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Oil prices plunged to their lowest level since December 2021, with Brent oil falling 4% to $68.99 on Tuesday. Supply and demand issues, including a slowdown in China's economy, are pressuring prices.
Oil markets spiraled on the news, falling as much as 4% on Thursday. A report that Saudi Arabia would ditch its unofficial crude price target sent crude oil prices sharply lower on Thursday.
Benchmark U.S. crude oil for September delivery rose 26 cents to $73.20 per barrel Tuesday. Brent crude for October delivery rose 18 cents to $76.48 per barrel. Wholesale gasoline for September ...
Crude oil futures prices on the New York Mercantile Exchange in March, April, and May 2020. In March and April 2020, demand for crude oil dropped dramatically as a result of travel restrictions related to the COVID-19 pandemic. [8] Meanwhile, an oil price war developed between Russia and Saudi Arabia, and both countries increased production. [7]
Positive U.S. economic news, higher U.S stockpiles and lower stock prices helped oil fall for a second week, with Brent hitting $84.18 and WTI at $77.52. [5] In spite of higher U.S. inventories, because of Russia's plans to decrease output, WTI climbed 2 percent to $75.39 on February 23 after falling for 6 straight days.
U.S. crude and fuel inventories rose and oil prices fell, still finishing higher for the 5th week. [78] In the last full week of January, WTI reached $88.84, the highest in seven years, before settling at $86.82. Brent reached $91.70, highest since October 2014, before falling to $90.03. Both had the most up weeks since October. [79]
Oil futures dropped as much as 2% on Wednesday before paring losses as traders weighed what Donald Trump's presidential victory could mean for energy prices.
Benchmark U.S. crude oil for September delivery fell $1.08 to $74.73 per barrel Tuesday. Brent crude for September delivery fell $1.15 to $78.63 per barrel. Wholesale gasoline for August delivery ...