By NEW YORK (Reuters) - Oil futures gained more than 2% on Thursday, supported by a drop in U.S. unemployment and a drawdown in crude inventories, but a resurgence in U.S. coronavirus infections fanned concerns that economic activity will weaken in coming weeks.New COVID-19 cases in the United States rose by nearly 50,000 on Wednesday, the biggest one-day increase since the start of the pandemic.Numerous states are advising citizens to restrict movements and closing businesses and restaurants again, which is expected to hamper job growth.“At this time, the economic data seems to be...…By NEW YORK (Reuters) - Oil futures gained more than 2% on Thursday, supported by a drop in U.S. unemployment and a drawdown in crude inventories, but a resurgence in U.S. coronavirus infections fanned concerns that economic activity will weaken in coming weeks.New COVID-19 cases in the United States rose by nearly 50,000 on Wednesday, the biggest one-day increase since the start of the pandemic.Numerous states are advising citizens to restrict movements and closing businesses and restaurants again, which is expected to hamper job growth.“At this time, the economic data seems to be...WW…

By NEW YORK (Reuters) - Oil prices climbed by more than $1 a barrel on Tuesday on hopes that major crude producers will agree to extend output cuts during a video conference expected to be held this week and as countries and U.S. states begin to reopen after coronavirus lockdowns.Both benchmarks neared three-week highs.“There’s the anticipation that OPEC+ is going to agree to extend their current levels for another two months, and at the same time, the market anticipates that the reopening of economies around the world will increase demand and will get us in a position such that, by August,...…By NEW YORK (Reuters) - Oil prices climbed by more than $1 a barrel on Tuesday on hopes that major crude producers will agree to extend output cuts during a video conference expected to be held this week and as countries and U.S. states begin to reopen after coronavirus lockdowns.Both benchmarks neared three-week highs.“There’s the anticipation that OPEC+ is going to agree to extend their current levels for another two months, and at the same time, the market anticipates that the reopening of economies around the world will increase demand and will get us in a position such that, by August,...WW…

By NEW YORK (Reuters) - Oil was up 3% on Monday as more countries announced they would begin easing coronavirus lockdowns and as crude supply cuts by the world’s top producing nations and companies take hold.Worldwide fuel demand fell by an estimated 30% in April largely due to stay-at-home orders, and weak consumption is expected to overhang the crude market for months, even as major world oil-producers reduce output as of May 1. However, analysts have said that swift action by those parties could help reduce the supply glut more quickly.“The market continues to price in the idea that...…By NEW YORK (Reuters) - Oil was up 3% on Monday as more countries announced they would begin easing coronavirus lockdowns and as crude supply cuts by the world’s top producing nations and companies take hold.Worldwide fuel demand fell by an estimated 30% in April largely due to stay-at-home orders, and weak consumption is expected to overhang the crude market for months, even as major world oil-producers reduce output as of May 1. However, analysts have said that swift action by those parties could help reduce the supply glut more quickly.“The market continues to price in the idea that...WW…

By NEW YORK (Reuters) - Oil prices rose nearly 4% on Monday, boosted by the expected slow return of U.S. crude output after last week’s deep freeze in Texas shut in production.U.S. producers shut anywhere from 2 million to 4 million barrels per day of oil output due to cold weather in Texas and other oil producing states, and the unusually cold conditions may have damaged installations that could keep output offline longer than expected.Brent crude settled at $65.24 a barrel, rising $2.33, or 3.7%, while U.S. oil settled at $61.49 a barrel, jumping $2.25, or 3.8%. The U.S. benchmark crude...…By NEW YORK (Reuters) - Oil prices rose nearly 4% on Monday, boosted by the expected slow return of U.S. crude output after last week’s deep freeze in Texas shut in production.U.S. producers shut anywhere from 2 million to 4 million barrels per day of oil output due to cold weather in Texas and other oil producing states, and the unusually cold conditions may have damaged installations that could keep output offline longer than expected.Brent crude settled at $65.24 a barrel, rising $2.33, or 3.7%, while U.S. oil settled at $61.49 a barrel, jumping $2.25, or 3.8%. The U.S. benchmark crude...WW…

By NEW YORK (Reuters) -Oil prices were little changed on Tuesday as the most populous U.S. state tightened its pandemic lockdown through Christmas and COVID-19 cases surged in the United States and Europe, counteracting optimism that arose over vaccine advancements.Brent crude futures settled at $48.84 a barrel, gaining 5 cents. U.S. West Texas Intermediate (WTI) crude futures settled 16 cents lower at $45.60 a barrel.“There’s been this back-and-forth between being concerned about the lockdowns for the next few weeks and the expectations for a vaccine coming sooner than anyone had...…By NEW YORK (Reuters) -Oil prices were little changed on Tuesday as the most populous U.S. state tightened its pandemic lockdown through Christmas and COVID-19 cases surged in the United States and Europe, counteracting optimism that arose over vaccine advancements.Brent crude futures settled at $48.84 a barrel, gaining 5 cents. U.S. West Texas Intermediate (WTI) crude futures settled 16 cents lower at $45.60 a barrel.“There’s been this back-and-forth between being concerned about the lockdowns for the next few weeks and the expectations for a vaccine coming sooner than anyone had...WW…

By , , (Reuters) - When explosions ripped through a Philadelphia oil refinery last year, the shock waves knocked Felicia Menna’s front door frame out of place. Then came the black smoke.“My throat was closing shut,” recalled Menna, who lives about a mile away. “My nostrils felt like they were on fire.”She went to an emergency room, where doctors put her on a vaporizer device to ease her breathing and treated her with intravenous Benadryl for allergic reactions, according to medical records she provided to Reuters. She was among several dozen people who sought treatment after the blast,...…By , , (Reuters) - When explosions ripped through a Philadelphia oil refinery last year, the shock waves knocked Felicia Menna’s front door frame out of place. Then came the black smoke.“My throat was closing shut,” recalled Menna, who lives about a mile away. “My nostrils felt like they were on fire.”She went to an emergency room, where doctors put her on a vaporizer device to ease her breathing and treated her with intravenous Benadryl for allergic reactions, according to medical records she provided to Reuters. She was among several dozen people who sought treatment after the blast,...WW…

By NEW YORK (Reuters) - Oil prices tumbled over 5%, or more than $2 a barrel on Wednesday, after U.S. crude storage hit another record and coronavirus cases rebounded in countries like Germany and surged in heavily populated areas of the United States.The United States had its second-largest rise in infections since the pandemic began. Mounting infections there as well as in China, Latin America and India have unnerved investors and pressured oil prices.“The market is signalling that if it doesn’t get constant reassurance that we are emerging from the breakdown in demand that happened...…By NEW YORK (Reuters) - Oil prices tumbled over 5%, or more than $2 a barrel on Wednesday, after U.S. crude storage hit another record and coronavirus cases rebounded in countries like Germany and surged in heavily populated areas of the United States.The United States had its second-largest rise in infections since the pandemic began. Mounting infections there as well as in China, Latin America and India have unnerved investors and pressured oil prices.“The market is signalling that if it doesn’t get constant reassurance that we are emerging from the breakdown in demand that happened...WW…

By (Reuters) - The price of a barrel of benchmark U.S. oil plunged below $0 a barrel on Monday for the first time in history, a troubling sign of an unprecedented global energy glut as the coronavirus pandemic halts travel and curbs economic activity.The contract for West Texas intermediate crude, or WTI, is the benchmark for U.S. crude oil prices. On Monday, it looked like this:(GRAPHIC: U.S. crude oil's historic crash below zero - )Such a steep drop in the oil benchmark prompted strong reactions beyond trading floors.Here is an explanation of what negative crude prices mean in the real...…By (Reuters) - The price of a barrel of benchmark U.S. oil plunged below $0 a barrel on Monday for the first time in history, a troubling sign of an unprecedented global energy glut as the coronavirus pandemic halts travel and curbs economic activity.The contract for West Texas intermediate crude, or WTI, is the benchmark for U.S. crude oil prices. On Monday, it looked like this:(GRAPHIC: U.S. crude oil's historic crash below zero - )Such a steep drop in the oil benchmark prompted strong reactions beyond trading floors.Here is an explanation of what negative crude prices mean in the real...WW…

By , NEW YORK (Reuters) - Official U.S. government data shows that storage at the key crude oil hub in Cushing, Oklahoma, was just 70% full as of mid-April. Traders say that is bunk - because whatever is left is spoken for by firms sending oil to the hub right now.Oil prices have crashed this year, with the current U.S. contract falling into negative territory, due to millions of barrels of supply around the globe hitting markets at a time when the coronavirus pandemic means people are not flying on planes or driving in cars.With demand down 30% worldwide, that leaves buyers of oil few...…By , NEW YORK (Reuters) - Official U.S. government data shows that storage at the key crude oil hub in Cushing, Oklahoma, was just 70% full as of mid-April. Traders say that is bunk - because whatever is left is spoken for by firms sending oil to the hub right now.Oil prices have crashed this year, with the current U.S. contract falling into negative territory, due to millions of barrels of supply around the globe hitting markets at a time when the coronavirus pandemic means people are not flying on planes or driving in cars.With demand down 30% worldwide, that leaves buyers of oil few...WW…