Oil prices rose nearly 1% on Thursday, extending big gains from a day earlier, as the market worried about crude supply disruptions and demand concerns were cushioned after a sharp drop in new coronavirus cases at the epicentre of the outbreak.
Oil prices climbed Wednesday as investors weighed the U.S. sanctions imposed on a subsidiary of Russian-oil giant Rosneft. Global benchmark Brent crude rose 2.4% to $59.12 a barrel. Prices have recovered some of their 2020 slide so far this month, and analysts said the upswing has been further supported by the new sanctions.
U.S. sanctions on Russian Rosneft's trading arm will disrupt a slice of global crude flows and may prompt refineries in Europe, India and the United States to shift purchases to other crude suppliers, traders said.
Oil futures settled higher on Wednesday, with U.S. prices at their highest in almost three weeks. Prices got a boost after the U.S. imposed sanctions on an arm of Russian oil giant Rosneft, as well as reports of a further decline in Libyan oil output. A slowdown in the spread of COVID-19 also eased worries about energy demand.
By Myra P. Saefong and Mark DeCambre, MarketWatch. Brent oil futures tally a 7th straight gain. Oil futures posted their highest settlement in nearly three weeks on Wednesday, with Brent oil tallying seventh straight session advance.
Oil prices climbed Wednesday as investors weighed the U.S. sanctions imposed on a subsidiary of Russian-oil giant Rosneft. Global benchmark Brent crude rose 1.3% to $58.15 a barrel. The commodity is up 3.4% so far this month, and analysts said its rise has been further supported by the new sanctions.
Fujairah Oil Industry Zone on Wednesday published, via
industry information service S&P Global Platts, the following weekly inventory data for oil
products for the week ended Feb. 17.
* Brent moves further into backwardation. * U.S. tries to curtail Venezuela supplies. * Coronavirus interactive graphic: https://tmsnrt.rs/2GVwIyw. By Laila Kearney. Oil prices gained more than 2% on Wednesday as worries eased about demand declining due to the spread of coronavirus cases in China, while supplies tightened as the United States moved to cut off more Venezuelan crude from the market.
* Kimanis crude exports fall to 4 cargoes in April. * Maintenance planned at Gumusut-Kakap, Malikai fields. By Florence Tan and Shu Zhang. New repair works scheduled by Royal Dutch Shell (RDS/A) in its oilfields in Malaysia are likely to halve exports of Kimanis crude cargoes in April and squeeze supplies in Asia, two sources said on Wednesday.
Oil prices gained more than 2% on Wednesday as worries eased about demand declining due to the spread of coronavirus cases in China, while supplies tightened as the United States moved to cut off more Venezuelan crude from the market.
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