Oil led losses in a broad market selloff while a resurgent virus threatened the global economic recovery just as OPEC+ agreed to boost crude supply.
Oil climbed back above $73 a barrel after an industry report pointed to a big decline in US crude inventories ahead of an OPEC+ meeting that’s expected to lead to the group returning more supply to the market.
Oil extended losses as a coronavirus resurgence raised concerns about demand ahead of an OPEC+ meeting this week that could see the alliance boost some halted output.
Oil held near $74 a barrel as investors focused on an OPEC+ meeting this week that may pave the way for more supply from the group.
Brent oil hit $75 a barrel for the first time in more than two years amid signs of a rapidly tightening market.
Oil extended a powerful rally, with global benchmark Brent closing in on $75 a barrel, after data pointed to a substantial draw in US crude stockpiles and top traders predicted further gains in prices.
Brent oil was heading for the biggest weekly decline since March, with the market bracing for the prospect of more Iranian crude flows as the nation inches closer to a revived nuclear deal.
For those who had been tracking technical indicators of oil this month, the message was clear: Crude prices had risen too quickly.
Oil surged above $71 a barrel in Asian trading after Saudi Arabia said the world’s largest crude terminal was attacked, although output appeared to be unaffected after the missiles and drones were intercepted.
Brent oil traded near $65 a barrel as a cold blast that’s taken out almost 40% of US crude production morphed into a global supply shock.
Oil dropped the most in two weeks with OPEC+ yet to resolve an impasse on whether to keep raising production at a time when the pandemic threatens demand.
Oil slipped back below $40 a barrel in New York with demand concerns keeping prices in check after crude was swept up in a broader market rally following news of a potential coronavirus vaccine breakthrough.
Gold fell with copper and oil pared gains as tight races in battleground states in the U.S. election shook traders’ initial faith in a decisive outcome, raising the prospect of a prolonged wait for the final result.
Oil held near a four-month high after speculation the Federal Reserve will keep U.S. interest rates near zero for longer buoyed markets.
A spike in U.S. coronavirus cases is threatening the oil market’s recovery from its historic plunge into negative territory.
Oil is heading for the first weekly loss since late April in New York on fears a second wave of U.S. infections could derail a fragile recovery, while swelling stockpiles raised fresh concerns about excess supply.
A popular exchange traded fund that uses complex derivatives to track oil is being investigated by U.S. regulators over whether its risks were properly disclosed to investors, scrutiny triggered by crude’s historic slump during the coronavirus crisis, said three people familiar with the matter.
Oil rose today following a prediction from Russia that the market may rebalance as early as next month after historic output cuts from global producers to drain a glut.
Oil rose as the head of the International Energy Agency forecast demand will likely grow past its level before the global pandemic.
Oil was anchored near $33 a barrel as an escalating war of words between the U.S. and China added to caution over the prospects for a global recovery in demand.
Oil retreated from the highest level in more than two months as doubts over the strength of China’s economic recovery and rising tensions between Washington and Beijing ate away at its weekly advance.
Oil’s historic crash below zero looked increasingly like an aberration as the June contract rose for a fourth day in its last session of trading before expiring.
Oil rose to the highest in two months as demand in China returned to near pre-virus levels and output curbs continued in the U.S. and elsewhere.
Oil headed for its first back-to-back weekly gain since February as output cuts from the biggest producers and a nascent recovery in demand began to rebalance a market awash with crude.
Oil was headed for the longest run of daily gains in more than nine months on signs the worst of the supply glut may be over as production cuts start to take effect.