Recovery in oil imports could provide some comfort to the oil market. However, the most recent economic data out of China continues to be a concern for the market and could result in lower demand for crude and other commodities and slower-than-expected global oil demand growth this year. The weaker-than-expected …
Read More »Oil prices are rising amid falling US inventories
Oil prices rose on Wednesday after data showed a decline in US oil and fuel stockpiles, along with increasing speculation of new production cuts by the OPEC + alliance, after a warning from the Saudi Energy Minister to speculators. Brent crude futures rose 88 cents, or 1.2 percent, to $77.72 …
Read More »Oil rallied after Tuesday’s strong US economic data
Tuesday saw a rally in oil prices, and a bullish triangle appeared on the 4-hour chart, indicating that the bearish trend might be changing. The release of API inventory data later on Tuesday may cause some volatility in the movement of Crude Oil prices. A recent EIA report highlights increased …
Read More »Oil steady as U.S. default risk offsets demand outlook
Oil prices remained stable on Monday as concerns over the US debt ceiling weighed on optimism about demand later in the year, offsetting support from reduced supply from Canada and OPEC+ producers. Brent crude futures were up 17 cents, or 0.2%, to $75.75 a barrel by 1111 GMT, while WTI …
Read More »Oil prices are rising as the risk of America defaulting on its debts recedes
Oil prices rose on Friday, after falling more than 1 percent the day before, as investors cautiously optimized about the fading risk of a US debt default. Brent crude futures rose 73 cents, or 1 percent, to $76.59 a barrel by 0650 GMT, and US West Texas Intermediate crude rose …
Read More »Oil prices are falling amid the strength of the dollar
Oil prices posted a slight decline in early Asian trading on Friday, as optimism that a US default could be avoided was offset by high inflation data that could warn central banks around the world are heading to raise interest rates. Brent two-year crude futures fell to $75.84 a barrel …
Read More »Oil suffers losses amid stronger US dollar, rising inventories
The price of oil is trading with significant losses, while the US dollar managed to consolidate its performance on the back of the Federal Reserve’s statements adopting tightening monetary policy, and the uncertainty about the outcome of the US debt ceiling negotiations.Latest data revealed a larger-than-expected rise in crude inventories, …
Read More »WTI soars 3% on optimistic IEA forecast amid debt ceiling talks
In the second half of 2023, the International Energy Agency forecasts a 2 million bpd supply deficit. The rise in oil prices is a result of positive developments in the US debt ceiling negotiations. Due to a slowdown in China’s economic growth, US crude oil prices are rising despite rising …
Read More »WTI’S comeback closes chart gap as EIA slammed by OPEC
WTI crude oil is up by some 0.6% and has traveled within a range of between $75.24 and $74.08 so far. Following two days of losses that cut prices to the lowest since late March, the black gold is back on the mend in a mini short squeeze.WTI has closed …
Read More »EIA: Energy Information Administration: US crude inventories fell more than expected
Data from the Energy Information Administration on Wednesday showed that US crude oil inventories fell more than expected due to refinery consumption and higher exports, while gasoline inventories rose unexpectedly due to disappointing demand. Crude stocks fell by 4.6 million barrels in the week ending April 14 to 466 million …
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