Tag
OIL TRADERS
Brent crude futures were up 1.1% and priced at $43.21 a barrel and West Texas Intermediate crude was priced at $40.66 a barrel, up by1.32%.
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 U.S oil-based contract, the major indicator used for U.S. crude prices, sold at 35.79 per barrel.
Crude prices printed their third weekly loss in four at the end of its most recent trading session.
Brent crude held most of it gains from the previous trading session.
The surge in recent days in Covid-19 caseloads remains a great concern for oil traders.
The low volatility in Brent crude was largely attributed to many oil traders staying on the sidelines.
Something odd occurred in the crude oil markets days ago. Prices plunged so low that some oil traders had to pay oil buyers to bail them out.