By Tom Whipple, Steve Andrews, Peak-Oil.org
Brent futures dropped steadily for the first three days last week, falling to a low below $60 on Wednesday before the attack on two oil tankers just south of the Straits of Hormuz. Prices then rebounded to close the week at $62.01.
By Tom Whipple, Steve Andrews, Peak-Oil.org
US oil prices sank into bear market territory on Wednesday, falling more than 20 percent below the April peak. Traders were concerned that a 6.8-million-barrel build in US crude stocks indicated lower prices ahead.
By Tom Whipple, Peak-Oil.org
Oil prices fell on Friday posting their biggest monthly drop in six months, after President Donald Trump threatened tariffs on imports from Mexico.
By Tom Whipple, Steve Andrews, Peak-Oil.org
Oil prices plunged on Friday with New York futures falling about $5 a barrel. Precipitating the fall were concerns that there is no end in sight to the US-China trade war and that the global economy could slow by enough to affect oil demand.
By Tom Whipple, Peak-Oil.org
The struggle between fears that the US sanctions will lead to an oil shortage and the intensifying US-China trade war will lead to a depression continued last week.
By Tom Whipple, Peak-Oil.org
Uncertainty was the watchword of the week as oil traders juggled the faltering US/China trade deal, increasing tensions in the Middle East, and falling US crude stocks.
By Tom Whipple, Steve Andrews, Peak-Oil.org
After climbing more than $20 a barrel from $52 in late December to nearly $75 on April 23rd, prices have fallen back so that Brent closed at $70.85 on Friday.
By Tom Whipple, Steve Andrews, Peak-Oil.org
Last week began with oil prices continuing to climb on concerns that tightening sanctions on Iran would cut oil supplies. Brent crude touched $75 for a short time after Moscow announced that it was halting some crude shipments to Europe due to contaminated pipelines.
By Tom Whipple, Peak-Oil.org
Oil prices continued to climb slowly last week with Brent closing just below $72 a barrel, a new high for the year, and New York futures closed $8 a barrel lower at $64.
By Tom Whipple, Steve Andrews, Peak-Oil.org
Oil prices continued to creep up last week closing out at $71.55 in London and $63.89 in New York, making the sixth consecutive week of gains.