Business

Oil falls below $42 to lowest since July on demand fears

LONDON (Reuters) – Oil fell below $42 a barrel on Tuesday, its 5th session of decline, pressured by concerns that a recovery in demand could weaken as coronavirus infections flare up around the world. Coronavirus cases rose in 22 of the 50 U.S. states, a Reuters analysis showed on the Labor Day holiday weekend. New […]

Business

Oil prices struggle to hold five-month high amid pandemic worries

MELBOURNE (Reuters) – Oil prices were unchanged on Thursday, struggling to hold onto five-month highs reached in the previous session, as fuel demand worries caused by a second wave of coronavirus infections outweighed declines in the U.S. dollar. U.S. West Texas Intermediate (WTI) crude CLc1 futures were down 3 cents, or 0.1%, at $42.16 a […]

Business

Oil down nearly 4% as virus surge weighs on demand outlook

LONDON (Reuters) – Oil prices fell by around 4% on Thursday, as surging coronavirus infections around the world threatened to jeopardise a recovery in fuel demand just as major oil producers are set to raise output. U.S. West Texas Intermediate (WTI) crude futures were down $1.52, or 3.7%, at $39.75 a barrel at 1401 GMT. […]

Business

Oil rises after surprise drop in U.S. inventories offsets demand concerns

TOKYO (Reuters) – Oil prices rose on Wednesday after an industry report showed that crude inventories in the United States increased against expectations, giving the market a boost amid record increases of coronavirus infections in the U.S. and elsewhere. Brent crude LCOc1 was up by 24 cents, or 0.6%, at $43.46 a barrel by 0041 […]

Business

Oil rises after U.S. crude stocks drop, focus on OPEC+ meeting

SEOUL (Reuters) – Oil prices rose on Wednesday after a sharp drop in U.S. crude inventories, with the market waiting for more direction from a meeting later in the day on the future level of production by OPEC and its allies. Brent crude LCOc1 futures were up 10 cents, or 0.2%, at $43 a barrel […]

Business

Oil rises on signs of economic recovery, but new infections loom

LONDON (Reuters) – Oil prices rose on Wednesday on a string of positive manufacturing data and a drawdown in U.S. crude inventories, both indicating an economic recovery, however, fears of a surging coronavirus infections capped the gains. Brent crude LCOc1 was up 13 cents, or 0.3%, at $41.40 a barrel at 1236 GMT, and U.S. […]

Business

Oil edges lower as U.S. stockpiles grow more than expected

TOKYO (Reuters) – Oil futures edged lower on Wednesday, extending losses from the previous day, after U.S. crude stockpiles grew more than expected, adding to worries about oversupply, although a fall in gasoline stocks kept the decline in check. Brent crude was down 2 cents at $42.61 a barrel by 0045 GMT, while U.S. West […]

Business

Oil dips as demand worries outweigh tighter supply

SINGAPORE (Reuters) – 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 10 cents, or 0.2%, to $42.04 a barrel by 0655 GMT, while U.S. crude CLc1 was at $39.72 a […]

Business

Oil edges up on tighter supply, but demand worries limit gains

SINGAPORE (Reuters) – Oil prices nudged higher on Monday on tighter supplies from major producers, but a record rise in global coronavirus cases raised concerns a recovery in fuel demand could stall, checking gains. Brent crude LCOc1 rose 8 cents, or 0.2%, to $42.22 a barrel by 0249 GMT, while U.S. crude CLc1 was at […]