Market Comments January
Thursday 2nd January 2020 - Oil prices rose to begin the new year on Thursday buoyed by signs of improving trade relations between the United States and China which eased demand concerns and rising tensions in the Middle East. Brent crude futures rose 25 cents to $66.25 a barrel by 0958 GMT
Friday 3rd January 2020 - Oil prices rose over $2 a barrel and gold and other safe-haven assets jumped on Friday, as the U.S. killing of a top Iranian commander in an air strike in Iraq ratcheted up tensions between the two powers. Traders were clearly spooked. The death of Iranian Major-General Qassem Soleimani, head of the elite Quds Force, prompted Iranian Supreme Leader Ayatollah Ali Khamenei to vow revenge. Europe's stock markets fell 0.5% in early trading as hopes for a lengthy New Year rally vanished. Safe havens gained, with Japan's yen JPY= rising half a percent to the dollar to a two-month high and the Swiss franc hitting its highest against the euro since September. The Middle East-focused oil markets saw the most dramatic moves. Brent crude futures jumped nearly $3 to $69.16 a barrel — also the highest since September
Monday 6th January 2020 - Oil prices rose a further 2% on Monday, pushing Brent above $70 a barrel, as rhetoric from the United States, Iran and Iraq fanned tensions in the Middle East after the killing of a top Iranian general. Brent crude futures LCOc1 soared to a high of $70.74 a barrel and was at $70.03 at 0747 GMT, up $1.43, from Friday’s settlement.
Market Commentary February
Monday 3rd February 2020 - Brent crude prices fell on Monday to their lowest in more than a year, dragged down by worries about lower demand in China, the world’s largest oil importer, following a coronavirus outbreak there. There are signs fuel demand has plunged in China as airlines have cancelled flights to halt the spread of the coronavirus and as provinces delay the reopening of factories after the Lunar New Year holiday. Supply chains across the world’s second-largest economy and crude consumer have been disrupted, prompting its biggest refiner Sinopec to cut output by about 12% this month. Brent crude was at $56.44 a barrel by 0750 GMT, down 0.3%, Prices dropped by as much as 2.1% to $55.42, the lowest since Jan. 4, 2019.
Tuesday 4th February 2020 - Oil prices clawed back ground on Tuesday amid hopes for new output curbs from OPEC and its allies to offset any potential drop in demand triggered by the coronavirus outbreak. Brent crude stood at $55.02 a barrel by 0930 GMT
Wednesday 5th February 2020 - Oil prices rose this morning, boosted by news that OPEC and its producer allies are weighing further output cuts to counter a potential squeeze on global oil demand resulting from China’s fast-spreading coronavirus. Brent crude oil futures LCOc1 were up 0.6%, to $54.27 a barrel by 0734 GMT, while U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 0.4% to $49.82 a barrel. Both prices earlier rose more than 1%
Thursday 6th February 2020 - Oil futures rose for a second day on Thursday amid investor optimism over unconfirmed reports of possible advances in combating the coronavirus outbreak in China which could cause fuel demand to rebound in the world’s biggest oil importer. Brent futures rose by 1.4%, to $56.05 a barrel by 0735 GMT.
Friday 7th February 2020 - Oil prices edged higher on Friday after Russia said it would support a recommendation for OPEC and other producers to cut their output further amid falling demand for crude as China battles the coronavirus epidemic. Brent crude LCOc1 futures rose 0.2%, to $55.03 a barrel by 0732 GMT
Monday 10th February 2020 - Oil prices slipped lower on Monday as traders assessed China’s oil demand following the coronavirus outbreak and waited to see if major producers will cut output further to balance markets. Oil is off more than 20% from peaks struck in January after a spreading virus hit demand in the world’s largest oil importer and fuelled concerns of excess supplies. Brent crude LCOc1 slipped to $53.63 a barrel in early Asian trade, the lowest since Jan. 2, 2019, before recovering to $54.32 by 0804 GMT.
Tuesday 11th February 2020- Oil prices rose more than 1% on Tuesday in sympathy with a rally in equity markets but investors remained jittery over the Wuhan virus that has now killed over 1,000 in China. Brent crude LCOc1 rose 1.3%, to $53.97 a barrel by 0428 GMT,
Wednesday 12th February 2020 - Oil prices extended gains on Wednesday as China reported its lowest daily number of new coronavirus cases since late January, stoking investor hopes that fuel demand in the world’s second-largest oil consumer may begin to recover from the epidemic. Brent crude LCOc1 was up 2.1%, at $55.13 per barrel at 0748 GMT. U.S. West Texas Intermediate (WTI) CLc1 rose 1.5%, to $50.68 a barrel.
Thursday 13th February 2020 - Oil prices fell on Thursday after OPEC and IEA reports cut back demand forecasts for this year on the back of the coronavirus outbreak in China, the world’s biggest oil importer. Brent crude LCOc1 lost 65 cents to $55.14 a barrel by 0930 GMT
Friday 14th February 2020 - Oil prices edged up Friday and held on track for their first weekly gain since early January, backed by expectations that major producers will implement deeper output cuts to offset slowing demand in China caused by the coronavirus epidemic. Brent crude LCOc1 was up 6 cents at $56.40 a barrel by 0911 GMT.
Monday 17th February 2020 - Oil prices were little changed on Monday as concerns of falling fuel demand caused by the economic fallout from the coronavirus outbreak in China were offset by expectations that output cuts from major producers will tighten crude supply. Brent crude LCOc1 was at $57.27 a barrel, down 5 cents by 0754 GMT after rising 5.2% last week, the biggest weekly gain since September 2019
Tuesday 18th February 2020 - Oil fell below $57 a barrel on Tuesday, pressured by concerns over the impact on oil demand from the coronavirus outbreak in China and a lack of further action by OPEC and its allies to support the market. Forecasters including the International Energy Agency (IEA) have cut 2020 oil demand estimates because of the virus. Though new cases in mainland China have dipped, global experts say it is too early to judge if the outbreak is being contained. Brent crude LCOc1 was down $1.02 at $56.65 a barrel by 1100 GMT
Wednesday 19th February 2020 - Oil prices rose on Wednesday, with Brent gaining a seventh straight day, amid broad optimism as new coronavirus cases fell for a second day in China and concerns rose over supply after a U.S. move to cut more Venezuelan crude from the market. Brent crude LCOc1 was up by 0.9%, at $58.26 a barrel by 0732 GMT
Thursday 20th February 2020 - Oil prices climbed on Thursday, extending gains from the previous session, as the market shifted focus to supply disruptions, while demand concerns eased following a drop in new coronavirus cases at the epicentre of the outbreak. onflict in Libya that has led to a blockade of its ports and oilfields shows no signs of a resolution, while U.S. sanctions on a subsidiary of Russian state oil major Rosneft (ROSN.MM) could cut more Venezuelan crude from the market, rekindling global oil supply worries. Brent crude futures LCOc1 were up 14 cents, to $59.26 a barrel by 0745 GMT.
Friday 21st February 2020 - Oil prices fell around 1% on Friday, pressured by growing worries about fuel demand as a coronavirus epidemic spread further beyond China, and as major crude producers appeared to be in no rush to cut output to buttress the market. Brent crude LCOc1 was down 1.1%, at $58.67 a barrel by 0703 GMT
Monday 24th February 2020 - Oil prices tumbled by 3% on Monday, as the rapid spread of a coronavirus in several countries outside China left investors fretting about a hit to demand. Global shares also extended losses as concerns about the impact of the new virus grew, with the number of infections jumping in Iran, Italy and South Korea. Brent crude was down 3%, to $56.72 a barrel by 0755 GMT,.
Tuesday 25th February 2020 - Oil climbed on Tuesday as investors sought bargains after crude benchmarks slumped almost 4% in the previous session, although concerns about the coronavirus spreading out of China and curbing major economies and fuel demand capped gains. Brent crude rose 0.9% to $56.79 a barrel by 0751 GMT.
Wednesday 26th February 2020 - Crude oil prices gave up early gains and slid for a fourth day on Wednesday as fears of a coronavirus pandemic deepened as the outbreak spread in several countries outside China. Brent crude fell 0.6%, to $54.64 a barrel by 0753 GMT
Thursday 27th February 2020 - Oil prices fell for a fifth day on Thursday to their lowest since January 2019 as a growing number of new coronavirus cases outside of China fuelled fears of a pandemic which could slow the global economy and lower crude demand. Brent crude LCOc1 was down 1.1%, at $52.83 a barrel at 0741 GMT.
Friday 28th February 2020 - Oil prices slumped to their lowest in more than a year on Friday and were set for their steepest weekly fall in more than four years as the spread of the coronavirus stokes fears of slowing global demand. Investors are increasingly worried as the virus has spread beyond its epicentre in China to more than 40 other countries. The most active Brent crude contract for May LCOc2 was down 2.8%, at $50.31 a barrel by 0745 GMT
Market Comments March
Monday 2nd March 2020 - Oil prices jumped more than 4%, up from multi-year lows hit earlier on Monday, as hopes of a deeper cut in output by OPEC and stimulus from central banks countered worries about damage to demand from the coronavirus outbreak. Brent crude LCOc1 was at $51.91 a barrel, up 4.5%, by 0812 GMT.
Tuesday 3rd March 2020 - Oil prices extended gains on Tuesday on expectations that central banks are likely to enact financial stimulus to offset the impacts of the coronavirus outbreak and growing optimism that OPEC will order deeper output cuts this week. Brent crude LCOc1 rose 1.1%, to $52.46 per barrel by 0756 GMT.
Wednesday 4th March 2020 - Brent oil prices rose on Wednesday on expectations that major producers have moved closer to an agreement to enact deeper output cuts aimed at offsetting the slump in demand caused by the coronavirus outbreak. Brent crude LCOc1 was up by 0.6%, at $52.16 a barrel at 0954 GMT.
Thursday 5th March 2020 - Oil prices climbed higher on Thursday ahead of an OPEC meeting in which Saudi Arabia is expected to push the group and its allies including Russia to agree to further output cuts to support the market. Prices were also supported by a lower-than-expected rise in crude oil inventories in the United States, alleviating some concerns of oversupply in the world’s biggest oil consumer. Brent crude LCOc1 rose by 0.9%, to $51.58 per barrel by 0734 GMT,
Friday 6th March 2020 - Oil slid 1% on Friday as worries about global oil demand and economic growth slowdown caused by the coronavirus outbreak were heightened by concern over non-OPEC crude producers not yet having agreed to cut output further to support prices. Brent crude LCOc1 fell 0.98%, to $49.50 per barrel by 0735 GMT.
Monday 9th March 2020 - Losing more than a quarter of their value, oil prices were set on Monday for their biggest daily rout since the first Gulf War, after Saudi Arabia cut its official prices in a market already reeling from the impact of the coronavirus on global demand. Saudi Arabia slashed its official selling prices and made plans to ramp up crude output next month after Russia balked at making a further steep output cut proposed by the Organisation of Petroleum Exporting Countries to stabilise oil markets. Brent crude futures were down 25%, at $33.89 a barrel by 0732 GMT.
Tuesday 10th March 2020 - Oil prices jumped by 5% on Tuesday after the biggest one-day rout in nearly 30 years, as investors eyed the possibility of economic stimulus, although early gains were pared on demand concerns over the global spread of the coronavirus. President Donald Trump on Monday said he will be taking “major” steps to gird the U.S. economy against the impact of the spreading coronavirus outbreak, while Japan’s government plans to spend more than $4 billion in a second package of steps to cope with fallout from the virus. Brent crude futures LCOc1 rose by 5.1%, to $36.12 a barrel by 0738 GMT.
Wednesday 11th March 2020 - Oil prices fell on Wednesday, giving up earlier gains, after Saudi Aramco said it had been directed by the energy ministry to raise its production capacity by a million barrels per day. Brent crude LCOc1 slid 1.1%, to $36.81 a barrel by 0740 GMT.
Thursday 12th March 2020 - Oil prices fell for the second straight day on Thursday amid a broad decline in global markets after the United States banned travel from Europe following the World Health Organization’s decision to declare the coronavirus outbreak a pandemic. London’s stock market fell past 2016 Brexit referendum lows on Thursday as a shock U.S. ban on European travellers sent shares in already hard-pressed British Airways and other airlines down by almost another 10%. Brent crude LCOc1 was trading down $1.65, at $34.14 by around 0718 GMT, a little above earlier lows.
Friday 13th March 2020 - Oil prices were set for their worst weekly drubbing since the 2008 financial crisis, despite rising over 3% on Friday, as investors fretted over evaporating demand from the coronavirus pandemic and a production ramp-up by top producers. Brent crude LCOc1 was up $1.12 at $34.33 a barrel by 0728 GMT
Monday 16th March 2020 - U.S. crude fell below $30 on Monday as emergency rate cuts by the U.S. Federal Reserve and its global counterparts failed to tame markets and China’s factory output plunged at the sharpest pace in 30 years amid the spread of coronavirus. Brent crude LCOc1 was down 7.3%, to $31.37 a barrel by 0906 GMT.
Tuesday 17th March 2020 - Oil rose more than $1 on Tuesday as bargain hunters emerged after recent sharp falls due to the coronavirus pandemic and the price war between Saudi Arabia and Russia, but fears of a recession still dragged on the market. Brent crude LCOc1 was up by 3%, to $30.94 a barrel by 0746 GMT.
Wednesday 18th March 2020 - Oil prices fell for a third session on Wednesday with U.S. crude futures tumbling to a 17-year low as the outlook for fuel demand darkened with travel and social lockdowns triggered by the coronavirus pandemic. Brent crude LCOc1 was trading down 1.29%, at $28.36 a barrel by 0650 GMT.
Thursday 19th March 2020 - Oil prices rose nearly 10% on Thursday after a three-day selloff drove them to their lowest levels in almost two decades as demand plummeted due to the coronavirus and supplies surged in a fight for market share between Russia and Saudi Arabia. Benchmark Brent, which has lost half its value in less than two weeks, was offered some respite as investors across financial markets assessed the impact of massive central bank stimulus. Brent crude LCOc1 jumped 9.2%, at $27.16 a barrel by 0831 GMT
Friday 20th March 2020 - Oil prices rose by more than $2 on Friday, building on gains in the previous session after U.S. President Donald Trump hinted he may intervene in the price war between Saudi Arabia and Russia. Prices were also supported by U.S. plans to buy up to 30 million barrels of crude oil for its emergency stockpile by the end of June and reports that regulators in its largest oil-producing state Texas might curtail output. Brent crude futures LCOc1 were up $1.90, to $30.37 per barrel.
Monday 23rd March 2020 - Oil prices fell on Monday as governments escalated lockdowns to curb the spread of the global coronavirus outbreak that has slashed the demand outlook for oil and threatened a global economic contraction. Brent crude LCOc1 futures fell 4%, to $25.89 a barrel by 0209 GMT.
Tuesday 24th March 2020 - Oil jumped 5% on Tuesday to above $28 a barrel, supported by steps by the U.S. Federal Reserve to bolster the economy and hopes the United States will soon reach a deal on a $2 trillion coronavirus aid package. The Fed on Monday rolled out an array of programs including backing for the first time corporate bond purchases. U.S. Treasury Secretary Steven Mnuchin voiced confidence that a deal on the aid package would be reached soon. “This is giving significant buoyancy to oil prices, at least in the short term,” said Eugen Weinberg, analyst at Commerzbank. “It is highly questionable whether the good mood will continue on the oil market, however.” Brent crude LCOc1 was up by 5.1%, to $28.41 by 1007 GMT.
Wednesday 25th March 2020 - Oil prices extended gains for a third session on Wednesday, rising alongside broader financial markets as the United States is expected to approve a massive aid package to stem the economic impact of the coronavirus pandemic. Brent crude LCOc1 was trading up 65 cents, at $27.80 a barrel.
Thursday 26th March 2020 - Oil prices fell on Thursday, ending three sessions of gains, as movement restrictions worldwide to contain the coronavirus destroyed demand and overshadowed expectations that a U.S. $2 trillion (1.69 trillion pounds) emergency stimulus will bolster economic activity. Brent crude LCOc1 futures fell 3.75%, to $26.35 a barrel by 0834 GMT.
Friday 27th March 2020 - Oil prices were mixed on Friday as governments took unprecedented steps to limit the economic fallout from the coronavirus pandemic. A new OPEC deal to balance oil markets might be possible if other countries join in. Brent crude was down to $26 a barrel by 0726 GMT. U.S. crude was up 0.4%, at $22.68.
Monday 30th March 2020 - Crude oil benchmarks fell sharply on Monday, with Brent hitting its lowest since November 2002, as fears grew over the coronavirus pandemic eroding demand and the Saudi Arabia-Russia price war threatened to overload the market. Brent futures LCOc1 were down 5.8%, to $23.48 a barrel as of 0623 GMT, after earlier dropping to $23.03, the lowest since November 2002.
Tuesday 31st March 2020 - Oil recovered ground today after U.S. President Donald Trump and Russian President Vladimir Putin agreed to talks to stabilise energy markets, with benchmarks climbing off 18-year lows hit as the coronavirus outbreak cut fuel demand worldwide. Brent crude LCOc1 was up by 1.9%, at $23.19 a barrel by 0406 GMT, after closing on Monday at $22.76, its lowest finish since November 2002. U.S. crude Clc1 was up by 5.8%, at $21.26 a barrel, after settling in the earlier session at $20.09, lowest since February 2002.
Market Comments April
Wednesday 1st April 2020 - Global crude oil prices slid further on Wednesday, following their biggest-ever quarterly and monthly losses, as a bigger-than-expected rise in U.S. inventories and a widening rift within OPEC heightened oversupply fears. Oil prices are near their lowest since 2002 amid the global coronavirus crisis that has brought a worldwide economic slowdown and slashed oil demand. Crude futures ended the quarter down nearly 70% after record losses in March. As of 0643 GMT, Brent crude LCOc1 was $23.33 a barrel. U.S. West Texas Intermediate crude Clc1 was down 1.7%, at $20.13 a barrel, after giving up an earlier gain which analysts said was driven by position building at the start of a the new quarter.
Thursday 2nd April 2020 - Crude oil futures jumped 10% today after U.S. President Donald Trump said he expected Saudi Arabia and Russia to reach a deal soon to end their oil price war and Russian President Vladimir Putin called for a solution to “challenging” oil markets. Brent crude futures rose 11.36%, to $27.55 as of 0701 GMT, while U.S. West Texas Intermediate (WTI) crude futures increased 10.0% or $2.03, at $22.34.
Friday 3rd April 2020 - Oil prices fell today, coming off their biggest one-day gains in the previous session, reflecting market scepticism about a deal U.S. President Donald Trump said he had brokered between Saudi Arabia and Russia to cut output. Brent crude LCOc1 futures fell 3.2%, to $28.97 per barrel as of 0636 GMT, after having soared 21% on Thursday.
Monday 6th April 2020 - Oil prices fell on Monday, after Saudi Arabia and Russia delayed a meeting to discuss output cuts that could help alleviate global oversupply as the coronavirus pandemic pummels demand. Brent crude LCoc1 slipped close to $30 a barrel earlier but pared losses to trade down 24 cents, to $33.87 a barrel by 0639 GMT. West Texas Intermediate crude CLc1 fell 41 cents, to $27.93 a barrel, off a session low of $25.28.
Tuesday 7th April 2020 - Oil rose today amid hopes that the world’s biggest producers of crude will agree to curtail production as the coronavirus pandemic ravages the global economy, even as analysts cautioned the cuts may do little to boost demand. The world’s main oil producers including Saudi Arabia and Russia are likely to agree to cut output at a meeting on Thursday, although that depends on the United States agreeing to it. Brent crude was up by 2.2%, at $33.78 a barrel by 0026 GMT after falling more than 3% on Monday. U.S. crude was up 3.7%, at $27.05 a barrel, having dropped nearly 8% in the previous session.
Wednesday 8th April 2020 - Oil rebounded on Wednesday after a two-day fall, lifted by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have crumbled amid the coronavirus pandemic. Brent crude LCOc1 was up 0.8%, at $32.08 per barrel by 0639 GMT after falling 3.6% on Tuesday. U.S. West Texas Intermediate (WTI) crude CLc1 rose 3.8%, to $24.45 a barrel after dropping 9.4% in the previous session
Thursday 9th April 2020 - Oil prices rose on Thursday on expectations the world’s largest oil producers would agree to cut production at a meeting later in the day as the industry grapples with a coronavirus-driven collapse in global oil demand. Brent crude LCOc1 futures rose by almost 2.6%, to $33.71 a barrel as of 0701 GMT. The contract rose to an intra-day high of $33.90, climbing for a second day.
Tuesday 14th April 2020 - Oil prices rose around 1% on Tuesday after the U.S. Energy Information Administration (EIA) predicted shale output in the world’s biggest crude producer would fall by a record amount in April, adding to cuts from other major producers. Brent LCOc1 futures rose 1.3%, to $32.14 a barrel by 0638 GMT after settling 0.8% higher on Monday. U.S. West Texas Intermediate (WTI) crude CLc1 was up 0.7%, at $22.56, having dropped 1.5% the previous session
Wednesday 15th April 2020 - Oil prices fell on Wednesday on persistent worries about oversupply amid global coronavirus-related lockdowns and as the International Monetary Fund (IMF) warned of a deep recession. Benchmarks were stronger earlier in the session, as investors looked for bargains following the slumps on Tuesday, but the higher U.S. crude oil stocks fuelled concerns that a record global output cut by producers would not offset plunging fuel demand due to efforts to contain the coronavirus pandemic. Brent futures LCOc1 were down 1.7%, at $29.09 a barrel as of 0735 GMT, giving up earlier gains and extending losses from Tuesday’s 6.7% decline.
U.S. West Texas Intermediate crude CLc1 slid 0.2%, to $20.07, having crashed 10.3% in the previous session.
Thursday 16th April 2020 - Oil edged higher on Thursday after sharp losses in the previous session, with investors hoping that a big build-up in U.S. inventories may mean producers have little option but to deepen output cuts as the coronavirus pandemic ravages demand. With official data showing U.S. inventories surging the most on record, WTI fell on Wednesday to its lowest since February 2002, with Brent slumping more than 6%. Brent crude LCOc1 was up 0.9%, at $27.94 a barrel by 0643 GMT. U.S. West Texas Intermediate (WTI) was up 0.7%, at $20.01.
Friday 17th April 2020 - Oil prices were mixed on Friday after the weakest Chinese economic data in decades showed the impact of the coronavirus pandemic, offsetting some earlier gains on optimism for President Donald Trump’s early plans to revive the U.S. economy. Brent was up by 2%, at $28.37 a barrel by 0406 GMT, while U.S. crude CLc1 for May delivery, which expires on April 21, was down 0.7%, at $19.74 a barrel.
Monday 20th April 2020 - Crude oil futures fell today, with U.S. futures dropping more than 10% to levels unseen since 1999 amid concerns that U.S. storage facilities will soon be brimful with demand evaporating due to the coronavirus pandemic. The front-month May WTI contract CLc1 was down 18.6%, to $14.87 a barrel by 0600 GMT. At one point, the contract had fallen as much as 21% to hit a low of $14.47 a barrel, the lowest since March 1999. Brent LCOc1 was also weaker, down 3.2%, to $27.18 a barrel.
Tuesday 21st April 2020 - U.S. oil prices hobbled back into positive territory on Tuesday after sinking below $0 for the first time ever, but international benchmark Brent dipped as the global coronavirus crisis severely reduces demand for crude. Global benchmark Brent crude for June delivery was down 1.9%, at $25.09 per barrel.
Wednesday 22nd April 2020 - Oil traders are struggling to find enough ships, railcars, caverns and pipelines to store fuel as more conventional storage facilities fill up amid abundant supply and plummeting demand due to the coronavirus crisis. OPEC, Russia and other major producers have forged a deal to curb production, but it will only reduce supply by about 10% and it does not kick in until May. International benchmark Brent futures LCOc1 dropped below $20 per barrel on Tuesday and last traded at $18.62.
Thursday 23rd April 2020 - Oil surged on Thursday amid signs that producers are cutting production to weather a collapse in demand as the coronavirus outbreak ravages world economies, while the U.S. state of Oklahoma also moved to help oil firms pump less. Analysts warned the rise could be temporary as storage tanks fill around the world, but prices recovered ground as investors reassessed the resilience of the world’s economy amid the global health emergency. Brent crude LCOc1 was up 15%, at $21.36 a barrel by 0506 GMT
Friday 24th April 2020 - Oil prices climbed on Friday, adding to gains from earlier sessions after producers such as Kuwait said they would move to cut output and the United States approved another package to cope with the turmoil caused by the coronavirus outbreak. Brent crude LCOc1 was up 1.1%, at $21.57 by 0622 GMT, after rising more than $1 earlier and jumping 5% on Thursday. U.S. oil CLc1 was up 2.3%, at $16.88 a barrel, having surged 20% in the previous session.
Monday 27th April 2020 - Oil prices fell on Monday on signs that worldwide oil storage is filling rapidly, raising concerns that production cuts will not come fast enough to fully offset the collapse in demand from the coronavirus pandemic. U.S. oil futures led losses, falling by more than $2 a barrel on fears that storage at Cushing, Oklahoma, could reach full capacity soon. U.S. crude inventories rose to 518.6 million barrels in the week to April 17, near an all-time record of 535 million barrels set in 2017. U.S. West Texas Intermediate CLc1 June futures fell 12.1%, to $14.89 a barrel by 0638 GMT, while Brent crude LCOc1 was down 5.0%, at $20.36 a barrel.
Tuesday 28th April 2020 - Oil prices slumped again on Tuesday amid concern about dwindling capacity to store crude worldwide, heightened by fears that fuel demand may be slow to pick up once countries ease curbs imposed on business and social life to combat the coronavirus pandemic. Brent crude LCOc1 futures fell to a low of $18.85 and were last down 4.3%, at $19.14 a barrel.
Wednesday 29th April 2020 - U.S. oil prices jumped on Wednesday, trimming some of this week’s losses, after U.S. stockpiles rose less than expected and on expectations demand will increase as some European countries and U.S. cities moved to ease coronavirus lockdowns. Brent crude LCOc1 futures rose 4.6%, to $21.39 a barrel
Thursday 30th April 2020 - Oil prices jumped on Thursday, extending steep gains in the previous session on signs the U.S. crude glut is not growing as quickly as expected and that gasoline demand battered by COVID-19 restrictions is starting to pick up. Brent crude LCOc1 rose 10.3%, to $24.87 a barrel in light trading.
Market Comments May
Friday 1st May 2020 - Oil prices rose on Friday, extending the previous session’s gains, as major producers began output cuts to offset a slump in fuel demand triggered by the coronavirus pandemic while data showed U.S. crude inventories grew less than expected. Still, prices gave up some of their earlier gains as May began with more of the volatility that made April one of the most turbulent months in the history of oil trading, when U.S. futures briefly crashed into negative territory. Brent crude LCOc1 for July delivery, which started trading on Friday as the new front-month contract, was up 0.8%, at $26.70 a barrel by 0642 GMT.
Monday 4th May 2020 - Oil prices fell on Monday, paring last week’s gains, on worries a global oil glut may persist amid slumping demand and U.S.-China trade tensions that could restrict an economic recovery even as coronavirus pandemic lockdowns start to ease. Brent crude LCOc1 futures were down 0.9%, at $26.20, after touching a low of $25.50. Brent rose about 23% last week following three consecutive weeks of losses.
Tuesday 5th May 2020 - Oil prices jumped again on Tuesday on hopes for a recovery in vehicle traffic and fuel demand, as some U.S. states and countries in Europe and Asia start to ease coronavirus lockdown measures. Prospects improved for fuel demand as some U.S. states and several countries, including Italy, Spain, Portugal, India and Thailand, began allowing some people to go back to work and opened up construction sites, parks and libraries. Brent crude LCOc1 futures were up 6.9%, at $29.07, rising for a sixth straight day.
Wednesday 6th May 2020 - Oil prices reversed course to edge lower on Wednesday as a higher than expected rise in U.S. inventories refocused investors on the risk of oversupply amid a coronavirus-driven slump in fuel demand. Brent crude LCOc1 futures dipped 0.7% to $30.77 a barrel, ending a six-day rise.
Thursday 7th May 2020 - Oil prices steadied on Thursday as data showed China’s crude imports rebounded, but market watchers expect gains to be capped by the glut in supplies as the coronavirus pandemic crushes global fuel demand. Brent crude LCOc1 was up by 0.1%, to $29.75 a barrel 0341 GMT, after dropping 4% on Wednesday. U.S. West Texas Intermediate futures CLc1 gained 0.2%, to 24.03 a barrel, after declining more than 2% in the previous session.
Monday 11th May 2020 - Oil prices slipped more than 1% on Monday as concern over a persistent glut and economic gloom caused by the coronavirus pandemic cancelled out support from supply cuts at some of the world’s top producers. Brent crude futures LCOc1 were down 1.7%, at $30.46 a barrel by 0624 GMT, while U.S. West Texas Intermediate crude futures CLc1 fell 2.0%, to $24.25 a barrel. Both benchmarks have notched up gains over the past two weeks as countries have eased business and social lockdowns imposed to cope with the coronavirus and fuel demand has rebounded modestly. Oil production worldwide is also declining.
Tuesday 12th May 2020 - Oil futures rose on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June in a bid to help drain the glut in the global market that has built up as the coronavirus pandemic crushed fuel demand. Brent crude LCOc1 futures advanced 0.7% to $29.85 at 0650 GMT, after hitting an intraday high of $30.11 a barrel.
Wednesday 13th May 2020 - Oil prices fell on Wednesday on worries about a possible second wave of coronavirus cases in countries starting to ease lockdowns, while industry data showed a rise in U.S. crude inventories. The concerns overshadowed a further call by Saudi Arabia for larger production cuts to balance the market following a virus-induced demand slump, after OPEC’s biggest producer said earlier this week it planned to add to cut output again. Brent crude LCOc1 was down 1.9%, at $29.40 by 0221 GMT, having risen 1.2% on Tuesday.
Thursday 14th May 2020 - Oil prices climbed on Thursday following an unexpected drop in U.S. crude stocks, but gains were capped by a bleak outlook for the world’s No. 1 economy as the coronavirus pandemic crushes fuel demand, and concern over a potential second wave of cases. In the past two weeks some countries have relaxed coronavirus restrictions and lockdowns to allow factories and shops to open again. But new cases have emerged in South Korea and China, raising concerns over a possible second wave of infections which would weigh on economic recovery and fuel demand. Brent crude futures were up 0.6%, at $29.37 per barrel at 0621 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 0.9%, at $25.52 a barrel.
Friday 15th May 2020 - Oil prices jumped more than 3% on Friday, touching more than one-month highs amid signs that demand for crude was picking up with China reporting increased refinery runs, and rounding out a week of bullish news on the supply front. Brent crude LCOc1 was up 3.9% at $32.34 a barrel by 0707 GMT, after touching $32.44 the highest since April 14. Brent rose nearly 7% on Thursday and is heading for a 3% gain for the week after rising the previous two weeks.
Monday 18th May 2020 - Oil prices climbed by more than $1 a barrel on Monday, supported by output cuts and signs of a gradual recovery in demand amid easing coronavirus curbs, with U.S. oil showing no signs of last month’s contract expiry price rout. Brent crude LCOc1 was up 4.1%, at $33.83 a barrel by 0634 GMT, after touching its highest since April 13. U.S. West Texas Intermediate crude CLc1 was up 5.6%, at $31.08 a barrel, after rising to its highest since March 16.
Tuesday 19th May 2020 - Oil prices rose for a fourth straight session on Tuesday amid signs that producers are cutting output as promised just as demand picks up, stoked by more countries easing out of curbs imposed to counter the coronavirus pandemic. Brent crude climbed 0.7%, to $35.06 a barrel by 0629 GMT, after earlier touching its highest since April 9.
Wednesday 20th May 2020 - Oil prices held steady on Wednesday despite signs of improving demand and a drawdown in U.S. crude inventories, as worries over the economic fallout from the coronavirus pandemic capped gains. Brent crude futures for July delivery LCoc1 were up 0.3%, at $34.75 per barrel at 0626 GMT.
Thursday 21st May 2020 - Oil prices rose on Thursday to their highest since March, as a drawdown of U.S. crude inventories and output cuts by major producers helped ease concerns about a supply glut, offsetting fears over the economic fallout from the COVID-19 epidemic. Brent crude futures for July delivery LCoc1 were trading up 1.7%, at $36.37 per barrel at 0550 GMT, rising for a second day.
Friday 22nd May 2020 - Oil prices fell on Friday as tensions rose between the U.S. and China and as Beijing failed to set target for economic growth this year, stoking concern that the coronavirus pandemic will overshadow fuel demand in the world’s second-largest oil user. Brent crude LCOc1 was trading down 4%, at $34.63 a barrel by 0630 GMT, after falling to as low as $33.54.
Tuesday 26th May 2020 - Oil prices rose on Tuesday, supported by growing confidence in the market that producers will come good on commitments to cut crude supply while demand picks up with more cars back on the road as coronavirus lockdowns eased around the world. Brent crude futures were up nearly 1.7% to $36.14, adding to a 1.1% gain on Monday in thin holiday trading.
Wednesday 27th May 2020 - Oil prices fell on Wednesday as concerns over how quickly fuel demand will recover tempered an easing of lockdowns to halt the spread of coronavirus, while U.S.-China tensions added to negative sentiment. The Organization of the Petroleum Exporting Countries and producers including Russia, a grouping referred to as OPEC+, are cutting their output by nearly 10 million barrels per day in May-June to buttress prices as measures to rein in the coronavirus pandemic have slashed fuel demand. Brent crude futures fell 1.4%, to $35.67 by 0628 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 1.5%, at $33.83 a barrel
Thursday 28th May 2020 - Oil prices fell in early trading today after US Crude, gasoline and heating oil rose more than expected, dousing hopes of a smooth recovery In demand from coronavirus lockdowns. The decline extended losses from yesterday's uncertainty about Russia's commitment to deep oil production cuts in the lead-up to a OPEC meeting on June 9th. Brent crude futures last traded down 2.3% at $33.96
Friday 29th May 2020 - Oil prices edged lower on Friday, set to post their first weekly fall in five weeks, after U.S. inventory data showed lacklustre fuel demand in the world’s largest oil consumer while worsening U.S.-China tensions weighed on global financial markets. Brent crude slipped 1.2%, to $34.86 a barrel by 0643 GMT and U.S. West Texas Intermediate (WTI) crude was at $33.14 a barrel, down 1.7%
Market Comments June
Monday 1st June 2020 - Oil prices were little changed on Monday, with the Organization of the Petroleum Exporting Countries (OPEC) considering meeting as soon as this week to discuss whether to extend record production cuts beyond end-June. Brent crude LCOc1 was unchanged at $37.84 a barrel, in the first day of trading in the contract with August as the front month.
Tuesday 2nd June 2020 - Oil prices rose on Tuesday, with traders waiting to see whether major producers agree to extend their huge output cuts to shore up prices at a virtual meeting expected later this week. Brent crude LCOc1 futures rose 0.94%, to $38.68 a barrel as of 0630 GMT.
Wednesday 3rd June 2020 - Oil rose on Wednesday, with Brent above $40 for the first time since March, as optimism mounted that major producers will extend output cuts and a recovery from the coronavirus pandemic will spur fuel demand. Brent crude futures for August were up 2%, at $40.35 a barrel, by 0636 GMT. The contract climbed to as high as $40.53, the highest since March 6, after gaining 3.3% on Tuesday.
Thursday 4th June 2020 - Oil prices dropped on Thursday, reversing gains in the previous session, on concern over whether major crude producers will be able to agree to extend record output cuts, heightened by worries over a huge build in U.S. distillate inventories. Brent crude LCOc1 futures fell 1.18%, to $39.32 a barrel as of 0652 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 futures slid 1.80%, to $36.62 a barrel
Friday 5th June 2020 - Oil prices moved higher on Friday as traders await cues from a meeting that could take place as soon as this weekend where major oil producers will discuss whether to extend record production cuts. Brent crude LCOc1 futures were up 0.7%, at $40.26 a barrel as of 0620 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 0.5%, to $37.58 a barrel.
Monday 8th June 2020 - Oil climbed on Monday after major producers agreed to extend a deal on record output cuts to the end of July and as China’s crude imports hit an all-time high in May. Brent crude LCOc1 was up 1.2%, at $42.81 per barrel, by 0628 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 rose 0.8%, to $39.87 a barrel.
Tuesday 9th June 2020 - Oil prices rose on Tuesday, boosted by hopes for a swift recovery in fuel demand as coronavirus lockdown measures are eased across the globe, but gains were capped by the spectre of persistent oversupply in the market. Brent crude LCOc1 futures rose 0.5%, by 0647 GMT to $41.02 a barrel. The benchmark contract had fallen $1.50 on Monday, snapping a seven-day streak of gains
Wednesday 10th June 2020 - Oil prices fell on Wednesday after a rise in crude and fuel stockpiles in the United States revived fears about oversupply and falling fuel demand in the world’s largest crude consumer amid the coronavirus outbreak. Brent crude futures LCOc1 fell 1.6%, to $40.51 a barrel by 0636 GMT after gaining nearly 1% on Tuesday.
Thursday 11th June 2020 - Oil prices fell on Thursday, hit by another record build-up in U.S. crude inventories and the U.S. Federal Reserve’s projections that the world’s biggest economy would shrink 6.5% this year. Brent crude LCOc1 futures erased Wednesday’s gains, falling 3.6%, to $40.23.
Friday 12 th June 2020 - A slump in global shares extended to its fourth day running on Friday and oil tumbled over growing concerns that a resurgence of coronavirus infections could stunt the pace of recovery from lockdowns. U.S. crude CLc1 slid 2.7% to $35.35 a barrel, while Brent crude LCOc1 eased 2.49% to $37.59 per barrel, hit by renewed concerns over demand and a large buildup of U.S. crude inventories.
Monday 15th June 2020 - Oil prices fell this morning, as new coronavirus infections hit China, Japan and the United States, adding to concerns that a resurgence of the virus could weigh on the recovery of fuel demand. Brent crude LCOc1 was down 2.4%, at $37.80 a barrel by 0808 GMT. U.S. West Texas Intermediate crude CLc1 was down $1.33 at $34.93 a barrel
Tuesday 16th June 2020 - Oil prices made marginal gains today, reversing out of earlier losses, as hopes for further cuts in crude supplies took the sting out of concerns that a resurgence of new coronavirus infections around the world could hamper fuel demand. Brent crude LCOc1 edged up 0.2%, at $39.81 a barrel by 0659 GMT, having gained 2.6% on Monday. U.S. oil CLc1 gained nearly 0.1%, to $37.15 a barrel, after closing 2.4% higher in the previous session
Wednesday 17th June 2020 - Oil prices declined today as data showed an increase in U.S. crude and fuel inventories, raising the prospect of oversupply as a potential second wave of the coronavirus pandemic threatened to halt any recovery in demand. Brent crude LCOc1 futures were down 0.7%, at $40.67 a barrel as of 0656 GMT, and U.S. West Texas Intermediate (WTI) CLc1 futures fell 1.1%, to $37.95 a barrel.
Thursday 18th June 2020 - Oil prices slipped on Thursday on concerns that a spike in new coronavirus cases in China and the United States could dampen a recovery in fuel demand, even as lockdowns ease. Brent crude LCOc1 futures fell 0.5%, to $40.49 a barrel at 0623 GMT, having fallen 25 cents in the previous session.
Friday 19th June 2020 - Oil prices rose more than 1% on Friday, adding to gains in the previous session, after OPEC producers and allies promised to meet commitments on cutting supply and two major oil traders said demand was recovering well. Brent crude LCOc1 futures rose 1.5%, to $42.12 a barrel by 0639 GMT, the highest in more than a week. U.S. West Texas Intermediate (WTI) crude CLc1 futures climbed 1.5%, to $39.44 a barrel. Both contracts rose about 2% on Thursday and are heading for weekly gains of nearly 9%.
Monday 22nd June 2020 - Oil prices slid on Monday as concern grew that a record rise in coronavirus infections worldwide could stall a recovery in fuel demand, outweighing tighter supplies from major producers. Brent crude LCOc1 fell 0.2%, to $42.04 a barrel by 0655 GMT, while U.S. crude CLc1 was at $39.72 a barrel, down 0.3%
Tuesday 23rd June 2020 - Oil prices steadied today after a volatile session sparked by confusion over the status of the U.S.-China trade deal. Markets were spooked by surprise comments from White House trade adviser Peter Navarro saying the hard-won deal was “over”, though assurances from President Donald Trump later that the agreement was fully intact soothed jangled nerves. U.S.-China relations have reached their lowest point in years since the coronavirus pandemic that began in China hit the United States hard. President Trump and his administration have repeatedly accused Beijing of not being transparent about the outbreak. Brent crude fell 0.2%, to $42.98 a barrel by 0649 GMT, after earlier skidding to a session low of $42.21. U.S. oil CLc1 was down 0.4%, at $40.57 a barrel, having dropped to a low of $39.76.
Wednesday 24th June 2020 - Oil futures were mixed on Wednesday as concerns about oversupply in the market, stoked by an rise in U.S. crude inventories, were offset by a drop in gasoline stocks that lifted hopes for fuel demand recovery amid the re-opening of the global economy. Brent crude LCOc1 was up 0.3%, at $42.75 a barrel by 0643 GMT after falling to $42.30 earlier in the session
Thursday 25th June 2020 - Oil prices slipped further on Thursday after tumbling more than 5% in the previous session, as a record build in U.S. crude inventories and a rapid resurgence in COVID-19 cases cast doubts on a recovery in fuel demand. Brent crude futures LCOc1 fell 0.8%, to $40.00 per barrel after falling $2.32 on Wednesday.
Friday 26th June 2020 - Oil prices rose on Friday, extending gains on optimism about a recovery in fuel demand worldwide, despite a surge in coronavirus infections in some U.S. states and signs of a revival in U.S. crude production. U.S. West Texas Intermediate (WTI) crude CLc1 futures gained 0.7%, to $38.97 at 0643 GMT but were on track for a slight drop for the week.Brent crude LCOc1 futures rose 0.8%, to $41.37 and were also heading for a small decline for the week.
Monday 29th June 2020 - Oil prices slid for a second straight session on Monday, as coronavirus cases rose in the United States and other places, leading some countries to resume partial lockdowns that could hurt fuel demand. Brent crude LCOc1 dropped 2%, to $40.21 a barrel by 0653 GMT, while U.S. crude CLc1 was at $37.74, down 2%
Tuesday 30th June 2020 - Oil prices fell today as optimism for a straight forward recovery in fuel demand faded and a looming increase in supply weighed on the market, with Libya’s state oil company flagging progress on talks to resume exports. Brent crude LCOc2 futures fell 0.2%, to $41.68 a barrel.
Market Comments July
Wednesday 1st July 2020 - Oil prices rose today after an industry reports showed crude stockpiles in the United States staged a bigger drop than expected, suggesting demand is improving even as the coronavirus outbreak spreads around the world. Brent crude LCOc1 rose 0.8%, to $41.58 a barrel by 0632 GMT after declining more than 1% on Tuesday. U.S. crude was up 0.9%, at $39.62 a barrel, having dropped by 1.1% in the previous session.
Thursday 2nd July 2020 - Oil prices rose on Thursday, reversing early losses, as a sharp drop in oil stockpiles outweighed concerns that a spike in U.S. coronavirus infections and revived lockdown measures in California could stall a recovery in fuel demand. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 0.6%, to $40.07 a barrel by 0632 GMT, adding to a 1.4% rise from Wednesday. Brent crude LCOc1 futures was up 0.6% at $42.28 a barrel, after rising 1.8% in the previous session.
Friday 3rd July 2020 - Oil prices fell on Friday, reversing earlier gains, as the resurgence of the coronavirus globally and in the United States, the world’s largest oil consumer, stoked worries that a fuel demand recovery could stall. Brent crude LCOc1 futures were down 0.8%, at $42.79 a barrel as of 0633 GMT, and U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 0.9%, to $40.30 a barrel
Monday 6th July 2020 - Asian shares scaled four-month peaks on Monday as investors counted on a revival in Chinese activity to boost global economic growth, even as surging coronavirus cases delayed business re-openings across the United States. Carbon and Oil prices continued to rise, helping to support the far curve. Oil prices climbed as US unemployment figures were much better than anticipated fuelling ideas of a stronger return of demand and increase in economy, but these were muted following a surge of COVID-19 cases in the US. Carbon EUA’s continue to climb as the tightening of allowances continues to support the market. Brent oil opened at $43.10 a barrel
Tuesday 7th July 2020 - Oil prices fell on Tuesday amid concerns that a surge in new coronavirus cases, especially in the United States, will hamper any recovery in fuel demand. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 1.3%, to $40.09 a barrel at 0703 GMT, well off an earlier high of $40.79. Brent crude LCOc1 futures fell by 1.3%, to $42.54, after hitting an intraday high of $43.19.
Wednesday 8th July 2020 - Oil prices dipped on Wednesday after industry data showing a build in U.S. crude stockpiles added to worries about oversupply, but hopes for a swift economic recovery in China limited losses. Brent crude futures fell 0.2%, to $42.98 a barrel by 0417 GMT. U.S. West Texas Intermediate (WTI) crude futures dropped 0.3%, to $40.50 a barrel, holding to the narrow range of the past few weeks
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