Tag: ICE Brent Crude (Oct'21)

Oil jumps as much as 6%, snapping longest losing streak since 2019

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Pump jacks at the Belridge Oil Field and hydraulic fracking site which is the fourth largest oil field in California. Citizens of the Planet | Universal Images Group | Getty Images Oil prices jumped on Monday, snapping a seven-day losing streak that was crude’s worst since 2019, as the dollar pulled back and traders bet the recent selling was overdone. “News of zero new cases in China has certainly provided a tailwind as it gives added light at the end of the Covid tunnel and a breath of fresh air…

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Oil falls for a sixth straight day, sinks to the lowest level since May on fears of slowing growth

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Oil pumping rigs are situated next to a vineyard of table grapes as viewed on July 8, 2021, north of Bakersfield, California. George Rose | Getty Images Oil dropped for a sixth-straight session on Thursday, falling to the lowest level since May as demand fears and comments from the Federal Reserve that it will suspend its bond-buying program sent prices tumbling. Crude came under pressure amid weakness in the commodities market and equities more generally. West Texas Intermediate crude futures, the U.S. oil benchmark, slid $2.38, or 3.6%, to trade…

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Oil prices fall 4% on rising global Covid cases, continuing slide following worst week since October

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Oil derrick pumps operate at the Inglewood Oil Field in Culver City, California, on Sunday, July 11, 2021. Kyle Grillot | Bloomberg | Getty Images Oil prices slid on Monday, building on last week’s steep losses, as rising Covid cases prompted fears of a slowdown in demand. West Texas Intermediate crude futures declined more than 4% to trade at $65.50 per barrel. The contract traded as low as $65.15 earlier in the session. International benchmark Brent crude declined 3.8% to $68.01 per barrel. “The biggest challenge for oil markets remains…

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