The USD/CAD pair is dragged downwards during the American session as US stocks surge and crude oil price jumps. The pair dropped to 1.2899, hitting the lowest level in a week.The mixture of improved risk appetite, higher crude oil prices and a softer dollar do drag the pair downwards on …
Read More »Oil plunges nearly $5 as Biden calls for fuel tax cuts
Oil prices fell sharply on Wednesday, amid efforts by US President Joe Biden to cut fuel taxes in order to reduce costs incurred by drivers in light of the strained relationship between the White House and the US oil sector. By 0918 GMT, Brent crude futures fell $4.65, or 4.1 …
Read More »Oil prices rise amid market fears of supply shortage
Oil prices rose on Tuesday, recouping more of last week’s losses, while investors focused on the short supply of crude and fuel rather than the recession that could limit demand in the future. Brent crude futures rose 81 cents, or 0.7 percent, to $114.94 a barrel by 0703 GMT, adding …
Read More »Oil prices stabilize as the market balances recession fears and tight supplies
Oil prices stabilized on Monday, after struggling to recoup last week’s losses, as the market worked to balance tight supplies and fears of slowing global economic growth. Brent crude futures were down 38 cents, or 0.3 percent, at $112.74 a barrel. Brent prices fell 7.3% last week, the first weekly …
Read More »WTI revisits multi-week lows below $110.00
Crude oil prices came under heavy bearish pressure ahead of the weekend and the barrel of West Texas Intermediate (WTI) declined below $110.00 for the first time in three weeks. The WTI was down 6.4% on a daily basis at $109.50.Tass news agency said that the Russian deputy energy minister …
Read More »Oil rises due to tight supplies, but it is on its way to a weekly decline
Oil prices rose on Friday, supported by tight supplies and new sanctions on Iran, but prices are on track for a weekly decline after major central banks raised interest rates, which raised fears of a sharp economic slowdown. Brent crude rose 62 cents, or 0.5 percent, to $ 120.43 a …
Read More »Russian Novak: No plans to switch to oil-for-rubles scheme
“There is no need for Russia to cut its oil output,” Russian Deputy Prime Minister Alexander Novak told RBC media on Thursday.“OPEC+ role is on the rise due to uncertainties with demand and supply in China, Iran, Libya and Venezuela,” Novak added. “We don’t have plans to switch to an …
Read More »Oil falls after US interest rate hike
Oil prices pared earlier gains and fell on Thursday, after a day of sharp declines caused by US interest rate hikes, but the attention was still focused on the supply shortage. Brent crude futures fell 45 cents, or 0.4 percent, to $118.06 a barrel, while West Texas Intermediate crude futures …
Read More »Oil prices fall as the expected hiking in US
Oil prices fell on Wednesday amid concerns about fuel demand and global economic growth ahead of an expected big hike in interest rates by the Federal Reserve. Brent crude futures fell $1.27, or 1 percent, to $119.90 a barrel by 1001 GMT. The price of US West Texas Intermediate crude …
Read More »Oil prices rise as supply shortage worsens
Oil prices rose by about $1 in volatile trade on Tuesday, June 14, as the impact of global supply shortages outweighed fears that fuel demand would be hit by a recession and new restrictions imposed to contain the spread of Covid-19 in China. The price of US West Texas Intermediate …
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