Brent Oil advanced near $60 a barrel as global supplies tighten and the demand outlook improves with the rollout of Covid-19 vaccines.
nymex crude price today
Hedge funds cut bullish bets on U.S. crude as demand outlook worsens
Crude as demand outlook – Hedge funds and money managers cut bullish wagers on U.S. crude, data showed on Friday, as rising coronavirus cases around the world weakened the demand outlook, and a rise in OPEC output last month also weighed on the market.
Crude Oil Plunges Below Zero for First Time in Unprecedented Wipeout
The crude oil price on the futures contract for West Texas crude that is due to expire Tuesday fell into negative territory — minus $37.63 a barrel. The reason: with the pandemic bringing the economy to a standstill, there is so much unused oil sloshing around that American energy companies have run out of room to store it. And if there’s no place to put the oil, no one wants a crude contract that is about to come due.
CRUDE OIL FUTURES ARE NOW IN OFFICIAL BEAR MARKET ??
Crude Oil prices fell more than 1% on Tuesday, with Brent crude settling near seven-month lows below $60 a barrel as trade tensions between the U.S. and China intensified worries about weakening global demand.
U.S. Crude Oil Futures Below $63, Only Bloodbath – Neal Bhai Reports
U.S. Crude Oil Futures Tips – Keep Eye on Below $63 level, Only Bloodbath – Target $61—58, Just Watch Strong Support $63.