Oil prices fall as EIA confirms crude inventory build in the United States

Crude oil prices accelerated their fall after the Energy Information Administration (EIA) reported a rise in U.S. crude oil inventories of 5.7 million barrels for the week to June 5 and an increase in fuel inventories. A day earlier, the American Petroleum Institute reported a crude oil inventory build of 8.42 million barrels, which caused prices to dive after […]

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Metals, crude prices recovering on gradual unlocking of global economy

Metals and crude oil prices rose on the expectation of a recovery in demand following the gradual re-opening global economy and stronger manufacturing data from China, the world’s largest consumer. The price of copper for delivery in three months jumped 0.7 per cent to trade at $5,415 a tonne on the benchmark London Metal Exchange (LME) on increased demand from […]

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Oil futures plunge below zero as prices collapse to two-decades low on lack of demand

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Oil prices collapsed to more than two-decade lows as traders grow concerned that storage facilities are reaching their limits, while equities were mixed, with some support coming from signs that the coronavirus may have peaked in Europe and the United States. The May futures contract for West Texas Intermediate (WTI), which represents the US’ shale […]

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Oil and gas prices fall as OPEC fails to act

OPEC’s Joint Technical Committee (JTC) recommended extending the current production cuts through the end of the year while adding an additional 600,000 bpd in reductions.  Russia hesitated last week, before signaling some support for additional cuts. Still, nothing has yet been confirmed or approved. OPEC+ had raised expectations of an emergency meeting, rumored to take place as […]

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UAE oil prices are falling

Prices of Abu Dhabi’s popular flagship crude grade, Murban, have dropped over the past week as refiners prefer grades yielding more low-sulfur marine fuels and as supertanker freight rates soar while refining margins for gasoil in Asia are below the average for this time of the year. Last week, Murban, a light crude with API gravity of […]

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