCOc1 were at $60.83 per barrel at 0748 GMT, 19 cents, or 0.3 percent above their last close. West Texas Intermediate (WTI) crude futures CLc1 were up 10 cents, or 0.2 percent, at $52.21 a barrel.

    Thursday 17th January 2019 - Oil prices dropped on Thursday as U.S. crude production neared an unprecedented 12 million barrels per day (bpd) just as worries about weakening demand emerge. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $51.92 per barrel at 0752 GMT, down 39 cents, or 0.8 percent, from their last settlement. International Brent crude oil futures LCOc1 were down 37 cents, or 0.6 percent, at $60.95 per barrel.

    Friday 18th January 2019 - Oil prices were on the rise on Friday after a report from the Organization of the Petroleum Exporting Countries (OPEC) showed its production fell sharply last month. International Brent crude oil futures LCOc1 were up 62 cents, or 1.01 percent, at $61.80 per barrel at 0753 GMT. Brent has risen about 2 percent this week, its third straight week of gains. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $52.65 per barrel, up 58 cents, or 1.11 percent, from their last settlement.

    Monday 21st January 2019 - Oil prices were on the rise to their highest so far in 2019 on Monday after data showed refinery processing in China, the world’s second-largest oil consumer, climbed to a record last year despite a slowing economy. International Brent crude oil futures LCOc1 were at $62.75 per barrel at 0747 GMT, up 5 cents, or 0.1 percent, from their last close. Brent earlier rose above $63 for the first time in 2019. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $53.87 a barrel, up 7 cents, or 0.1 percent.

    Tuesday 22nd January 2019 - Oil prices dropped on Tuesday on signs that an economic slowdown in China, the world’s second-largest economy and oil consumer, was spreading, strengthening concerns over future fuel demand. International Brent oil futures LCOc1 were at $62.26 per barrel at 0736 GMT, down 48 cents, or 0.8 percent, from their previous close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $53.43 per barrel, down 0.7 percent, or 37 cents.

    Wednesday 23rd January 2019 - Oil prices moved up on Wednesday after China and Japan said they would use economic spending to stem an financial slowdown that is weighing on global markets. International Brent crude oil futures LCOc1 were at $61.79 per barrel at 0743 GMT, up 29 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $53.22 per barrel, up 21 cents, or 0.4 percent.

    Thursday 24th January 2019 - Oil prices weakened on Thursday on lingering concerns that slowing global economic growth may limit fuel demand and after a surprise build in U.S. crude inventories. International Brent crude oil futures LCOc1 were at $60.90 a barrel at 0745 GMT, down 24 cents, or 0.4 percent, from their last settlement. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $52.44 per barrel, 18 cents lower from their last close.

    Friday 25th January 2019 - Oil prices were on the rise on Friday as disorder in Venezuela triggered concerns that its crude exports could soon be disrupted. Brent crude oil futures were at $61.62 a barrel at 0755 GMT, 53 cents, or 0.9 percent, above their last close. At one point earlier on Friday, the international benchmark crude rose as high as $61.92 a barrel. Brent, however, has shed about 1.8 percent this week and was on track to post its first week of losses in four weeks. U.S. West Texas Intermediate (WTI) crude futures were at $53.70 per barrel, up 57 cents, or 1.1 percent.

    Monday 28th January 2019 - Oil prices dropped 1 percent on Monday after U.S. companies added rigs for the first time this year, a signal that crude output may rise further. International Brent crude oil futures were at $60.74 a barrel at 0804 GMT, down 90 cents, or 1.46 percent. U.S. crude oil futures were at $52.84 per barrel, down 85 cents, or 1.58 percent, from their last settlement.

    Tuesday 29th January 2019 - Oil prices were on the rise on Tuesday after Washington imposed sanctions on Venezuelan state-owned oil firm PDVSA a step that may curb the OPEC member’s crude exports to the United States. U.S. West Texas Intermediate (WTI) crude futures were at $52.29 per barrel at 0747 GMT, up 20 cents, or 0.4 percent, from their last settlement. International Brent crude oil futures were at $60.11 per barrel, up 18 cents, or 0.3 percent.

    Wednesday 30th January 2019 - Oil prices remained steady on Wednesday, supported by concerns about supply disruptions following U.S. sanctions on Venezuela’s oil industry but pegged back by a darkening outlook for the global economy. U.S. West Texas Intermediate (WTI) crude futures were at $53.30 per barrel at 0748 GMT, virtually unchanged from their last settlement. International Brent crude oil futures were also flat, at $61.32 per barrel.

    Thursday 31st January 2019 - Oil prices were on the rise for a third straight day on Thursday on tighter supply after U.S. sanctions on Venezuelan exports and lower-than-expected U.S. fuel stocks, extending a surge this month as an OPEC+ production cut pact took effect. Still, concerns over the outcome of U.S.-China trade talks, which have resumed in Washington, have jangled investors’ nerves. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 3 cents or 0.06 percent at $54.26 per barrel at 1215 GMT. Brent crude oil futures LCOc1 were up 22 cents or 0.36 at $61.87 per barrel. The March contract expires on Thursday.

  • Market Commentary February

    Friday 1st February 2019 - Oil prices moved up on Friday among hopes the United States and China could soon settle their trade disputes, although data from China stoked concerns over an economic slowdown that could dent demand for fuel. International Brent crude oil futures were at $61.06 per barrel at 0755 GMT, 22 cents, or 0.4 percent, above their last close. U.S. West Texas Intermediate (WTI) futures were at $53.86 per barrel, up 7 cents from their last settlement.

    Monday 4th February 2019 - Oil prices were on the rise hitting their highest so far this year on Monday as OPEC-led supply cuts and U.S. sanctions against Venezuela’s petroleum industry tightened markets. International Brent crude oil futures climbed to a 2019 high of $63.37 per barrel around 0800 GMT after already rising by 3 percent the previous session. U.S. West Texas Intermediate (WTI) futures hit a 2019 high of $55.68 per barrel around the same after already gaining 2.73 percent in the last session.

    Tuesday 5th February 2019 - Oil prices were rising on Tuesday as investors expect U.S. sanctions on Venezuela and production cuts led by OPEC and its allies to head off any glut, but data showing a decline in U.S. factory orders weighed on the market. The supply optimism helped U.S. West Texas Intermediate (WTI) and Brent crude reach 2019 highs on Monday. WTI futures were up 46 cents, or 0.84 percent, at $55.02 per barrel by 0940 GMT. They touched their highest level in more than two months at $55.75 the previous day. International Brent crude futures were up 33 cents, or 0.53 percent, at $62.84 a barrel, down from a high of $63.63.

    Wednesday 6th February 2019 - Oil prices moved up for the first time in three sessions on Wednesday, although concerns over the outlook for the global economy capped increases. U.S. West Texas Intermediate (WTI) crude futures were at $53.74 per barrel at 0153 GMT, up 8 cents from their last settlement. They closed down 1.7 percent on Tuesday. International Brent crude oil futures were at $62.05 per barrel, up 7 cents, after closing down 0.8 percent in the previous session.

    Thursday 7th February 2019 - Oil prices dropped on Thursday after U.S. crude inventories rose and the country’s production held at record levels, but OPEC-led supply cuts and Washington’s sanctions against Venezuela supported markets. U.S. West Texas Intermediate (WTI) crude futures were at $53.66 per barrel at 0744 GMT, down 35 cents, or 0.7 percent, from their last settlement. International Brent crude oil futures fell 39 cents, or 0.6 percent, to $62.30 per barrel.

    Friday 8th February 2019 - Oil markets dropped on Friday, pulled down by worries over a global economic slowdown, although OPEC-led supply cuts and U.S. sanctions against Venezuela provided crude with some support. U.S. West Texas Intermediate (WTI) crude futures stood at $52.17 per barrel by 0755 GMT, down 47 cents, or 0.9 percent, from their last settlement. International Brent crude oil futures were down by 48 cents, or 0.8 percent, at $61.15 per barrel.

    Monday 11th February 2019 - Oil prices dropped on Monday as activity in the United States picked up and a refinery fire in the U.S. state of Illinois resulted in the shutdown of a large crude distillation unit. Concerns about faltering economic growth curbing fuel demand also weighed on oil markets, traders said. U.S. West Texas Intermediate (WTI) crude futures were at $52.17 per barrel at 0750 GMT, down 55 cents, or 1 percent, from their last settlement. International Brent crude oil futures were down 27 cents, or 0.4 percent, at $61.83 a barrel.

    Tuesday 12th February 2019 - Oil prices were on the rise on Tuesday among OPEC-led supply cuts and U.S. sanctions against Iran and Venezuela, although analysts expect surging U.S. output and concerns over economic growth to keep markets in check. U.S. West Texas Intermediate (WTI) crude oil futures were at $52.69 per barrel at 0751 GMT, up 28 cents, or 0.5 percent, from their last close. International Brent crude futures were up 38 cents, or 0.6 percent, at $61.89 per barrel.

    Wednesday 13th February 2019 - Oil prices were on the rise on Wednesday as producer club OPEC said it had cut supply deeply in January and as U.S. sanctions hit Venezuela’s oil exports. U.S. West Texas Intermediate (WTI) crude oil futures were at $53.52 per barrel at 0752 GMT, up 42 cents, or 0.8 percent, from their last close. International Brent crude futures were up 0.8 percent, or 52 cents, at $62.94 per barrel.

    Thursday 14th February 2019 - Oil prices were on the rise by around 1 percent on Thursday, with Brent crude futures hitting a 2019-high, buoyed by hopes that the Sino-U.S. tariff dispute could end soon and as China’s trade figures including crude imports beat forecasts. International Brent crude oil futures were at $64.35 per barrel at 0754 GMT, up 74 cents, or 1.1 percent, from their last close. Brent hit a 2019-high of $64.43 per barrel earlier in the session. U.S. West Texas Intermediate (WTI) crude futures were at $54.46 per barrel, up 57 cents, or 1.1 percent, from their last settlement.

    Friday 15th February 2019 - Brent crude oil prices dropped from 2019 highs above $65 per barrel reached earlier on Friday, as economic concerns countered OPEC-led supply cuts and a partial shutdown of Saudi Arabia’s biggest offshore oil field. Brent rose as far as $65.10, pushing past the $65 mark for the first time this year, before falling back to $64.69 by 0751 GMT. That was still 0.2 percent above the last close. The international benchmark for oil prices is near a 3-month high and set for a 4 percent gain for the week. U.S. West Texas Intermediate (WTI) crude futures were at $54.45 per barrel, up 4 cents from their last settlement.

    Monday 18th February 2019 - Oil prices on Monday were at their highest levels since November last year, lifted by OPEC-led supply cuts, U.S. sanctions on Iran and Venezuela, and hopes that the Sino-U.S. trade dispute may soon end. International Brent crude futures were at $66.66 per barrel at 0746 GMT, up 41 cents, or 0.6 percent, from their last close. Brent earlier climbed to its highest since November 2018 at $66.78 a barrel. U.S. West Texas Intermediate (WTI) crude oil futures were at $56.07 per barrel, up 48 cents, or 0.9 percent, from their close. WTI prices also rose to their highest since November, at $56.13 per barrel, earlier on Monday.

    Tuesday 19th February 2019 - Oil prices drifted just below 2019 highs on Tuesday as traders waited for the outcome of U.S.-China trade talks this week, while supply cuts led by producer group OPEC meant markets were relatively tight. International Brent crude oil futures were at $66.52 per barrel at 0755 GMT, 5 cents above their last close and not far off the 2019 high of $66.83 a barrel hit in the previous session. U.S. West Texas Intermediate (WTI) crude futures were at $56.03 per barrel, up 44 cents, or 0.8 percent, from their last settlement and close to the 2019 high of $56.33 touched the previous day.

    Wednesday 20th February 2019 - Oil eased on Wednesday in light of the prospect of a continued boom in U.S. shale oil output, although with OPEC determined to limit its own production to prevent a global surplus of unused fuel, the price held just shy of 2019 highs. Brent futures were at $66.14 a barrel, down 31 cents on the day by 1049 GMT, still within sight of Monday’s high for the year of $66.83. U.S. futures were at $55.88 a barrel, down 21 cents, having touched a 2019 peak of $56.39 earlier.

    Thursday 21st February 2019 - Oil prices soared close to 2019 highs on Thursday, boosted by OPEC-led supply cuts and U.S. sanctions on Venezuela and Iran, but were prevented from rising further by slowing growth in the global economy. U.S. West Texas Intermediate (WTI) crude oil futures were at $57.39 per barrel at 0742 GMT, 23 cents, or 0.4 percent, above their last settlement, and close to their 2019 high of $57.55 reached the previous day. International Brent crude futures were at $67.20 per barrel, 12 cents, or 0.2 percent above their last close and not far off their 2019 peak, hit the day before, of $67.38 per barrel.

    Friday 22nd February 2019 - Oil prices were stable on Friday, supported by OPEC’s ongoing supply cuts and hopes that Washington and Beijing may soon end their trade dispute. In spite of this, prices remained just below 2019 peaks reached earlier this week as U.S. crude oil production hit a record 12 million barrels per day (bpd) and its exports also surged. International Brent crude futures were at $67.18 per barrel at 0746 GMT, 11 cents above their last close, but below $67.38 per barrel reached earlier this week. U.S. West Texas Intermediate (WTI) crude oil futures were at $57.15 per barrel, up 19 cents, but below this week’s $57.55 per barrel 2019 high.

    Monday 25th February 2019 - Oil prices dropped on Monday, dragged down by plentiful supply as U.S. exports soar and compete with traditional producers from the Middle East in key markets such as Asia. International Brent crude oil futures were at $66.94 a barrel at 0747 GMT, down 18 cents, or 0.3 percent, from their last close. They ended Friday little changed after touching their highest since Nov. 16 at $67.73 a barrel. U.S. West Texas Intermediate (WTI) crude futures were at $57.15 per barrel, down 11 cents, or 0.2 percent, from their last settlement. WTI futures climbed 0.5 percent on Friday, having marked their highest since Nov. 16 at $57.81 a barrel.

    Tuesday 26th February 2019 - Oil dropped on Tuesday to extend losses of more than 3 percent from the previous session, easing after U.S. President Donald Trump called on OPEC to rein in its efforts to boost prices. International Brent futures were at $64.70 a barrel at 0728 GMT, down 6 cents, or 0.1 percent, from their last close. Brent, which plunged 3.5 percent on Monday, touched its lowest since Feb. 14 on Tuesday at $64.32 a barrel. U.S. West Texas Intermediate (WTI) crude futures were at $55.26 per barrel, down 22 cents, or 0.4 percent.

    Wednesday 27th February 2019 - Oil prices were on the rise on Wednesday after a report of declining U.S. crude inventories and as producer club OPEC seemed to stick to its supply cuts despite pressure from U.S. President Donald Trump. U.S. West Texas Intermediate (WTI) crude oil futures were at $55.89 per barrel at 0755 GMT, up 39 cents, or 0.7 percent, from their last settlement. International Brent crude futures were at $65.48 per barrel, up 27 cents, or 0.4 percent from their last close.

    Thursday 28th February 2019 - Oil prices dropped on Thursday among weakening factory output in China and Japan and record U.S. crude output, although markets remained relatively well supported by supply cuts led by producer club OPEC. International Brent crude futures were at $66.04 per barrel at 0747 GMT, down 35 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude oil futures were at $56.78 per barrel, down 16 cents, or 0.3 percent, from their last settlement.

  • Market Comments March

    Friday 1st March 2019 - Oil prices ascended on Friday as markets tightened among output cuts by producer club OPEC, but surging U.S. supply and concerns of global economic slowdown kept a lid on further increases. International Brent crude futures were at $66.85 per barrel at 0750 GMT, up 54 cents, or 0.81 percent, from their last settlement. U.S. West Texas Intermediate (WTI) crude oil futures were at $57.66 per barrel, up 44 cents, or 0.77 percent.

    Monday 4th March 2019 - Oil prices were on the rise on Monday, sustained by output cuts by producer club OPEC and reports that the United States and China are close to a deal to end a bitter tariff row that has slowed global economic growth. International Brent futures were at $65.25 a barrel at 0713 GMT, up 18 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $55.94 per barrel, up 14 cents, or 0.3 percent.

    Tuesday 5th March 2019 - Oil prices dropped on Tuesday as China cut its 2019 economic growth target, dimming the outlook for fuel demand, although OPEC-led efforts to cut output still offered some support. U.S. West Texas Intermediate (WTI) crude oil futures were at $56.31 per barrel at 0740 GMT, down 28 cents, or 0.5 percent, from their last settlement. Brent crude futures were at $65.37 per barrel, down 30 cents, or 0.5 percent.

    Wednesday 6th March 2019 - Oil prices fell this morning due to bullish output forecasts by two big U.S. producers and a build in weekly U.S. crude stockpiles outweighed OPEC-led production cuts. International Brent crude futures were at $65.47 per barrel at 0745 GMT, down 39 cents, or 0.6 percent, from their last settlement. Brent had dropped to as low as $65.22 earlier in the session on Wednesday.

    Thursday 7th March 2019 - Oil prices moved up on Thursday among ongoing OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran, but increases were capped by record U.S. crude output and rising commercial fuel inventories. Brent crude futures were at $66.12 per barrel at 0757 GMT, up 13 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude oil futures were at $56.24 per barrel, up 2 cents.

    Friday 8th March 2019 - Oil prices fell by more than one percent on Friday as clouds gathered over the global economy after the European Central Bank (ECB) cautioned of continued weakness and fresh data showed Chinese exports and imports slumped last month. With surging U.S. supply also unsettling markets, international benchmark Brent crude futures were at $65.42 per barrel at 0803 GMT, down 88 cents, or 1.3 percent from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $56.03 per barrel, down 63 cents, or 1.1 percent.

    Monday 11th March 2019 - Oil prices were on the rise on Monday, lifted by comments from Saudi oil minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June and a report showing a drop in U.S. drilling activity. U.S. West Texas Intermediate (WTI) crude oil futures were at $56.36 per barrel at 0738 GMT GMT, up 30 cents, or 0.5 percent from their last close. Brent crude futures were at $65.02 per barrel, up 28 cents, or 0.4 percent.

    Tuesday 12th March 2019 - Oil prices were on the rise on Tuesday, as OPEC’s de facto leader Saudi Arabia appeared to deepen the group’s supply cuts aimed at tightening markets, although increases were capped by the ongoing surge in U.S. supply and worries over the global economy. U.S. West Texas Intermediate (WTI) crude oil futures were at $57.08 per barrel at 0746 GMT, up 29 cents, or 0.5 percent, from their last settlement. Brent crude futures were at $66.82 per barrel, up 24 cents, or 0.4 percent.

    Wednesday 13th March 2019 - Another day, another humiliating defeat for Theresa May's government on Brexit. Today, parliament turns to a vote on what is often described as "taking no-deal off the table". But it is not quite as simple as that. The motion due for debate is merely about excluding a no-deal exit on March 29 but still notes that a no-deal Brexit remains the default position unless a deal is ultimately reached. Oil prices were on the rise on Wednesday, pushed up by ongoing supply cuts from producer group OPEC and by U.S. sanctions against Iran and Venezuela. International Brent crude oil futures were at $66.95 a barrel at 0751 GMT, up 28 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $57.23 per barrel, up 36 cents, or 0.6 percent, from their last settlement.

    Thursday 14th March 2019 - OPEC on Thursday cut the forecast of global demand for its oil this year as rivals boost production. Continued supply reductions would further support oil prices, which are up about 25 percent this year at $68 a barrel, and incur the wrath of U.S. President Donald Trump, who has demanded OPEC ease its efforts to bolster the market.

    Friday 15th March 2019 - Oil prices moved up on Friday, with U.S. crude climbing to its highest so far this year as production cuts led by OPEC and U.S. sanctions against Venezuela and Iran likely created a slight deficit in global supply in the first quarter. U.S. West Texas Intermediate (WTI) crude oil futures were up 15 cents at $58.76 per barrel at 0745 GMT, their strongest so far in 2019. Brent crude oil futures were at $67.43 per barrel, up 20 cents, or 0.3 percent, from their last settlement, and within a dollar of their $68.14 2019-high reached the previous day.

    Monday 18th March 2019 - Oil prices were varied on Monday, weighed by concerns that an economic downturn may dent fuel consumption, but supported by supply cuts led by producer group OPEC and U.S. sanctions against Iran and Venezuela. Brent crude oil futures were at $67.24 per barrel at 0737 GMT, up 8 cents from their last close, and not far off the $68.14 per barrel 2019-high reached last week. U.S. West Texas Intermediate (WTI) futures were at $58.43 per barrel, down 9 cents from their last settlement, but also still close to last week’s 2019-high of $58.95.

    Tuesday 19th March 2019 - Tuesday’s oil prices were near 2019 highs, supported by supply cuts led by producer club OPEC. U.S. sanctions against oil producers Iran and Venezuela are also boosting prices, although traders said the market may be capped by rising U.S. output. U.S. West Texas Intermediate (WTI) futures were at $59.14 per barrel at 0746 GMT, up 5 cents from their last settlement and close to the 2019 high of $59.23 reached the previous day. Brent crude oil futures were up 20 cents at $67.74 per barrel, also close to this year’s peak of $68.14 marked late last week.

    Wednesday 20th March 2019 - Oil prices dropped on Wednesday, dragged down by concerns about global economic growth as the U.S.-China trade dispute rumbled on, but receiving some support from tightened supply. International Brent crude oil futures were at $67.34 a barrel at 1040 GMT, down 27 cents, or 0.4 percent. U.S. West Texas Intermediate (WTI) crude futures were at $58.51 per barrel, down 52 cents, or 0.88 percent.

    Thursday 21st March 2019 - Oil improved from 2019 highs reached earlier in Thursday’s session, but markets remain relatively tight amid supply cuts led by producer club OPEC and U.S. government sanctions on Iran and Venezuela. U.S. West Texas Intermediate (WTI) crude futures were at $60.11 per barrel at 0756 GMT on Thursday, down 12 cents, or 0.2 percent, from their last settlement. WTI reached its highest level since Nov. 12 earlier in the day, at $60.33 per barrel. International Brent crude oil futures were at $68.54 a barrel, close to their last settlement after hitting $68.69 a barrel earlier in the session, the highest since Nov. 13.

    Friday 22nd March 2019 - Oil drifted slightly below 2019 peaks on Friday, propped up by ongoing supply cuts led by producer club OPEC and by U.S. sanctions on Iran and Venezuela. Brent crude oil futures were at $67.92 per barrel at 0643 GMT, 6 cents above their last close. Brent hit a four-month high of $68.69 per barrel on Thursday. U.S. West Texas Intermediate (WTI) futures were at $60.04 per barrel, up 5 cents from their last settlement. WTI marked a 2019 peak in the previous session at $60.39.

    Monday 25th March 2019 - Monday’s oil prices slipped, with concerns of a sharp economic slowdown outweighing supply disruptions from OPEC’s production cutbacks and from U.S. sanctions on Iran and Venezuela. Brent crude oil futures were at $66.73 per barrel at 0752 GMT, down 30 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) futures were at $58.69 per barrel, down 35 cents, or 0.6 percent, from their previous settlement.

    Tuesday 26th March 2019 - Oil prices ascended on Tuesday, pushed up by supply cuts led by producer club OPEC and U.S. sanctions against Iran and Venezuela, although concerns about a potential recession kept markets from rising further. Brent crude oil futures were at $67.48 per barrel at 0747 GMT, up 27 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) futures were at $59.35 per barrel, up 53 cents, or 0.9 percent, from their last settlement.

    Wednesday 27th March 2019 - Oil prices were varied on Wednesday, with Brent extending the previous session’s rise, but increases were kept in check amid growing fears over the impact of a global economic slowdown on demand. Brent added 16 cents, or 0.2 percent, to $68.13 by 0706 GMT, reversing earlier losses, and was not far off its year-to-date high of $68.69 reached last week. U.S. crude futures were down 3 cents at $59.91 after spending much of the session in positive territory. The U.S. benchmark rose 1.9 percent in the previous session.

    Thursday 28th March 2019 - International Brent crude oil futures were at $67.55 a barrel at 0929 GMT, down 28 cents from their last close. Oil prices were down on Thursday, extending losses into a second consecutive session following a surprise rise in U.S. crude inventories. Demand concerns on the back of economic jitters linked to the U.S.-Chinese trade war have also capped prices.

    Friday 29th March 2019 - Oil prices were on the rise on Friday among the ongoing OPEC-led supply cuts and U.S. sanctions against Iran and Venezuela, putting crude markets on track for their biggest quarterly rise since 2009. U.S. West Texas Intermediate (WTI) futures were at $59.34 per barrel at 0802 GMT, up 36 cents, or 0.6 percent, from their last settlement. WTI futures were set to rise for a fourth straight week and were on track to rise 30 percent in the first three months of the year. Brent crude oil futures were up 24 cents, or 0.4 percent, at $68.06 per barrel. Brent futures were set to rise more than 1.5 percent for the week and by more than 25 percent in the first quarter.

  • Market Comments April

    Monday 1st April 2019 - Oil prices were on the rise on Monday, adding to increases in the first quarter when the major benchmarks posted their biggest increases in nearly a decade, as concerns about supplies outweigh fears of a slowing global economy. Brent crude for June delivery was up by 64 cents, or 1 percent, at $68.22 a barrel by 0606 GMT, having risen 27 percent in the first quarter. U.S. West Texas Intermediate (WTI) futures rose 43 cents, or 0.7 percent, to $60.57 barrel, after posting a rise of 32 percent in the January-March period.

    Tuesday 2nd April 2019 - Oil prices ascended to nearly five-month highs on Tuesday, supported by firm Chinese economic data that eased demand concerns. Brent crude rose 15 cents, or 0.2 percent, to $69.16 a barrel by 0636 GMT, having earlier touched $69.50, the highest since mid-November. U.S. West Texas Intermediate (WTI) futures rose 14 cents, or 0.2 percent, to $61.73 a barrel, after earlier rising above $62 for the first time since early November.

    Wednesday 3rd April 2019 - Oil prices were on the rise for a fourth day on Wednesday, pushing Brent towards $70 a barrel as support from OPEC-led supply cuts and U.S. sanctions overshadowed a report showing an unexpected rise in U.S. inventories. Brent futures rose 36 cents, or 0.5 percent, to $69.73 a barrel by 0554 GMT, after earlier reaching $69.87, the highest since Nov. 12, the last time they traded above $70. U.S. West Texas Intermediate crude rose 26 cents, or 0.4 percent, to $62.84 cents a barrel, earlier rising to $62.90, the highest since Nov. 7.

    Thursday 4th April 2019 - Oil prices dropped for a second day on Thursday, with Brent edging down further from the $70 mark after weekly U.S. oil data showed a surprise build in crude inventories and record production. Brent futures were down 3 cents at $69.28 a barrel by 0603 GMT. Brent fell 6 cents on Wednesday, after touching $69.96, highest since Nov. 12, when it last traded above $70. U.S. West Texas Intermediate (WTI) crude fell 8 cents, or 0.1 percent, to $62.38 a barrel. The contract dropped 12 cents in the previous session after briefly hitting $62.99, also the highest since November.

    Friday 5th April 2019 - Oil prices dropped on Friday, with Brent slipping away from the $70 mark reached the previous day. International benchmark Brent futures dropped 15 cents, or 0.2 percent, to $69.25 a barrel by 0455 GMT, having touched $70.03 in the previous session, the highest since Nov. 12. U.S. West Texas Intermediate (WTI) crude was down 1 cent at $62.09. The contract dropped 36 cents in the previous session, having hit $62.99 on Wednesday, its highest since Nov 7.

    Monday 8th April 2019 - Oil prices rose to their highest levels since November 2018, driven upwards by OPECs ongoing supply cuts, US sanctions against Iran, fighting in Libya as well as strong US jobs data. Brent futures were at $30.62 per barrel at 07:16GMT this morning, up 28 cents from their last close

    Tuesday 9th April 2019 - Oil prices are near 5-month highs today as markets continued to tighten amid OPEC-led supply cuts, U.S. sanctions against Iran and Venezuela, and escalating violence in Libya. Oil markets have tightened this year as the United States imposed sanctions on oil exporters Iran and Venezuela while the producer club of the Organization of the Petroleum Exporting Countries (OPEC) has been withholding supply to prop up prices. International benchmark Brent futures hit their strongest level since last November at $71.34 per barrel, before easing to $70.99 per barrel by 0700 GMT.

    Wednesday 10th April 2019 - Oil prices inched up amid supply cuts by producer group OPEC and U.S. sanctions on oil exporters Iran and Venezuela, but pressured by expectations that an economic slowdown could soon dent fuel consumption. International benchmark Brent futures were at $70.76 per barrel at 0652 GMT, up 15 cents, or 0.2 percent, from their last close.

    Thursday 11th April 2019 - Oil prices were pulled down on Thursday by surging U.S. crude stockpiles and record production, while economic concerns cast doubt over growth in demand for fuel. International benchmark Brent futures were at $71.52 per barrel at 0642 GMT, down 21 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude oil futures were at $64.34 per barrel, down 27 cents, or 0.4 percent, from their previous settlement.

    Friday 12th April 2019 - Oil prices moved up on Friday, lifted by ongoing supply cuts led by producer club OPEC and by U.S. sanctions on petroleum exporters Iran and Venezuela. Despite strong price increases this year, there are concerns that an economic slowdown could soon dent fuel consumption. International Brent crude oil futures were at $71.03 per barrel at 0653 GMT, up 20 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $63.82 per barrel, up 24 cents, or 0.4 percent, from their previous settlement.

    Monday 15th April 2019 - Oil prices bumped lower on Monday after international benchmark Brent hit a fresh five-month high in the previous session, with investors eyeing mixed signals on global supply. Brent crude oil futures were at $71.44 a barrel at 0629 GMT, down 11 cents, or 0.2 percent, from their last close, having hit their highest since Nov. 12 on Friday at $71.87. U.S. West Texas Intermediate (WTI) crude futures were at $63.63 per barrel, down 26 cents, or 0.4 percent, from their last settlement.

    Tuesday 16th April 2019 - Oil prices moved down on Tuesday after a Russian minister said the nation and OPEC may boost crude output to fight the United States for market share, checking a recent rally driven by tighter global production. Brent crude oil futures were at $71 a barrel at 0431 GMT, down 18 cents, or 0.25 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $63.32 per barrel, down 8 cents, or 0.13 percent, from their previous settlement. WTI fell 0.8 percent on Monday.

    Wednesday 17th April 2019 - Oil prices were on the rise for a second day on Wednesday on signs of strong demand from refineries in China, the world’s second-largest crude user, amid tightening supply as producers curtail output and as oil inventories in the United States fell unexpectedly. International benchmark Brent crude oil futures rose 27 cents, or 0.4 percent, to $71.99 a barrel by 0513 GMT. Brent gained as much 0.5 percent to 72.08 a barrel, the highest since Nov. 8 and the highest this year. U.S. West Texas Intermediate (WTI) crude futures were at $64.48 per barrel, up 43 cents, or 0.7 percent from their previous settlement.

    Thursday 18th April 2019 - Oil markets dropped on Thursday despite a surprise decline in U.S. inventories, but the price drops were tempered by a smaller-than-expected reduction in gasoline stocks and ongoing OPEC-led supply cuts. Brent crude futures were at $71.43 a barrel at 0700 GMT, down 19 cents, or 0.3 percent, from their last close and further away from Wednesday’s five-month high of $72.27 a barrel. U.S. West Texas Intermediate (WTI) crude futures were at $63.62 per barrel, down 14 cents, or 0.2 percent.

    Tuesday 23rd April 2019 - World oil prices jumped to near 6-month highs today as the United States tightened sanctions on Iran, sending shares of energy companies higher and boosting currencies of several major crude producers. Brent crude oil futures rose 0.7 percent to $74.57 per barrel by 0630 GMT, their highest since November, after Washington said it was ending all sanctions waivers for countries buying Iranian oil.

    Wednesday 24th April 2019 - Oil prices dropped on Wednesday among signs that global markets remain adequately supplied, despite a jump to 2019 highs this week on Washington’s push for tighter sanctions against Iran. Brent crude futures were at $74.17 per barrel at 0637 GMT, down 34 cents, or 0.5 percent, from their last close. U.S West Texas Intermediate (WTI) crude futures were at $65.96 per barrel, down 34 cents, or 0.5 percent, from their previous settlement.

    Thursday 25th April 2019 - Brent crude oil on Thursday was on the rise above $75 per barrel for the first time in 2019 in the wake of tightening sanctions on Iran, while gains in U.S. prices were crimped by a surge in U.S. supply. Brent crude futures rose to a 2019 high of $75.01 per barrel on Thursday and were at $74.90 per barrel at 0705 GMT, up 33 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $65.94 per barrel, up 5 cents from their previous settlement.

    Friday 26th April 2019 - Oil prices dropped on Friday on expectations that producer club OPEC will soon raise output to make up for a decline in exports from Iran following a hardening of sanctions on Tehran by the United States. Still, prices are on course for the longest run of weekly increases in years, as oil markets have tightened amid supply disruptions and rising geopolitical concerns, especially over the tensions between the United States and Iran. Brent crude futures were at $74.16 per barrel at 0647 GMT, down 19 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $64.91 per barrel, down 30 cents, or 0.5 percent.

    Monday 29th April 2019 - Oil prices dropped on Monday, extending a slump from Friday that ended weeks of rallying, after President Donald Trump demanded that producer club OPEC raise output to soften the impact of U.S. sanctions against Iran. Brent crude futures were at $71.66 per barrel at 0648 GMT, down 49 cents, or 0.7 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $62.87 per barrel, down 43 cents, or 0.7 percent, from their previous settlement.

    Tuesday 30th April 2019 - Tuesday’s oil prices reversed earlier losses after Saudi Arabia said a deal between producers to withhold output that has been in place since January could be extended beyond June to cover all of 2019. Brent crude futures were at $72.25 per barrel at 0701 GMT, up 21 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $63.67 per barrel, up 17 cents, or 0.3 percent, from their previous settlement.

  • Market Comments May

    Wednesday 1st May 2019 - Oil prices dropped on Wednesday after a report showed a rise in U.S. crude inventories, but global markets remained tense amid an intensifying political crisis in Venezuela, tightening U.S. sanctions on Iran, and ongoing OPEC supply cuts. Brent crude oil futures were at $71.52 per barrel at 0652 GMT, down 54 cents, or 0.8 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 66 cents, or 1 percent, at $63.25 per barrel.

    Thursday 2nd May 2019 - Oil prices dropped on Thursday, pulled down by record U.S. crude production that led to a surge in stockpiles. Spot Brent crude oil futures were at $71.81 per barrel at 0655 GMT, 35 cents, or 0.5 percent, below their last close. U.S. West Texas Intermediate (WTI) crude futures were down 27 cents, or 0.4 percent, at $63.33 per barrel.

    Friday 3rd May 2019 - Oil prices dropped on Friday, paving the way for a weekly decline as surging U.S. output was expected to start hitting global markets soon. Brent crude oil futures were at $70.49 per barrel at 0646 GMT, down 26 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 11 cents, or 0.2 percent, at $61.61 per barrel.

    Tuesday 7th May 2019 - Oil prices were varied on Tuesday, pressured by concerns that the escalating Sino-U.S. trade dispute could slow the global economy, while U.S. sanctions on crude exporters Iran and Venezuela helped keep the market on edge. Brent crude oil futures were at $71.12 per barrel at 0710 GMT, 12 cents, or 0.2 percent, below their last close. U.S. West Texas Intermediate (WTI) crude futures were at $62.30 per barrel, 5 cents above their last settlement.

    Wednesday 8th May 2019 - Oil prices were on the rise on Wednesday as U.S. sanctions on crude exporters Iran and Venezuela as well as ongoing supply cuts by producers have left markets tight just as crude imports to China rose to a record for April. U.S. West Texas Intermediate (WTI) crude futures were at $61.96 per barrel at 0658 GMT on Wednesday, 56 cents, or 0.9 percent, above their last settlement. Brent crude oil futures were at $70.31 per barrel, 43 cents, or 0.6 percent, above their last close.

    Thursday 9th May 2019 - Oil prices fell on Thursday among concerns over the escalating trade battle between the United States and China, despite a surprise fall in U.S. crude stockpiles. Brent crude oil futures were at $69.91 a barrel by 0600 GMT, down 46 cents, or 0.7 percent, from their previous settlement. They earlier fell more than 1 percent. U.S. West Texas Intermediate (WTI) crude futures were at $61.76 per barrel, down 36 cents, or 0.6 percent, having also declined more than 1 percent earlier.

    Friday 10th May 2019 - Oil prices were on the rise on Friday despite the start of U.S. President Donald Trump’s tariff hike on $200 billion (153 billion pounds) of Chinese goods, stoking the trade dispute between the world’s two biggest economies. The Brent crude oil benchmark was at $70.73 a barrel at 0643 GMT, up 34 cents, or 0.5%, from its last close, after rising as far as $71.23 a barrel. U.S. West Texas Intermediate (WTI) crude futures were up 39 cents at $62.09 per barrel, having earlier hit $62.49 a barrel.

    Monday 13th May 2019 - Oil futures were on the rise on Monday on increasing concerns about supply disruptions in the crucial producing region of the Middle East even as investors and traders fretted over global economic growth prospects amid a standoff in the Sino-U.S. trade talks. Brent crude futures were at $71.00 a barrel, up 38 cents, or 0.5%, from their last close by 0624 GMT. U.S. West Texas Intermediate (WTI) futures were at $61.73 per barrel, up 7 cents, or 0.1%, from their previous settlement.

    Tuesday 14th May 2019 - Oil prices were higher on Tuesday, though increases were checked among an escalation in the trade war between the United States and China. Brent crude futures were at $70.30 a barrel at 0318 GMT, up 7 cents, or 0.1%, from their last close. Brent ended the previous session down 0.6%. U.S. West Texas Intermediate (WTI) crude futures were at $61.11 per barrel, up 7 cents, or 0.1%, from their previous settlement. WTI closed down 1% on Monday.

    Wednesday 15th May 2019 - Oil dropped on Wednesday after data showed a surprise rise in U.S. crude inventories and the U.S.-Chinese trade dispute threatened oil demand, although Middle East tensions capped losses. Brent crude futures were at $70.84 a barrel at 0903 GMT, down 40 cents. U.S. West Texas Intermediate (WTI) crude futures were at $61.22 per barrel, down 56 cents.

    Thursday 16th May 2019 - Oil prices were higher on Thursday for a third day in a row, as fears of supply disruptions among heightened tensions in the Middle East overshadowed an unexpected rise in U.S. inventories. Brent crude futures were at $72.18 a barrel at 0612 GMT, up 41 cents, or 0.6%, from their last close. Brent closed up 0.7% on Wednesday. U.S. West Texas Intermediate (WTI) crude futures were at $62.40 per barrel, up 38 cents, or 0.6%, from their previous settlement. WTI closed up 0.4% in the last session.

    Friday 17th May 2019 - Brent crude futures were at $72.61 a barrel at 0658 GMT, down 1 cent, from their last close, reversing earlier increases. Brent was up 2.9% for the week, on track for its first gain in three weeks. Oil prices are steady today, giving up earlier gains, despite being on track for the first weekly increases this month due to rising tensions in the Middle East which stoked fears of supply disruptions

    Monday 20th May 2019 - Oil rose to recent today after OPEC indicated it would probably maintain production cuts that have helped support prices this year, while tension continued to escalate in the Middle East. Brent crude was up by 90 cents, or 1.3%, at $73.11 a barrel by 0604 GMT, having earlier touched $73.40, the highest since April 26.

    Tuesday 21st May 2019 - Oil prices were on the rise on Tuesday on escalating U.S.-Iran tensions and amid expectations that producer club OPEC will continue to withhold supply this year. Brent crude futures, the international benchmark for oil prices, were at $72.18 per barrel at 0651 GMT, up 21 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 31 cents, or 0.5 percent, at $63.41 per barrel.

    Wednesday 22nd May 2019 - Oil prices dropped on Wednesday after industry data showed an increase in U.S. crude inventories and as Saudi Arabia pledged to keep markets balanced. Brent crude futures were down 39 cents, or 0.5 percent, at $71.79 at barrel by 0658 GMT. U.S. West Texas Intermediate (WTI) crude futures for July delivery were down 59 cents, or 0.9 percent, at $62.54. The June contract expired on Tuesday, settling at $62.99 a barrel, down 11 cents.

    Thursday 23rd May 2019 - Oil prices fell by around 1% on Thursday, extending falls from the previous session amid surging U.S. crude inventories and weak demand from refineries. Brent crude futures, the international benchmark for oil prices, were at $70.36 per barrel at 0652 GMT, down 63 cents, or 0.9%, from their last close. U.S. West Texas Intermediate (WTI) crude futures were down by 51 cents, or 0.8%, at $60.91 per barrel.

    Friday 24th May 2019 - Oil prices recovered around 1% on Friday but were on track for their biggest weekly loss this year after swelling inventories and jitters over an economic slowdown led to big falls earlier in the week. Brent crude futures were at $68.48 per barrel at 0654 GMT, up 72 cents, or 1.1%, from their last close, with prices underpinned by OPEC supply cuts and Middle East tensions. U.S. West Texas Intermediate (WTI) crude futures were up 66 cents, or 1.1%, at $58.57 per barrel.

    Tuesday 28th May 2019 - Oil prices were varied on Tuesday as supply cuts, led by producer club OPEC, and U.S. sanctions on fuel exports from Iran and Venezuela supported crude. Front-month Brent crude futures, the international benchmark for oil prices, were at $69.99 at 0637 GMT, down 12 cents, or 0.2%, from the last session’s close, when they rose 2.1%. U.S. West Texas Intermediate (WTI) crude futures were at $59.03 per barrel, up 40 cents, or 0.7%, from their last close on Friday.

    Wednesday 29th May 2019 - Oil prices dropped by around 1% on Wednesday on concerns the Sino-U.S. trade war could trigger a global economic downturn, but relatively tight supply amid OPEC output cuts and political tensions in the Middle East offered some support. Front-month Brent crude futures, the international benchmark for oil prices, were at $69.53 a barrel at 0641 GMT, down 58 cents, or 0.8%, from last session’s close.

    Thursday 30th May 2019 - Oil prices were on the rise on Thursday after an industry report showed a bigger-than-expected decline in U.S. crude inventories, although concerns that the U.S.-China trade war will trigger an economic downturn kept a lid on increases. Brent crude futures, the international benchmark for oil prices, were at $69.85 per barrel at 0700 GMT, up 40 cents, or 0.6%, from their last close. Brent fell nearly 1% in the previous session. U.S. West Texas Intermediate (WTI) crude futures were up 48 cents, or 0.8%, at $59.29 a barrel.

    Friday 31st May 2019 - Oil prices dropped by more than 1% on Friday and were on track for their biggest monthly fall since November as trade conflicts spread and U.S. crude output returned to record levels. Front-month Brent crude futures, the international benchmark for oil prices, were at $65.97 at 0639 GMT, down by 90 cents, or 1.4%, from last session’s close. U.S. West Texas Intermediate (WTI) crude futures were at $55.92 per barrel, down 67 cents, or 1.2%, from their last settlement. WTI earlier marked its lowest since March 8 at $55.66 a barrel.

  • Market Comments June

    Monday 3rd June 2019 - Oil prices dropped by around 1% on Monday, extending losses of over 3% from Friday, when crude markets slipped to their biggest monthly losses in six months amid stalling demand and as trade wars fanned fears of a global economic slowdown. Front-month Brent crude futures were at $61.28 at 0659 GMT. That was 71 cents, or 1.1%, below Friday’s close. U.S. West Texas Intermediate (WTI) crude futures were at $53.09 per barrel, down 41 cents, or 0.8%, from their last settlement.

    Tuesday 4th June 2019 - Oil prices dropped on Tuesday as an economic slowdown starts to dent energy demand, but markets won some support after Saudi Arabia said a consensus was emerging with other producers about extending supply cuts. Front-month Brent crude futures were at $60.97 at 0648 GMT. That was 31 cents, or 0.5%, below last session’s close. U.S. West Texas Intermediate (WTI) crude futures were at $53.05 per barrel, down 20 cents, or 0.4%, from their last settlement.

    Wednesday 5th June 2019 - Oil prices continued their slide on Wednesday, dragged down by an unexpected gain in U.S. inventories and comments from the head of Russian state oil producer Rosneft questioning the point of a deal with OPEC to withhold supplies. Brent futures were down 42 cents, or 0.7%, at $61.55 a barrel by 0552 GMT. They rose 1.1% on Tuesday after a near 13 percent fall in the previous four sessions. U.S. West Texas Intermediate (WTI) crude was down by 48 cents, or 0.9%, at $53 a barrel. The U.S. benchmark closed 0.4% higher on Tuesday.

    Thursday 6th June 2019 - Oil prices stabilised on Thursday after dropping to near 5-month lows in the previous session, but sentiment remained weak as markets are under pressure from rising U.S. supply and a stalling economy. Front-month Brent crude futures were at $60.78 at 0246 GMT. That was 15 cents, or 0.3%, above last session’s close. U.S. West Texas Intermediate (WTI) crude futures were at $51.84 per barrel, 16 cents, or 0.3%, above their last settlement.

    Friday 7th June 2019 - Oil prices were on the rise Friday, climbing further away from five-month lows hit earlier in the week after a report that Washington could postpone trade tariffs on Mexico and among signs that OPEC and other producers may extend their supply cuts. Brent crude futures were up 79 cents, or 1.3%, at $62.46 a barrel by 0641. They gained 1.7% on Thursday. U.S. West Texas Intermediate (WTI) crude futures were up 65 cents, or 1.2%, at $53.24 per barrel. They finished the previous session 1.8% higher.

    Monday 10th June 2019 - Oil prices were on the rise on Monday after Saudi Arabia said producer club OPEC and Russia should restrict supplies to current levels, while Washington’s withdrawal of a tariff threat against Mexico removed a cloud over the global economy. Front-month Brent crude futures were at $63.61 at 0645 GMT, 32 cents, or 0.5%, above Friday’s close. U.S. West Texas Intermediate (WTI) crude futures were at $54.32 per barrel, 33 cents, or 0.6%.

    Tuesday 11th June 2019 - Oil stabilised above $62 a barrel on Tuesday as firmer equities and expectations OPEC and its allies will keep withholding supply countered concern about slowing economies and demand. Brent crude, the global benchmark, rose 1 cent to $62.30 a barrel at 0849 GMT. U.S. West Texas Intermediate was up 40 cents at $53.66

    Wednesday 12th June 2019 - Oil prices dropped nearly 2% on Wednesday, weighed down by a weaker demand outlook and a rise in U.S. crude inventories despite growing expectations of ongoing OPEC-led supply cuts. Brent crude futures, the international benchmark for oil prices, were down $1.16, or 1.86%, at $61.13 a barrel by 0616 GMT. U.S. West Texas Intermediate (WTI) crude futures were down $1.04, or 1.95%, at $52.23 per barrel.

    Thursday 13th June 2019 -Two oil tankers were hit in suspected attacks in the Gulf of Oman and the crews have been evacuated, shipping firms and industry sources said on Thursday, a month after a similar incident in which four tankers in the region were struck. Oil prices surged by 4% after the report that has stoked tensions in the region that have already been heightened by attacks last month on Gulf oil assets amid a dispute between Iran and the United States over Tehran’s nuclear programme. Brent crude futures were up $1.72 at $61.69 a barrel by 0757 GMT, having risen earlier by as much as 4.45% to $62.64.

    Friday 14th June 2019 - Brent crude on Friday extended sharp increases from the previous day following attacks on two oil tankers in the Gulf of Oman that stoked concerns of reduced crude flows of the commodity through one of the world’s key shipping routes. Brent crude futures were up 23 cents, or 0.4%, at $61.54 a barrel by 0638 GMT, having settled up 2.2% on Thursday. U.S. West Texas Intermediate crude futures were down 1 cent at $52.27 a barrel, after earlier rising. WTI also closed up 2.2% in the previous session, but is on course for a weekly decline of 3.2%.

    Monday 17th June 2019 - Oil prices were on the rise on Monday after U.S. Secretary of State Mike Pompeo said Washington will take all actions necessary to guarantee safe navigation in the Middle East, as tensions mounted following attacks on tankers last week. Brent futures had climbed 14 cents to $62.15 a barrel by 0645 GMT after earlier rising about 0.4%. They gained 1.1% on Friday. U.S. West Texas Intermediate (WTI) crude futures were up 3 cents at $52.54 a barrel, giving up some of their earlier gains. They rose 0.4% in the previous session.

    Tuesday 18th June 2019 - Oil prices dropped for a second day on Tuesday on signs that global economic growth is being hit by the U.S.-China trade war, although losses were limited by tensions in the Middle East after last week’s tanker attacks. Brent crude futures were trading down 40 cents, or 0.7%, at $60.54 a barrel by 0701 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 28 cents, or 0.5%, at $51.65. They dropped 1.1% on Monday.

    Wednesday 19th June 2019 - Oil futures were mostly stable on Wednesday as price support from a larger-than-expected decline in U.S. crude inventories was countered by a lull in equities. Brent crude futures settled at $61.82 a barrel, shedding 32 cents, or 0.5%. U.S. West Texas Intermediate (WTI) crude futures settled at $53.76 a barrel, falling 14 cents, or 0.26%. On Tuesday, WTI had recorded its biggest daily rise since early January.

    Thursday 20th June 2019 - Oil prices were on the rise by nearly 2% on Thursday on signs of improving demand in the United States, the world’s biggest crude consumer, and as OPEC and other producers finally agreed to a date for a meeting to discuss output cuts. Brent crude futures rose $1.13, or 1.8%, to $62.95 a barrel at 0611 GMT. They dropped 0.5% on Wednesday. U.S. West Texas Intermediate (WTI) crude futures were up 90 cents, or 1.7%, at $54.66 a barrel. WTI fell 0.26% in the previous session.

    Friday 21st June 2019 - Oil prices overturned earlier increases on Friday but benchmark Brent crude was still set for its first weekly increase in five weeks amid rising tensions in the Middle East and on hopes for a drop in U.S. interest rates that may stimulate global growth. Brent crude was down 20 cents, or 0.31%, at $64.25 a barrel by 0630 GMT. The global benchmark jumped 4.3% on Thursday, leaving it set for a weekly gain of almost 4%. U.S. West Texas Intermediate crude was down 16 cents, or 0.28%, at $56.90 a barrel. But the U.S. benchmark surged 5.4% on Thursday and is on track for a more than 8% increase this week.

    Monday 24th June 2019 - Oil prices were on the rise on Monday to extend increases from last week, bolstered as tensions remain high between Iran and the United States after U.S. Secretary of State Mike Pompeo said “significant” sanctions would be announced on Tehran. Brent futures were up 50 cents, or 0.8%, at $65.70 a barrel by 0655 GMT. West Texas Intermediate crude was up 70 cents, or 1.2%, at $58.13 a barrel.

    Tuesday 25th June 2019 - Oil dropped on Tuesday among concerns over the outlook for crude demand, but prices were supported after Washington announced new sanctions on Iran amid mounting tensions in the Middle East. Benchmark Brent crude futures were down 34 cents, or 0.5%, at $64.52 a barrel by 0639 GMT. They dropped 0.5% on Monday. U.S. crude futures were down 24 cents, or 0.4%, at $57.66 a barrel. The U.S. benchmark rose 0.8% in the previous session.

    Wednesday 26th June 2019 - Oil prices were on the rise more than 1% on Wednesday to their highest in nearly a month as industry data showed U.S. crude stockpiles dropped more than expected, underpinning a market already buoyed by worries over a potential U.S.-Iran conflict. Front-month Brent crude futures, international benchmark for oil, were up 1.3% at $65.91 by 0341 GMT. U.S. West Texas Intermediate (WTI) crude futures were at $58.98 per barrel, up 1.8% from their last settlement. WTI earlier hit its strongest level since May 30 at $59.03 a barrel.

    Thursday 27th June 2019 - Oil prices dropped on Thursday to remove some of the previous session’s strong increases, as traders wait for the G20 summit in Japan and for a meeting of OPEC and other crude producers to decide on an extension of output cuts. Brent crude futures were down 42 cents, or 0.6%, at $66.07 by 0658 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 33 cents, or 0.6%, at $59.05.

    Friday 28th June 2019 - Friday’s oil prices remained near $67 per barrel on Friday ahead of talks over the trade dispute between the U.S. and Chinese presidents over the weekend and on production cuts from OPEC on Monday. Brent crude LCOc1 futures were up 7 cents at $66.62 per barrel by 1033 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 futures were up 12 cents at $59.55 a barrel.

  • Market Comments July

    Monday 1st July 2019 - Oil prices went up more than $1 a barrel on Monday, with OPEC and its associates on track to extend supply cuts until at least the end of 2019 at their meeting in Vienna this week. Front-month Brent crude futures, for September, touched an intraday high of $66.63 a barrel and went up $1.72, or 2.7%, at $66.46 a barrel by 0639 GMT. U.S. crude futures for August went up $1.52, or 2.6%, to $59.99 a barrel, after earlier hitting their highest in over five weeks at $60.13.

    Tuesday 2nd July 2019 - Oil increased on Tuesday as producer club OPEC agreed to extend supply cuts until next March, although prices were pressured by worries demand could ease amid hints of a slowdown in the global Economy. Brent crude futures LCoc1 for September delivery increased by 17 cents, or 0.3%, at $65.23 a barrel by 0706 GMT, after earlier falling to $64.66. U.S. crude futures for August CLc1 increased by 9 cents at $59.18 a barrel, after reaching their highest in over five weeks on Monday.

    Wednesday 3rd July - Oil prices were steady on Wednesday after a steep fall in the previous session, supported by extended output cuts by OPEC and its allies despite concerns that a slowing global economy could crimp demand. Brent crude futures LCOc1 for September delivery were trading up 12 cents, or 0.2%, at $62.52 a barrel by 0613 GMT.

    Thursday 4th July 2019 - Oil prices dropped more than 0.5% on Thursday, weighed down by data showing a smaller-than-expected fall in U.S. crude stockpiles and concerns about the global economy. Front-month Brent crude futures LCOc1, the international benchmark for oil prices, dropped 1% at $63.21 per barrel by 0538 GMT. Brent closed up 2.3% on Wednesday. U.S. West Texas Intermediate (WTI) crude futures CLc1 dropped 1% at $56.78 per barrel. WTI closed up 1.9% on Wednesday.

    Friday 5th July 2019 - Crude oil prices fell today as concerns over the outlook for global economic growth outweighed elevated tensions in the Middle East that could disrupt supply routes and send prices higher. US. West Texas Intermediate (WTI) crude futures CLc1 were down 1.1% at $56.72 per barrel by 0310 GMT. There was no settlement price on Thursday because of the Independence Day holiday in the United States. Front-month Brent crude futures LCOc1 were down 0.1% at $63.25 per barrel, after closing down 0.8% on Thursday.

    Monday 8th July 2019 - Crude prices rose higher on Monday, supported by last week’s better-than-expected U.S. jobs data and geopolitical risks, but worries that a slower global economy will lessen the appetite for oil kept a lid on prices. Brent crude futures LCOc1 were up 8 cents by 0647 GMT at $64.31. U.S. West Texas Intermediate (WTI) CLc1 was up 6 cents at $57.57 a barrel.

    Tuesday 9th July 2019 - Oil prices dipped Today on demand concerns following the latest signs the U.S.-China trade war is pulling on the global economy, although the potential for conflicts in the Middle East offered support. Brent crude LCOc1 futures were down 14 cents, or 0.2%, at $63.97 a barrel by 0524 GMT. They fell 12 cents on Monday. U.S. West Texas Intermediate crude CLc1 futures were down 20 cents, or 0.4%, at $57.46 a barrel. They rose 15 cents in the previous session

    Wednesday 10th July 2019 - Oil prices rose on Wednesday after industry data showed U.S. stockpiles fell far more than expected, alleviating concerns about oversupply, while major U.S. producers evacuated rigs in the Gulf of Mexico ahead of a brewing storm
    Brent LCOc1 was up 70 cents, or 1.1%, at $64.86, after earlier touching $64.95.

    Thursday 11th July 2019 - Oil futures reached a six-week high on Thursday as oil rigs in the Gulf of Mexico were evacuated ahead of a storm, while an incident with a British tanker in the Middle East highlighted ongoing tensions in the region. Brent crude futures LCOc1 reversed early losses and were up 36 cents, or 0.5%, at $67.37 a barrel by 0643 GMT. U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 32 cents, or 0.5%, at $60.75 a barrel, having earlier touched their highest since May 23 at $60.83. They gained 4.5% in the previous session.

    Friday 12th July 2019 - Oil prices reached near six-week highs on Friday and was on track for a weekly gain as U.S. oil producers in the Gulf of Mexico cut more than half their output because of a tropical storm and as tensions continued to simmer in the Middle East. Brent crude LCOc1 futures were up 57 cents, or 0.9%, at $67.09 per barrel by 0642 GMT. The international benchmark settled down 0.7% on Thursday after hitting its highest since May 30 at $67.65. U.S. West Texas Intermediate (WTI) crude CLc1 futures were up 46 cents, or 0.8%, at $60.66 a barrel.

    Monday 15th July 2019 - Oil prices were down on Monday after China posted its slowest quarterly economic growth in at least 27 years, reinforcing concerns about demand in the world’s largest crude oil importer. Brent crude futures LCOc1 for September fell 15 cents, or 0.2%, to $66.57 a barrel by 0611 GMT while U.S. crude CLc1 for August decreased 24 cents, or 0.4%, at $59.97 a barrel. Both contracts last week posted their largest weekly gains in three weeks on cuts in U.S. oil production and diplomatic tensions in the Middle East. Refineries in the path of Tropical Storm Barry continued to operate in spite of flood threats while the storm has slashed U.S. Gulf of Mexico crude output by 73%, or 1.38 million barrels per day.

    Tuesday 16th July 2019 - Oil prices dropped on Tuesday, extending losses from the previous session, as output in the U.S. Gulf of Mexico resumed after Hurricane Barry and as U.S. shale production is set to rise to a record. Brent crude futures LCOc1 were down 4 cents at $66.44 a barrel by 00642 GMT. They fell 0.4% overnight. U.S. West Texas Intermediate crude futures CLc1 dropped by 13 cents, or 0.2%, to $59.45 a barrel. The U.S. benchmark fell about 1% in the previous session.

    Wednesday 17th July 2019 - Oil prices were on the rise on Wednesday after falls in the previous session, although U.S. crude trailed increases for international benchmark Brent after U.S. crude inventories fell less than expected. West Texas Intermediate crude futures were up 6 cents at $57.68 by 0327 GMT, having fallen 3.3% on Tuesday. Brent crude futures were up 25 cents at $64.60, or 0.4%. They ended down 3.2% in the previous session.

    Thursday 18th July 2019 - Oil prices were varied on Thursday with U.S. crude extending losses after falling in the previous session after data showed U.S. stockpiles of products like gasoline rose sharply last week, suggesting weak demand during the peak driving season. Brent crude LCOc1 futures were up 6 cents, or 0.1%, at $63.72 a barrel by 0333 GMT. They fell 1.1% on Wednesday. U.S West Texas Intermediate crude CLc1 futures were down 8 cents, or 0.1%, at $56.7. The U.S. benchmark dropped 1.5% in the previous session.

    Friday 19th July 2019 - Oil prices increased on Friday as tensions brewed again in the Middle East after a U.S. Navy ship destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows. Benchmark crude prices were still on track for their largest weekly drop in seven weeks, having fallen sharply earlier in the week on hopes for easing Middle East tensions as well as demand concerns and a dwindling U.S. storm impact.

    Monday 22nd July 2019 - Oil prices were on the rise on Monday on concerns that Iran’s seizure of a British tanker last week may lead to supply disruptions in the Middle East Gulf, although increases were capped as Libya resumed output at its largest oil field. Brent crude LCOc1 futures climbed 88 cents, or 1.4%, to $63.35 a barrel by 0706 GMT.West Texas Intermediate (WTI) crude CLc1 futures were up 58 cents, or 1%, at $56.21 a barrel.

    Tuesday 23rd July 2019 - Oil prices were on the rise on Tuesday on worries about possible supply disruptions in the Middle East, but a weaker demand outlook kept a lid on gains, helped by a vow by the International Energy Agency (IEA) to keep global markets adequately supplied. Brent crude LCOc1 futures climbed 29 cents, or 0.5%, to $63.55 a barrel by 0643 GMT. West Texas Intermediate (WTI) crude CLc1 futures were up 20 cents, or 0.4% at $56.42 per barrel.

    Wednesday 24th July 2019 - Oil prices pushed higher on Wednesday on rising tensions over Iran, a sharp fall in U.S. crude stocks and positive signs on Sino-U.S. talks, although worries about weak demand kept a cap on increases. Brent crude futures LCOc1 were up 21 cents, or 0.3%, at $64.04 a barrel by 0719 GMT, after rising nearly 1% on Tuesday. U.S. West Texas Intermediate crude CLc1 was up 28 cents, or 0.5%, at $57.05 a barrel, having risen about 1% in the previous session.

    Thursday 25th July 2019 - Oil prices increased on Thursday amid Middle East tensions and a big decrease in weekly U.S. crude stocks, but gains were halted by a weak demand outlook amid increasing signs of slowing global economic growth. Brent crude LCOc1 futures rose 28 cents, or 0.4%, to $63.46 a barrel by 0650 GMT, after falling 1% overnight - the first drop in four sessions. U.S. West Texas Intermediate crude CLc1 was up 27 cents, or 0.5%, at $56.15 a barrel, having dropped 1.6% in the previous session.

    Friday 26th July 2019 - Oil prices increased on Friday on worries about Middle East tensions, though a flagging global economic growth outlook amid the U.S.-China trade war capped gains. Brent crude futures LCOc1 were up 25 cents, or 0.4%, at $63.64 a barrel by 0651 GMT. They rose 0.3% in the previous session.U.S. West Texas Intermediate crude CLc1 was 36 cents higher, or 0.6%, at $56.20 a barrel, after gaining 0.25% overnight.

    Monday 29th July 2019 - Oil prices dropped on Monday as investors agonised over the outlook for global economic growth, while weekend talks between Iran and major powers finished on a generally positive note, suggesting an easing of tensions in the Middle East. Brent crude futures were down by 37 cents, or 0.6%, at $63.09 a barrel by 0717 GMT. Prices rose 1.6% last week.

    Tuesday 30th July 2019 - Oil prices increased for a fourth day on Tuesday on optimism the U.S. Federal Reserve will this week cut interest rates for the first time in more than 10 years, supporting fuel demand growth in the world’s biggest oil user. Brent crude LCOc1 rose 46 cents, or 0.7%, to $64.17 a barrel by 0651 GMT, after gaining 0.4% the previous session. U.S. crude CLc1 rose 41 cents or 0.7%, at $57.28 a barrel, having risen 1.2% on Monday.

    Wednesday 31st July 2019 - Oil prices rose for a fifth day on Wednesday, lifted by a bigger-than-expected drop in U.S. inventories and as investors awaited a widely expected drop in interest rates by the Federal Reserve, the first in more than a decade. Brent crude was up 44 cents, or 0.7%, at $65.16 a barrel by 0324 GMT. U.S. West Texas Intermediate crude gained 41 cents, or 0.7%, to $58.46 a barrel.

  • Market Comments August

    Thursday 1st August 2019 - Oil prices slipped on Thursday, declining for the first time in six days, after the U.S. Federal Reserve diminished hopes for a string of interest rate cuts and Sino-U.S. talks ended without apparent progress towards resolving a bitter trade dispute. Brent crude futures, LCOc1 the international benchmark, fell 62 cents, or 1%, to $64.43 a barrel by 0405 GMT, having fallen more than $1 earlier in the session. U.S. West Texas Intermediate (WTI) CLc1 crude was down 67 cents, or 1.2%, at $57.91 a barrel, also having dropped more than a $1 earlier.

    Friday 2nd August 2019 - Oil prices increased 2% on Friday, regaining ground after the biggest decrease in years as U.S. President Donald Trump imposed more tariffs on Chinese imports, intensifying the trade war between the world’s two biggest economies and crude consumers. Brent crude futures LCOc1 slumped more than 7% on Thursday, their steepest drop in more than three years. U.S. Brent futures increased $1.21, or 2%, to $61.71 a barrel by 0657 GMT, while WTI futures gained 87 cents, or 1.6%, to $54.82 a barrel. West Texas Intermediate (WTI) crude futures CLc1 fell nearly 8%, posting its worst day in more than four years. The collapse ended a fragile rally built on steady drawdowns in U.S. inventories, even as global demand looked shaky because of the trade dispute.

    Monday 5th August 2019 - Oil prices decreased on Monday amid renewed global economic growth concerns after U.S. President Donald Trump vowed to escalate the trade war with China with more tariffs, which would likely limit fuel demand in the world’s two biggest crude consumers. Brent crude futures LCOc1 had dropped 92 cents, or 1.5%, to $60.97 a barrel by 0640 GMT.U.S. West Texas Intermediate (WTI) crude futures CLc1 declined 73 cents, or 1.3%, to $54.93 a barrel.

    Tuesday 6th August 2019 - Oil prices climbed 1% on Tuesday as traders betting on decreasing prices bought back contracts to lock in profits after declines over the last three sessions due to escalating trade tensions between China and the United States. Brent dropped more than 3% on Monday as traders worried the ongoing trade dispute between the world’s two biggest oil buyers would dent demand, helping to prompt Tuesday’s short-covering. International benchmark Brent crude futures LCOc1 had climbed 58 cents, or 1%, to $60.39 a barrel by 0635 GMT on Tuesday after earlier dipping to their lowest since Jan. 14 at $59.07. West Texas Intermediate (WTI) crude CLc1 futures rose 59 cents, or 1.1%, to $55.28 per barrel.

    Wednesday 7th August 2019 - Oil prices dropped on Wednesday as likely damage to the global economy and fuel demand from the escalating Sino-U.S. trade dispute continued to cast a shadow over the market. International benchmark Brent crude futures were at $58.75 a barrel by 0642 GMT, down 19 cents, or 0.32%, from their previous settlement and trading near seven-month lows. U.S. West Texas Intermediate (WTI) crude futures were down 12 cents, or 0.22%, from their last close at $53.51 per barrel.

    Thursday 8th August 2019 - Oil futures rose more than $1 a barrel on Thursday, recuperating half of the nearly 5% losses in the previous session, on expectations that lower prices may lead to production cuts. Brent crude had rebounded to $57.81 a barrel, up $1.58, or 2.81%, from its last close by 0634 GMT, while U.S. West Texas Intermediate (WTI) crude futures jumped $1.61, or 3.15%, to $52.70 a barrel.

    Friday 9th August 2019 - Oil prices crept higher on Friday as expectations of more OPEC production cuts provided some support, although concerns over the long-running U.S.-China trade dispute kept a lid on gains. International benchmark Brent crude futures, were at $57.54 a barrel by 0646 GMT, up 16 cents, or 0.3%, from their previous settlement. U.S. West Texas Intermediate (WTI) futures were at $52.68 per barrel, up 14 cents, or 0.3%, from their last close. Both contracts jumped more than 2% on Thursday to recover from January lows, maintained by reports that Saudi Arabia, the world’s biggest oil exporter, had called other producers to discuss the recent slide in crude prices. Oil prices have still lost more than 20% from peaks reached in April, putting them in bear territory.

    Monday 12th August 2019 - Oil prices edged lower on Monday amid doubts about an economic slowdown and the Sino-U.S. trade war, which have led to a cut in the growth outlook for global oil demand. international benchmark Brent crude futures were at $58.40 a barrel by 0638 GMT, down 13 cents, or 0.2%, from their previous settlement. U.S. West Texas Intermediate (WTI) futures were at $54.33 per barrel, down 17 cents, or 0.3%, from their last close. Both benchmarks droped last week, with Brent losing more than 5% and WTI falling about 2%. “Oil prices are falling at the start of the trading week due to lower demand forecasts published last week and pessimism about a U.S.-China trade deal,” said Alfonso Esparza, senior market analyst at OANDA in Toronto.

    Tuesday 13th August 2019 - Oil prices fell this morning, offsetting narrow gains in the previous session, as sluggish demand forecasts countered expectations that major producers would prop up oil prices by limiting crude oil output. International benchmark Brent crude futures LCOc1 were down 48 cents or 0.8%, from the previous settlement, at $58.09 a barrel by 0643 GMT. U.S. West Texas Intermediate (WTI) CLc1 futures were at $54.52 per barrel, down by 41 cents, or 0.8%, from the last close.

    Wednesday 14th August 2019 - Oil prices fell on Wednesday on disappointing economic data from China and a rise in U.S. crude inventories, erasing some of the sharp gains in the previous session after the U.S. said it would delay tariffs on some Chinese products, easing trade tensions. Brent crude LCOc1 was down 46 cents, or 0.8%, at $60.84 a barrel at 0639 GMT, after rising 4.7% on Tuesday, the biggest percentage gain since December.

    Thursday 15th August 2019 - Oil prices steadied this morning, following sharp overnight losses as U.S. crude inventories unexpectedly rose, fears of recession mounted and economic data out of China and Europe disappointed. Brent crude LCOc1 was down 13 cents, or 0.2%, at $59.35 a barrel by 0643 GMT, after falling 3% in the last session.

    Friday 16th August 2019 - Britain’s Mediterranean territory Gibraltar decided on Thursday to free a seized Iranian oil tanker, but did not immediately indicate when or if the ship would set sail after the United States launched a new, last-minute legal bid to hold it. Crude oil prices rose more than 1% on Friday following two days of declines, buoyed after data showing an increase in retail sales in the United States helped dampen concerns about a recession in the world’s biggest economy. Brent crude LCOc1 was up 68 cents, or 1.2%, at $58.91 a barrel at 0650 GMT, after falling 2.1% on Thursday and 3% the previous day.

    Monday 19th August 2019 - Crude oil prices rose on Monday following a weekend attack on a Saudi oil facility by Yemeni separatists and as traders looked for any signs that Sino-U.S. trade tensions could ease. However, price gains were capped to some degree by an unusually downbeat OPEC report that stoked concerns about growth in oil demand. Brent crude LCOc1 was up 78 cents, or about 1.3%, at $59.42 a barrel at 0621 GMT,

    Tuesday 20th August 2019 - Crude oil prices edged up on Tuesday on optimism U.S.-China trade tensions will ease and on hopes major economies will take stimulus measures to ward off a potential economic slowdown that could hit oil demand. Brent crude LCOc1 had risen 8 cents to $59.82 a barrel by 0652 GMT, after climbing 1.88% on Monday.

    Wednesday 21st August 2019 - Crude oil futures rose above $60 a barrel on Wednesday after industry data showed a larger-than-expected drop in U.S. crude inventories, but ongoing worries about a possible global recession capped gains. Brent crude LCOc1 had gained 33 cents, or 0.6%, to $60.36 a barrel by 0654 GMT, after settling 0.5% higher on Tuesday.

    Thursday 22nd August 2019 - Oil prices dipped on Thursday, paring earlier gains, weighed down by worries about the global economy and bigger-than-expected builds in oil product inventories in the United States, the world’s biggest oil consumer. Brent crude futures LCOc1 dropped 16 cents, or 0.3%, to $60.14 a barrel by 0634 GMT on Thursday.

    Friday 23rd August 2019 - Oil prices clawed back the previous day’s losses on Friday, with Brent nudging above $60 a barrel, as tighter supplies from key producers offset slowing demand growth and investors await clues on the U.S. Federal Reserve’s monetary policy. Brent crude LCOc1 rose 29 cents, or 0.5%, to $60.21 a barrel by 0629 GMT

    Tuesday 27th August 2019 - Global shares eked out gains on Tuesday as some investors held out hopes for a trade deal between the United States and China, even as the countries continued to raise tariffs on each other last week. Brent crude LCOc1 was up by 26 cents, or 0.4%, at $58.96 a barrel by 0636 GMT, after falling 1% in the previous session.

    Wednesday 28th August 2019 - Oil prices rose on Wednesday, with U.S. crude gaining 1.3% after an industry report showed stockpiles in the United States, the world’s biggest oil user, fell more than expected, easing worries about economic growth due to the China-U.S. trade war.
    Brent crude futures LCOc1 climbed 59 cents, or 1.0%, to $60.10 a barrel by 0652 GMT.

    Thursday 29th August 2019 -Oil prices fell on Thursday for the first time in three days after San Francisco Federal Reserve President Mary Daly sounded a note of concern about the strength of U.S. economy. As global recession worries from intensifying U.S.-China frictions and the spectre of a no-deal Brexit drove investors to safer harbours. Brent crude LCOc1 was down 31 cents, or 0.5%, at $60.18 a barrel by 0638 GMT while U.S. crude CLc1 was down 18 cents, or 0.3%, at $55.60 a barrel. Oil prices rose around 1.5 percent in the previous session.

    Friday 30th August 2019 - Oil gave back some of its recent gains on Friday, but was still headed for the biggest weekly increase since early July, boosted by a decline in U.S stocks, a looming hurricane in Florida and an easing of Sino-U.S. trade rhetoric Brent crude LCOc1 was down by 23 cents, or 0.4%, at $60.85 a barrel, by 0711 GMT, but was heading for a gain of more than 2% for the week.

  • Market Comments September

    Monday 2nd September 2019 - Global stocks dipped on Monday after the United States and China imposed new tariffs on each other’s goods, reinforcing investors’ worries over slowing global growth, with no clear end in sight for the trade war. Brent crude LCOc1 slipped 22 cents, or 0.4%, to $59.03 a barrel by 0620 GMT, while U.S. oil CLc1 was down 2 cents a $55.083 at barrel.

    Tuesday 3rd September 2019 - Oil prices fell on Tuesday as the ongoing U.S.-China trade war cast a pall over markets, with soft South Korean data adding to concerns over emerging markets and a rise in OPEC output. U.S. crude CLc1 was down 26 cents, or 0.5%, at $54.84 a barrel by 0644 GMT, while Brent LCOc1 was down 6 cents at $58.60 a barrel.

    Wednesday 4th September 2019 - Oil prices recovered some ground on Wednesday, boosted by a wider market pickup on positive news from China’s services sector, having touched their lowest in close to a month during the previous session on fears over the weakening global economy. Brent crude LCOc1 was up 31 cents, or 0.53%, at $58.57 a barrel by 0619 GMT.

    Thursday 5th September 2019 - Oil prices fell on Thursday, giving up some of the strong gains of the previous session, after an industry report showed U.S. crude stockpiles rose last week, against analyst expectations of a decline. Brent crude was down 18 cents, or 0.3%, at $60.52 a barrel by 0040 GMT.

    Friday 6th September 2019 - Oil prices were steady on Friday, with crude benchmarks poised for multi-week gains amid a sharp drawdown in U.S. crude inventories, while trade tensions eased after Washington and Beijing agreed to hold high-level talks next month. Brent crude was up 6 cents at $61.01 a barrel by 0339 GMT.

    Monday 9th September 2019 - Oil rose on Monday on expectations that Saudi Arabia, the world’s largest oil exporter, will continue to support output cuts by OPEC and other producers to prop up prices under new Energy Minister Prince Abdulaziz bin Salman. Prices climbed for a fourth day and were also supported by comments from the United Arab Emirates’ energy minister that OPEC and its allies are committed to balancing the crude market. Global benchmark Brent LCOc1 was up 61 cents, or 1%, at $62.15 a barrel by 0649 GMT.

    Tujesday 10th September 2019 - Oil futures rose for a fifth day, rising to their highest in almost six weeks, on optimism that OPEC and other producing countries may agree to extend output cuts to support prices. Brent earlier climbed to its highest since Aug. 1, while U.S. crude rose to the highest since July 31. Brent LCOc1 was up 31 cents, or 0.5%, at $62.90 a barrel by 0544 GMT.

    Wednesday 11th September 2019 - Oil prices traded higher on Wednesday after an industry report said U.S. crude stockpiles fell last week by more than twice the amount that analysts in a Reuters poll had forecast. Brent crude futures LCOc1 rose 40 cents, or 0.6%, to $62.78 a barrel by 0643 GMT.

    Thursday 12th September 2019 - Oil prices jumped on Thursday, bouncing back from heavy losses in the previous session, buoyed by moves to ease trade tensions between Washington and Beijing and a drop in U.S. crude inventories to the lowest in nearly a year. Brent crude futures LCOc1 rose 30 cents to $61.11 a barrel by 0826 GMT

    Friday 13th September 2019 - Oil futures fell on Friday as optimism over an end to the U.S.-China trade war faded, leaving prices set for a weekly loss after days of wild gyrations. Brent crude was down 17 cents, or 0.3%, at $60.21 a barrel by 0053 GMT.

    Monday 16th September 2019 Oil ended nearly 15% higher on Monday, with Brent logging its biggest jump in over 30 years amid record trading volumes, after an attack on Saudi Arabian crude facilities cut the kingdom’s production in half and fanned fears of retaliation in the Middle East. Brent crude, the international benchmark, settled at $69.02(55.55 pounds)a barrel, rising $8.80, or 14.6%, its biggest one-day percentage gain since at least 1988. Brent futures saw more than 2 million contracts traded, an all-time daily volume record

    Tuesday 17th September 2019 - Oil dropped on Tuesday although the market remains on tenterhooks over the threat of a military response to attacks on Saudi Arabian crude oil facilities that cut the kingdom’s output in half and sent prices soaring by the most in decades.
    Brent crude was down 30 cents, or 0.4%, at $68.72 a barrel by 0631 GMT, and West Texas Intermediate was down 57 cents, or 0.9%, at $62.33 a barrel. Earlier, the crude benchmarks both fell by around 2%.

    Wednesday 18th September 2019 - Oil prices are showing little change this morning, steadying after Saudi Arabia said it will restore by the end of the month production lost in weekend attacks on its facilities. Prices plummeted 6% on Tuesday after Saudi Arabia’s energy minister said the country had managed to restore oil supplies to customers to where they stood before the attacks on its facilities that shut 5% of global oil output by drawing from its huge inventories. However tension in the region remained elevated after the United States said it believed the attacks on the world’s top oil exporter originated in south-western Iran. Iran has denied involvement in the strikes. Brent crude oil futures LCOc1 were flat at $64.55 a barrel by 0732 GMT.

    Thursday 19th September 2019 - Oil prices edged higher in Asian trade on Thursday after days of turbulence, with markets soothed by Saudi Arabia’s pledge to restore full production by end-September at facilities knocked out in drone and missile attacks last weekend. Brent crude futures LCOc1 rose 24 cents to $63.84 a barrel by 0634 GMT,

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