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Oil Prices Mixed at Midweek

rigzone 2020-08-20 03:52:42

The West Texas Intermediate (WTI) crude oil benchmark edged upward Wednesday but the Brent marker posted a loss.

The WTI for September delivery gained four cents Wednesday, settling at $42.93 per barrel. Light crude traded within a range from $42.36 to $43.03.

The October Brent futures price shed nine cents, ending the day at $45.37 per barrel.

Developments in the oil market Wednesday included a formal partnership between the U.S. and Norwegian governments to boost cooperation in offshore oil and gas and other areas. Also, the Trump administration reportedly is considering imposing tighter sanctions on Venezuela that would halt the South American country’s remaining fuel transactions. In addition, the OPEC+ alliance – led by Saudi Arabia and Russia – underscored the need for member countries to abide by planned crude production cuts to maintain momentum for a recovery in the oil market.

The September reformulated gasoline (RBOB) contract closed at $1.29 per gallon, reflecting a nearly one-cent gain for the day.

Also adding nearly one cent was the Henry Hub natural gas futures contract. The September gas contract price settled at $2.43.

To contact the author, email mveazey@rigzone.com.