Oil prices fell on Thursday after a slump in the previous session, as rising U.S. stockpiles added to concerns about a hit to demand from surging coronavirus infections in Asia and possible U.S. rate hikes. WTI fell 63 cents, or 1.01%, to $62.71 a barrel, after a 3.3% drop in the previous session.  Brent crude was down 75 cents, or 1.13%, at $65.90 a barrel. "A resurgence in COVID-19 cases across parts of Asia is doing little to support the market in the near term," ING Economics said in a [Read more]

Oil prices fell for a second day on Wednesday on renewed demand concerns as coronavirus cases in Asia rise and on fears of rising inflation might lead the U.S. Federal Reserve to raise interest rates, which could limit economic growth. U.S. West Texas Intermediate (WTI) crude futures dropped $2.03, or 3.11%, to $63.23 a barrel, following a 1.2% fall on Tuesday. Brent crude futures fell $2.00, or 2.89%, to $66.50 a barrel. It settled 1.1% lower on Tuesday after briefly climbing above $70 [Read more]

Oil prices remained steady on Tuesday as hopes of a solid recovery in fuel demand following the reopenings of the U.S. and European economies offset concerns over spreading COVID-19 cases in Asia. West Texas Intermediate (WTI) dropped 28 cents, or 0.42%, at $66.02 a barrel.  Brent crude oil futures dipped 22 cents, or 0.32%, at $69.24 a barrel. Both contracts rose more than 1% on Monday. "Behind the gain is growing optimism of strong recovery in gasoline and other fuels in the United [Read more]

Oil prices were mixed in a tight range on Monday after the recovery of a major U.S. pipeline network eased concerns over supply, though fresh restrictions in Asia amid surging COVID-19 cases weighed on sentiment. Gasoline shortages that have plagued the U.S. East Coast slowly eased on Sunday, with 1,000 more stations receiving supplies as Colonial Pipeline's 5,500-mile (8,900-km) system recovered from a crippling cyberattack. West Texas Intermediate (WTI) crude was up 40 cents, or 0.62%, [Read more]

U.S. energy firms added oil and natural gas rigs for a third week in a row as higher crude prices prompt some drillers to return to the wellpad. The oil and gas rig count, an early indicator of future output, rose five to 453 in the week to May 14, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. That put the total rig count up 114 rigs, or 34%, over this time last year. It was also up 86% since falling to a record low of 244 [Read more]

Oil prices bounced back after dropping about 3% a day earlier as coronavirus cases remained high in major oil consumer India and as a key fuel pipeline in the United States resumed operations after being shut due to a cyber attack. West Texas Intermediate (WTI) was climbed $1.35, or 2.12%, at $65.13 a barrel. Both prices are heading for their first weekly loss in three weeks.  Brent crude oil futures rose $1.42 or 2.12%, at $68.40 a barrel. "The commodity supercycle rally just hit a hard [Read more]

The U.S. capital was running out of gasoline on Friday even as the top U.S. fuel pipeline ramped up deliveries following a cyberattack and Washington officials assured motorists that supplies would return to normal soon. The six-day Colonial Pipeline shutdown was the most disruptive cyberattack on record, which underscored the vulnerability of vital U.S. infrastructure to cybercriminals. Widespread panic buying continued two days after the nation's largest fuel pipeline network restarted, [Read more]