Crude prices turned positive on stimulus hopes and another positive round of economic data showed manufacturing recovery continued. U.S. coronavirus cases fell below 50,000 over the weekend for the first time since early July. WTI Crude is $43.14; Brent is $46.02.
The idea that anomalies on the day oil went to negative $37 were a function solely of supply and demand is fanciful at best say analysts. Oil producers, brokers, and other market participants have been sent into severe financial distress. Regulators need to objectively and thoroughly investigate what happened. WTI Crude is $40.33; Brent is $43.41.
OPEC and its allies will pump about 1.5 million barrels a day more this month than in July as it starts to unwind its historic virus-driven output curbs. WTI Crude is $40.23; Brent is $43.56.
It’s a precarious time to be adding more supply to the market as virus cases continue to expand rapidly through some American states and stages a comeback in Asia. WTI Crude is $40.25; Brent is $43.29.
US crude oil inventories moved sharply lower during the week ended July 24 as exports and refinery demand climbed to multi-month highs, US Energy Information Administration data showed July 29.
Click here to view our Offerings.