WTI down 2% on persisting demand woes - Breaking The News

WTI down 2% on persisting demand woes

1 May

1 min read

EPA-EFE/CAROLINE BREHMAN

West Texas Intermediate (WTI) crude oil futures slumped for the fourth straight day on Thursday, hitting its lowest point in three weeks, as indications of a fresh OPEC+ production increase led by Saudi Arabia added to worries about declining demand during an ongoing global trade conflict.

Further, the US economy contracted in Q1 for the first time in three years, underscoring the financial challenges stemming from President Donald Trump's confrontational trade stance.

WTI for June deliveries declined 2.06% at 4:57 am ET and sold for $57.05 per barrel. Brent for the same month's settlements slumped 1.83% at the same minute, going for $60.01 per barrel.

oil

Related Stocks

Brent Crude (ICE)

F WBS

Baker Hughes: US oil rig count up by 2 to 418

19 September

The number of oil rigs in the United States stood at 418 in the week ending September 19, increasing by two compared to the previous week, according to the Baker Hughes weekly rig count released on Friday. On an annual basis, the number of oil rigs dropped by 70.The US gas rig count remained stable at 118 during the same week, while advancing by 22 compared to last year. The total number of rigs in the country currently stands at 542, up by 3 from last...

ExxonMobil has 'no plans' to return to Russia

18 September

ExxonMobil Corp. announced on Thursday that it does not plan to re-enter Russia, following earlier reports about a potential comeback.The company's CEO Darren Woods told the Financial Times in an interview that Exxon representatives are currently in talks with Russian officials about recouping $4.6 billion worth of assets expropriated by Moscow, and added that investing in the country is not part of the negotiations."We don't have any plans to re-enter Russia....

EIA: US crude inventories down by 9.3M barrels

17 September

Commercial crude oil inventories in the United States, not taking into account those in the Strategic Petroleum Reserve (SPR), decreased by 9.3 million barrels to 415.4 million barrels in the week ending September 12, the Energy Information Administration (EIA) revealed in its report on Wednesday.The crude oil refinery inputs averaged 16.4 million barrels per day (bpd) during the reported week, declining by 394,000 bpd compared to the previous week's figure....

US oil inventories reportedly down by 3.42M barrels

16 September

Crude oil inventories in the United States decreased by 3.42 million barrels in the week that ended September 12, private data from the American Petroleum Institute (API) reportedly showed on Tuesday.Distillate inventories are said to have jumped by 1.90 million barrels, and gasoline stockpiles fell by 691,000 barrels. During the corresponding week, reserves in Cushing, allegedly declined by 379,000 barrels.

This website uses cookies to ensure you get the best experience. Our Terms of Use and Data Protection Policy explain the data we collect, why we collect them, and how we may share them.