oil prices

Oil Prices Rise On Ukraine Conflict And Supply Concerns

Oil Prices Rise On Ukraine Conflict And Supply Concerns

September 2, 2025 10:06 am

Oil prices climbed on Tuesday amid growing concerns over supply disruptions as the conflict between Russia and Ukraine intensifies, while investors also weigh upcoming U.S. jobs data that could influence interest rate decisions.

Brent crude rose 37 cents, or 0.54%, to $68.52 per barrel by 7:17 AM WAT. U.S. West Texas Intermediate (WTI) crude gained $1.01, or 1.58%, to $65.02 per barrel. WTI futures did not settle on Monday due to the Labor Day holiday in the United States.

The market is closely watching U.S. labor data, set to be released this week ahead of the Federal Reserve’s September meeting. …

Oil Prices Fall Amid Bleak Outlook Warnings

Oil Prices Fall Amid Bleak Outlook Warnings

September 15, 2020 7:47 am

Amid bleak outlook warnings by major oil producers and the COVID-19 pandemic, oil prices again went southwards on Tuesday, with experts forecasting prices may crash to $35.

Brent crude was down 4 cents, or 0.1%, at $39.57 a barrel by 0642 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down 2 cents, or 0.1%, at $37.24 a barrel.

Both contracts ended slightly lower the previous day.

Still, losses were limited by short-covering ahead of a key meeting later this week of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, to discuss compliance …

Oil Prices Fall Amid Bleak Outlook Warnings

Oil Prices Rise On Back Of China’s Huge Booking For US Crude

August 17, 2020 10:50 am

Oil prices rose on Monday as China’s plans to ship in large volumes of U.S. crude in August and September outweighed concerns over a slowdown in demand amid the coronavirus pandemic and an uptick in supplies.

Brent crude added 30 cents, or 0.7 per cent to $45.10 a barrel by 0410 GMT while U.S. West Texas Intermediate crude was up 34 cents, or 0.8 per cent to $42.35 a barrel.

Chinese state-owned oil firms have tentatively booked tankers to transport at least 20 million barrels of U.S. crude for August and September, Reuters reported on Friday.

This is as China …

Oil Prices Rise, Head For Weekly Gain

Oil Prices Slip On Demand Fears As U.S Virus Cases Surge

July 2, 2020 4:47 am
Oil prices dipped on Thursday after the United States recorded its biggest one-day spike in coronavirus cases and California re-imposed some lockdown measures, stoking worries a resurgence in COVID-19 cases will stall a recovery in fuel demand.

U.S. West Texas Intermediate (WTI) crude futures fell 10 cents, or 0.3 per cent, to $39.72 a barrel at 0148 GMT, trimming a 1.4 per cent rise from Wednesday.

Brent crude futures eased six cents, or 0.1 per cent, to $41.97 a barrel, after rising 1.8 per cent in the previous session.

California sharply rolled back efforts to reopen its economy on Wednesday, …

Oil Prices Fall On Doubts Over Output Cuts

Oil Prices Fall On Doubts Over Output Cuts

June 4, 2020 4:55 am

Oil prices dropped on Thursday, reversing Wednesday gains, on concern over whether major crude producers will be able to agree to extend record output cuts.

Also, worries over a huge build in U.S. distillate inventories contributed to the price fall.

Brent crude LCOc1 futures fell 1.46 per cent, or 58 cents, to $39.21 a barrel as of 0459 GMT, while the U.S. West Texas Intermediate (WTI) crude CLc1 futures slid 1.98 per cent, or 74 cents, to $36.55 a barrel.

Read Also: Oil Glut Drives Oil Prices Lower

Saudi Arabia and Russia, two of the world’s biggest oil producers, have …

U.S.-China Trade Tension Drags Down Oil Prices

U.S.-China Trade Tension Drags Down Oil Prices

May 4, 2020 6:17 am

Oil prices fell in early trade on Monday, paring last week’s gains, on worries the global oil glut may persist as U.S.-China trade tension could hold back an economic recovery.

The pessimism in the market emerged even as coronavirus pandemic lockdowns start to ease in Europe and the United States.

U.S. West Texas Intermediate (WTI) crude futures fell as low as $18.32 a barrel and were down $1.46, or 7.6%, at $18.27 at 0008 GMT. The benchmark contract rose 17% last week.

Brent crude futures were down 90 cents, or 3.4%, at $25.54, after touching a low of $25.53. Brent …

Oil Producers Agree Record 9.7m Barrels Output Cut

Oil Producers Agree Record 9.7m Barrels Output Cut

April 13, 2020 7:03 am

Top oil-producers agreed Sunday on “historic” output cuts in a bid to boost plummeting oil prices due to the new coronavirus crisis and a Russia-Saudi price war.

OPEC producers dominated by Saudi Arabia and allies led by Russia met via videoconference for an hour Sunday in a last effort to cement a deal struck early Friday.

Mexico’s involvement in the deal led to a compromise being reached.

Mexico’s Energy Minister Rocio Nahle said the oil producers agreed to a cut of 9.7 million barrels per day from May.

The deal was down slightly from 10 million barrels per day envisioned …

Oil Rockets As Trump Signals End To Price War

Oil Rockets As Trump Signals End To Price War

April 2, 2020 6:23 pm

Oil prices rocketed Thursday, posting the largeset percent increase ever, after US President Donald Trump said Russia and Saudi Arabia planned to end their price war by slashing output.

But the initial surge cooled after Russia denied it had spoken with Saudi Arabia, the world’s biggest exporter of crude.

After Trump tweeted that Saudi and Russia could slash production by up to 15 million barrels, Brent hit $36.29 a barrel, up almost 46 percent, and West Texas Intermediate soared around 35 percent to $27.39.

Gains were trimmed soon after, with Brent up 21 percent to $29.94 per barrel and WTI …

Coronavirus Pummels US Stocks, Worst Day On Wall Street

Coronavirus Pummels US Stocks, Worst Day On Wall Street

March 10, 2020 3:47 am
US stocks suffered their biggest one-day loss since the 2008 financial crisis on Monday as recession worries loomed large in the wake of tumbling oil prices and ongoing coronavirus fears.

The combination of factors prompted investor panic on the anniversary of the U.S. stock market’s longest-ever bull run.

All three major U.S. stock averages plunged sharply at the opening bell, triggering trading halts put in place in the wake of 1987’s “Black Monday” crash. The Dow plummeted a record 2,000 points out of the starting gate on the day marking the current bull market’s 11th year.

During the session, the …

Oil pRices

Stocks, Oil Prices Tumble As Gold Soars On Virus Fears

February 24, 2020 4:56 pm

World stock markets and oil prices were hammered Monday by fears of a coronavirus pandemic, while gold hit a seven-year peak on safe-haven buying, dealers said.

One of the hardest hit European markets was in Milan, which gave up 5.4 percent following reports of a fifth death in Italy amid the COVID-19 epidemic.

In northern Italy, villages have been sealed off and security measures enforced to stem the spread of the disease.

Traders’ screens flashed red across Europe meanwhile, with Frankfurt and Madrid falling by 4.0 percent, Paris shedding 3.9 percent and London losing 3.3 percent.

In midday New York …

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𝐀𝐟𝐫𝐢𝐜𝐚 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐍𝐞𝐰𝐬, 𝐍𝐞𝐰 𝐘𝐨𝐫𝐤, is a nonpartisan online news portal founded on the truth to provide you with weekly, insightful articles written with precision and current updates on current events from Africa in particular and the rest of the world in general. All of our reports undergo extensive fact-checking to ensure their veracity, and we adhere strictly to the facts, no matter whose ox is gored.

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