What is Affecting Oil Prices This Week?

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  • May 3, 2021: Different recovery paths

    The price of Brent crude oil ended the week at $66.44 after closing the previous week at $66.11. The price of Brent crude oil fell back on Friday after reaching $68.05 on Thursday.

  • Apr 26, 2021: Renewed Concerns about COVID-19

    The price of Brent crude oil ended the week at $66.11 after closing the previous week at $66.77, while the price of WTI ended the week at $62.14 after closing the previous week at $63.13.

  • Apr 19, 2021: Improving fundamentals, but rising geopolitical risks

    The price of Brent crude ended the week at $66.77 after closing the previous week at $63.05. The price of WTI ended the week at $63.13 after closing the previous week at $59.34.

  • Apr 12, 2021: Will the decline in oil prices continue?

    The price of Brent crude ended the week at $63.05 after closing the previous week at $64.86. The price of WTI ended the week at $59.34 after closing the previous week of $61.45. The drop in prices came after the announcement at the end of previous week of increased production from OPEC+.

  • Apr 5, 2021: Supply Increases Chasing Demand

    The price of Brent crude closed last week at $64.86, which was essentially unchanged from the close of the prior week of $64.63. The price of WTI closed the week at $61.45 after closing the prior week at $60.97. The week of unchanged prices came with the announcement of production increases from OPEC+ among other developments.

  • Mar 29, 2021: A market searching for signs

    The price of Brent crude closed last week at $64.63 after a volatile week that saw prices falling to a low of $60.79 on Tuesday, then zigzagging through the rest of the week. The price of WTI followed a similar pattern and closed at the week at $60.97 after falling to$57.76 on Tuesday.

  • Mar 22, 2021: Is more downside on the horizon after last week's price decline?

    The price of Brent crude oil closed last week at $64.53 after closing the previous week at $69.22. The price of WTI closed the week at $61.42 after closing the previous week at $65.61. Last week’s price movement is the first significant decline in oil prices since the beginning of March, when the market was waiting for the outcome of the upcoming OPEC+ meeting that was held on March 4.

  • Mar 15, 2021: Upside and Downside Risks

    The price of Brent crude oil closed last week at $69.22 after closing the previous week at $69.36. In similar fashion, WTI closed the week at $65.61 after closing the previous week at $66.09. The price movement aligned with our expectation that crude prices would move sideways with profit-taking by the traders after the significant runup in prices that has occurred over the previous few weeks.

  • Mar 8, 2021: More bullish signs

    The price of Brent crude oil closed last week at $69.36 after starting the week at $64.63, and WTI closed last week at $66.09 after starting the week at $61.66. Oil prices have not been at this level since May of 2019.

  • Mar 1, 2021: Growing optimism, growing risks?

    The price of Brent crude oil closed last week at $64.63 after reaching $66.78 on Thursday morning, but was still up for the week by 2.73%.

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