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WTI

Oil prices dip on mixed supply and demand outlook

Oil prices dip on mixed supply and demand outlook

  • Brent crude futures for June fell 32 cents, or 0.32%, to $62.88 a barrel.
  • Both contracts are on track for a 2%-3% drop this week but still far from a low of $60.47 hit two weeks ago. Exerting downward pressure is the decision by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, to increase supplies by 2 million barrels per day between May and July.
Published 09 Apr, 2021 07:35pm
Oil prices rise on fears Suez blockage may last weeks
Markets

Oil prices rise on fears Suez blockage may last weeks

  • Brent, WTI rise about 2% but set for 3rd weekly loss.
  • Ship blocking Suez may take weeks to free-salvage firm.
  • Shipping rates rise, oil and gas tankers diverted.
    • UAE's ADNOC deepens supply cuts to Asia in June –sources.
Published 26 Mar, 2021 05:16pm
Pricing agency Platts defers changes to dated Brent oil benchmark
Markets

Pricing agency Platts defers changes to dated Brent oil benchmark

  • The company said it has opened further consultation with the market on the benchmark transition. The changes, among which was inclusion of US crude WTI Midland in the Brent assessment, were announced on Feb. 22.
  • We received extensive feedback from market participants in support of introducing WTI Midland into the basket, but there is not agreement on how it would be fully reflected into the wider Brent complex.
Published 10 Mar, 2021 07:25pm
BofA hikes 2021 Brent price view by $10/bbl on strong oil balances
Business & Finance

BofA hikes 2021 Brent price view by $10/bbl on strong oil balances

  • The bank now expects Brent crude oil to average $60 per barrel in 2021, up from a previous estimate of $50. BofA also forecasts West Texas Intermediate (WTI) crude prices to average $57 a barrel this year.
  • Brent prices could temporarily spike to $70 a barrel in the second quarter of the year, the bank's analysts said in a note.
Published 23 Feb, 2021 07:01pm
Oil prices fall
Markets

Oil prices fall

LONDON: Oil prices fell on Friday, retreating further from 11-month highs hit last week, weighed down by worries ...
Published 23 Jan, 2021 03:56am
Oil prices up
Markets

Oil prices up

NEW YORK: Oil rose on Wednesday on expectations that US President Joe Biden’s administration will deliver massive...
Published 21 Jan, 2021 04:23am