The COVID-19 pandemic took its toll on oil prices in 2020. For the past year, the US benchmark slumped 20.5%, while Brent crude lost 21.5%.
Latest in Tag: WTI Highlight
Latest in Tag: WTI
Many European countries and US states are tightening coronavirus restrictions. Analysts expect oil prices to come under pressure in the first half of 2021
Oil prices drop came amid a spike of new coronavirus infections in some major economies forced renewed restrictions or a delay of unwinding lockdowns.
West Texas Intermediate for September delivery rose to $41.01 a barrel, while Brent crude for October delivery climbed to $44.15 a barrel
Oil prices plunged as West Texas Intermediate for September delivery fell $1.35 to$39.92 a barrel, while Brent crude lost 81 cents to $42.94 a barrel
Oil prices also got a lift from weak US dollar as there is normally a reverse correlation between foreign exchange value of the US dollar and oil prices
Meanwhile, Brent crude oil for September delivery advanced 1.04 dollars to close at 44.32 dollars a barrel on the London ICE Futures Exchange.