Oil prices hit year-high, boosted by supply cuts from OPEC+
At the time of writing this report, Brent crude traded at $59.95 a barrel thereby reaching a 1-year high.
At the time of writing this report, Brent crude traded at $59.95 a barrel thereby reaching a 1-year high.
The world’s leading oil giant, Saudi Aramco, has predicted that energy demand will return to pre-COVID-19 levels later in 2021.
Oil prices settled lower for the second straight week on fears that energy demand might face challenges.
Brent crude was down by 0.24% to trade at $55.12 barrel, and WTI futures inched down by 0.10% to $52.22 ...
Oil prices drifted lower after digesting a surprising build in U.S. crude oil inventories that re-ignited fuel demand anxiety.
Brent oil crude futures gained 0.40% to trade at $54.95 while WTI futures were dropped 0.23% to trade at $52.30 ...
Brent crude futures dropped about 1%, to $54.65 a barrel, after losing 2.3% on Friday.
Oil prices are under pressure, and recent customs data reveal that crude imports into China were up 7.3% in 2020.
Oil traders are now weighing the ever-rising number of COVID-19 cases and the impact on global energy demand.
Crude Oil prices dropped deeper at the second trading session of the week, following a new strain of COVID-19 virus.
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