The COVID-19 pandemic triggered a record one-month decline in oil prices in March 2020. The nominal price of West Texas Intermediate (WTI) at Cushing ended at US$-37 on April 20, 2020, thereby hitting negative territory for the first time.Footnote1Since then, oil prices have recovered som...
"We attribute the WTI price weakness to the imminent expiry of the May contract tomorrow and the low trading volume that comes with it," Giovanni Staunovo, a commodity analyst at UBS Global Wealth Management, told Xinhua on Monday. File photo taken on March 12, 2019 shows operating oil pump...
In addition, the impact of the Russia–Ukraine war on Brent crude oil prices is more significant than that of WTI crude oil prices, and the price difference between the two has increased. On March 23, 2022, the price difference between Brent and WTI crude oil reached $12.64/barrel. The ...
In December 2024, the average price of one barrel of Brent crude oil was 73.86 U.S. dollars. This was the lowest figure in the past 24-month period. Lower oil demand in China and announcements that the OPEC were expecting to increase production led to this fall in prices. Brent terminolo...
The second sub-period (pre-vaccine period) spans from the 9 March 2020 until the 9 November 2020, covering a volatile period, with either lockdowns or restrictions and uncertainty in the global economy. This period ends with the announcement of the approval of a vaccine for trial with an ...
Oil price increases also reflect supply limitations by the Organization of the Petroleum Exporting Countries (OPEC) and OPEC partner countries. In 2020, OPEC cut oil production due to decreased demand during the pandemic. It gradually increased oil output through 2021 and into 2022. Supply chain di...
Going back nearly 30 years, March has been the best month for crude oil. By the end of the month, the price of oil is nearly 4 percent higher on average than the closing price on the last trading day of February. One reason for this increase relates to the demand pull created by ref...
by adding the oil price and the exchange rate, and adjusting the models proposed by Chordia and Shivakumar (J Finance 57:985–1019, 2002) and Kim et al. (J Bank Finance 49:191–215, 2014) on the characteristics of oil-rich developing countries, we estimated the impact of macroeconomic...
been able to weather the effects of Western sanctions and pipeline politics. In Canada, an increase in oil prices provides benefits that overcome “Dutch disease” under a high oil-price regime, but not under a low oil-price regime; the low oil-price regime accentuates challenges the oil sec...
Thursday's videoconference meeting between the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia is expected to be more successful than their gathering in March, which ended in a failure to extend supply cuts and a price war between Saudi Arabia and Russia. ...