Oil price news

Oil prices are ticking up today on trader hopes that OPEC+ may address India’s demand destruction with supply policy amendments in its coming meeting.

Oil prices are largely unchanged today as positive developments in the US and Europe face off with increasing Covid-19 infections in India.

Oil prices extended their losses on Thursday as the market priced in concerns over increasing Covid-19 infections in Asia and a surprise US crude stocks build.

Oil prices are set to close the week with notable gains as the market got a boost from positivity over the speed of the oil demand’s recovery.

Oil prices fell today as a result of a steep rise in gasoline stock levels in the US and concerns over the AstraZeneca vaccine future usage.

Oil prices rose on Wednesday as the market expects OPEC+ to keep a conservative output policy in the following day’s meeting, due to the speed lag of the oil demand recovery.

Oil prices fell on Monday as the Suez Canal blockade is getting closer to a resolution and as global Covid-19 infections rose for a fifth consecutive week.

Oil prices rose on Friday as the market re-evaluated the importance and consequences of the Suez Canal blockade and the effect of a prolonged bottleneck.

Oil prices rose on Wednesday due to a blockage at the Suez Canal, which prevents normal traffic of oil tankers. Positive data in European purchasing manager indices also help, but concerns that heavy lockdowns in Europe will affect the demand recovery still keep prices lower than few weeks ago.

Oil prices started the week largely flat due to renewed lockdowns in Europe but, after last week’s painful correction, levels are now more sustainable.