Oil falls as coronavirus cases soar - GulfToday

Oil falls as coronavirus cases soar

  • 07 Dec 2020
Crude-Oil-750x450

Picture used for illustrative purpose. File

Gulf Today Report

Oil prices declined on Monday due to increase in coronavirus cases leading to lockdown imposed in different parts of the world, including Southern California, the world’s top oil consumer.

Brent crude oil futures were down 21 cents, or 0.4%, at $49.04 a barrel by 07:47 GMT, while West Texas Intermediate oil futures fell 25 cents, or 0.5%, to $46.01 a barrel. Both benchmarks gained for a fifth consecutive week last week. 

READ MORE 

Indian shares advance due to record gain by ICICI

Gold gains as US jobs data remain gloom

UAE, a global centrepoint of gold industry

Aside from restrictions, US energy firms increased oil and natural gas rigs for the 11th time in 12 weeks as producers head for the wellpad. This decision comes despite the reduction of spending this year and next.

Iran is working towards production and sale at full capacity within three months. Economic recovery in China and progress in developing COVID-19 vaccine has limited losses.

 

Related articles

Oil slips following unexpected increase in US stockpiles

Brent crude futures slipped 18 cents, or 0.4%, to $48.66 a barrel by 0450 GMT, having gained 5 cents the previous day. US West Texas Intermediate (WTI) crude futures dropped 15 cents, or 0.3%, to $45.45, after shedding 16 cents on Tuesday.

09 Dec 2020

Oil prices fall as COVID-19 cases surge

Brent crude futures fell 40 cents, or 0.8%, to $48.39 a barrel at 0455 GMT, while US West Texas Intermediate (WTI) crude futures fell 35 cents or 0.8%, to $45.41 a barrel. Both benchmark contracts lost around 1% on Monday.

08 Dec 2020

Oil contains losses as US President signs aid bill

Brent crude futures declined 25 cents, or 0.5%, to $51.04 a barrel while US West Texas Intermediate (WTI) crude futures slipped 19 cents, or 0.4%, to $48.04 a barrel.

28 Dec 2020

Oil prices fall as US inventory gain

Brent crude futures fell 11 cents, or 0.2%, to $50.65 a barrel at 04:21 GMT, while US West Texas Intermediate (WTI) crude futures fell 9 cents, or 0.2%, to $47.53 a barrel.

16 Dec 2020

Most Popular Stories

Other Articles

ACWA Power inks $4.85b deal for Central Asia’s largest wind farm

The agreement was signed in the presence of the Uzbek PM and Prince Abdulaziz, during a ceremony inaugurating two of ACWA Power’s ongoing projects in the country: the 1.5GW Sirdarya CCGT plant and the first 100MW phase of the Riverside solar plant in the Tashkent region.

6 hours ago

SAA to participate at ATM 2024

The Sharjah Airport Authority (SAA) announced its participation in the 31st edition of the Arabian Travel Market 2024 (ATM), scheduled to start on May 6th

10 hours ago

UAE aims to enhance growth of GCC industrial sector: Al Jaber

Dr Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, on Wednesday led a UAE delegation participating in a series of regional industrial meetings

10 hours ago

Etihad Airways deal with five airlines to make travel easier for passengers

The interline agreements give customers of all airlines involved enhanced connectivity to destinations across each other’s networks, enabling guests to book their entire journey on a single ticket and have their baggage checked through seamlessly to their end destination.

11 hours ago