Oil slipped on Thursday after industry data showed a surprise build in U.S. crude inventories that reignited pandemic-led demand concerns, but stimulus hopes in the United States capped the downturn in prices.
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British wholesale gas prices rose on Wednesday morning, buoyed by a an expected fall in temperatures to below normal levels from Thursday that will lift demand for heating.
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Oil prices rose on Wednesday, building on solid gains overnight, thanks to a combination of a weaker dollar and expectations the incoming U.S. administration will deliver massive stimulus spending that would lift fuel demand and draw down crude stocks.
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Oil prices on Monday fell further from 11-month highs touched last week, ending a rally that started at end-October on production cuts and strong Chinese demand, with the market’s outlook questioned as coronavirus infections rise.
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Oil prices were lower on Friday as concerns about Chinese cities in lockdown due to coronavirus outbreaks tempered a rally driven by strong import data from the world’s biggest crude importer and U.S. plans for a large stimulus package.
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British wholesale gas prices rose on Thursday morning as tempratures were expected to drop and liquefied natural gas (LNG) supply remained weak.
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Oil prices were little changed on Wednesday, supported by a bigger-than-expected drop in U.S. crude inventories but under pressure as rising global COVID-19 cases threatened global fuel demand.
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Oil prices rose on Wednesday, with U.S. crude gaining for a seventh day, after an industry report showed a further drop in inventories and investors shrugged off worsening developments in the pandemic.
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British wholesale gas prices soared to fresh more than two-year highs on Tuesday as colder weather stoked demand and rocketing Asian liquefied natural gas (LNG) prices curbed supply to Europe.
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Oil prices slipped on Tuesday as investors remained concerned about climbing coronavirus cases globally, but expectations of a drawdown in crude oil inventory in the United States for a fifth straight week kept losses in check.
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