Tag
BRENT CRUDE
Brent crude prices were up about 9.25%, breaking out of its strong resistance level of $43/Barrel.
Brent crude prices closed 3.62% lower to settle at $39.45 a barrel, WTI dropped 4.25% to settle at $37.14/Barrel.
Brent crude prices dropped over 1% trading at $40.68/barrel, while West Texas Intermediate also dropped over 1% to trade at $38.63.
Crude oil prices rallied higher with the bias that OPEC+ is likely to extend its oil production cut.
The plunge in all prices is coming on worries of a swathe of COVID-19 lockdowns across emerged markets with softening fuel demand.
Crude oil prices ended the week mixed cumulatively amid surging Covid-19 caseloads.
Crude oil prices drifted lower at the first trading session of the week.
Investor sentiment was positive as 36 stocks advanced against 10 decliners.
President Trump's recent improved health status lifted the morale of oil traders.
Oil traders are concerned about the blurred demand outlook in the short term.
Crude prices printed their third weekly loss in four at the end of its most recent trading session.
The economy continues to face severe dollar shortages due to lower oil receipts which continues to pressure the nation’s FX reserves.