· Oil prices fell to a two-week low at press time as China rolled out a plan to release state oil reserves, the U.S. weekly crude draw was smaller than expected and U.S. Treasuries rallied as investors sought safer assets. In volatile trade, Brent futures fell $1.15, or 1.6%, to settle at $71.45 a barrel. U.S. West Texas Intermediate (WTI)…
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This Week’s Market Buzz
• Oil prices jumped 3% at press time, recovering from a seven-day losing streak, with gains driven by a weaker dollar despite demand concerns stoked by rising cases of the Delta coronavirus variant. Brent crude climbed $2.59, or 3.9%, to $67.75 a barrel after touching its lowest since May 21 at $64.60. U.S. West Texas Intermediate (WTI) crude for October…
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• Oil prices slid at press time, building on last week’s steep losses, as rising Covid cases prompted fears of a demand slowdown. West Texas Intermediate crude futures declined 2.5% to trade at $66.60 per barrel. International benchmark Brent crude declined 2.2% to $69.15 per barrel.
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• At press time, West Texas Intermediate crude for September delivery rose 16 cents, or 0.2%, to settle at $72.07 a barrel on the New York Mercantile Exchange. That led the U.S. benchmark up by 0.7% for the week, based on the front-month contract, according to Dow Jones Market Data. September Brent crude the global benchmark, added 31 cents, or…
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• At press time, Brent crude oil futures were up $1.49, or 2%, at $75.60 a barrel. U.S. West Texas Intermediate futures were up $1.67, or 2.3%, at $74.61.
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Oil prices edged up at press time, putting both benchmarks on track for a fifth consecutive week of gains on expectations demand growth will outstrip supply and OPEC+ producers will be cautious in returning more crude to the market from August. Brent futures rose 32 cents, or 0.4%, to $75.88 a barrel, while U.S. West Texas Intermediate (WTI) crude rose…
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Goldman Sachs has reiterated its forecast that Brent crude will hit $80 per barrel this summer as demand quickly recovers. “Rising vaccination rates are leading to higher mobility in the United States and Europe, with global demand estimated up 1.5 million barrels per day (mb/d) in the last month to 96.5 mb/d,” the investment bank said in a note as…
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Oil prices edged higher at press time, bolstered by strong U.S. economic data that offset investors’ concerns about the potential for a rise in Iranian supplies. Brent rose 25 cents to $69.12 a barrel. U.S. West Texas Intermediate crude rose 34 cents to $66.55 a barrel.
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Oil prices rose at press time, as stock markets strengthened and the U.S. dollar slipped, though gains were capped by the coronavirus situation in major oil consumer India. Brent crude oil futures were up $1.23, or 1.8%, at $68.28 a barrel by 1349 GMT and West Texas Intermediate (WTI) crude was up $1.12, or 1.8%, at $64.94.
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• Oil prices extended gains at press time after rising 1% in the previous session, as bullish forecasts of recovering demand outweighed concerns about the impact of rising COVID-19 cases in Brazil, India and Japan. Brent rose 89 cents, or 1.3%, to $68.16 a barrel, and U.S. West Texas Intermediate crude was up 83 cents, or 1.3%, at $64.69 a…
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