Markets

Oil tanks 6% on surging COVID-19 cases and inventory build-ups

Oil futures tanked on Wednesday as escalating coronavirus fears and surging US stockpiles drove new uncertainty around the commodity market’s recovery. West Texas Intermediate crude sank as much as 6.4%, to $US37.04 per barrel. Brent crude, oil’s international standard, tumbled 5.8%, to $US38.83 per barrel, at intraday lows. A global […]
Oil tanks 6% on surging COVID-19 cases and inventory build-ups
Markets

Oil plunges 9% as major producers slash prices on demand weakness

Oil contracts slumped on Tuesday as industry giants cut prices in an effort to support market demand. West Texas Intermediate crude tumbled as much as 9.2%, to $US36.13 a barrel. Brent crude sank as much as 6.7%, to $US39.79, at intraday lows. The sell-offs began over the holiday weekend after […]
Oil plunges 9% as major producers slash prices on demand weakness
Markets

Oil plunges after Fed and OPEC+ sound alarms on long-term demand weakness

Oil contracts sank on Thursday after gloomy commentary from the Federal Reserve and OPEC+ weighed on hopes for a market recovery. West Texas Intermediate crude fell as much as 3.3%, to $US41.50 per barrel. International benchmark Brent crude dropped 3%, to $US44.02 per barrel, at intraday lows. Fed officials expressed […]
Oil plunges after Fed and OPEC+ sound alarms on long-term demand weakness
Markets

Gold swings higher in frothy trading after biggest plunge in 7 years

Spot gold whipsawed on Wednesday, tumbling as much as 2.6% below $US1,900 per ounce before erasing losses and gaining as much as 2% through the morning. The volatile session comes after gold sank the most in seven years on Tuesday. Rising Treasury yields “delivered a sledgehammer blow to precious metal […]
Gold swings higher in frothy trading after biggest plunge in 7 years
Markets

Oil rises after Saudi Aramco sees Asia demand nearing full rebound

Crude oil futures rose on Monday after Saudi Aramco issued a bullish forecast for market demand. The oil producer’s CEO said Sunday he sees Asian demand nearing pre-pandemic highs as economies reopen. West Texas Intermediate crude jumped as much as 1.8%, to $US41.96 per barrel, while international standard Brent crude […]
Oil rises after Saudi Aramco sees Asia demand nearing full rebound
Markets

Oil plummets 8% on 2-pronged threat from COVID resurgence and inventory increase

Oil prices slumped on Wednesday as investors stared down a larger-than-expected jump in US crude inventories and surging COVID-19 case counts in several states. Inventories leaped by 1.75 million barrels to 545 million barrels last week, according to an American Petroleum Institute report seen by Reuters. Economists expected a build-up […]
Oil plummets 8% on 2-pronged threat from COVID resurgence and inventory increase
Next Page »