Oil prices climbed by more than $1 a barrel on Monday, supported by output cuts and signs of a gradual recovery in demand amid easing coronavirus curbs, with U.S. oil showing no signs of last month’s contract expiry price rout.
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British prompt wholesale gas prices dropped on Friday morning due to weak demand, with some curve contracts supported by other fuels.
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Oil prices jumped more than 3% on Friday, touching more than one-month highs amid signs that demand for crude was picking up with China reporting increased refinery runs, and rounding out a week of bullish news on the supply front.
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European wholesale spot power prices for day-ahead delivery fell on Thursday on an expected rise in German wind and solar power generation, and increased French nuclear output, while demand is projected to dip in both countries.
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Oil prices climbed on Thursday following an unexpected drop in U.S. crude stocks, but gains were capped by a bleak outlook for the world’s No. 1 economy as the coronavirus pandemic crushes fuel demand, and concern over a potential second wave of cases.
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Oil prices fell on Wednesday on concerns about a possible second wave of coronavirus cases in countries easing lockdowns, which could prompt renewed movement restrictions, while industry data showed U.S. crude inventories are still rising.
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Prompt British wholesale gas prices slipped on Tuesday morning as supplies of gas continued to be re-routed from the continent to Britain due to maintenance.
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Oil futures rose on Tuesday, boosted by an unexpected commitment from Saudi Arabia to deepen production cuts in June in a bid to help drain the glut in the global market that has built up as the coronavirus pandemic crushed fuel demand.
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British wholesale gas prices were lower on Monday morning as gas was re-routed from continental Europe to Britain, creating oversupply.
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Oil prices slipped more than 1% on Monday as concern over a persistent glut and economic gloom caused by the coronavirus pandemic cancelled out support from supply cuts at some of the world’s top producers. ›
