Recent developments, such as the Middle Eastern ceasefire and a notable increase in US stockpiles, are causing oil prices to decline. Following the release of the latest FOMC Minutes, which showed that all Fed’s policymakers decided not to change rates anytime soon, the US dollar has been strengthening as markets …
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Oil futures rose on Monday, continuing their gains based on expectations that the OPEC+ group will reduce supplies further to support prices that have been declining for four weeks due to waning fears of disruption to Middle East supplies due to the war between Israel and the Palestinian Hamas movement. …
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US and international oil prices jumped on Friday by more than 4% after a week-long slump. Saudi Arabia is considering prolonging production cuts into 2024, the Financial Times reported. WTI crude is trading at $76.02 per barrel at the time of writing.OPEC+ is set to convene in Vienna on November …
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The price of oil has increased by more than 25% so far this quarter. Analysts predict that Brent will surpass $100 in the near future. They do not think it will be sustainable, though. The last time Brent was seen trading above $92 a barrel.Although the oil price surge is …
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WTI crude oil has rebounded to hold $90/bbl, despite a small drop on Friday. Extended production cuts from OPEC member states are putting a tight squeeze on crude markets, sending US crude to ten-month highs. Saudi Arabia and Russia have recently announced an extension of their current oil production cuts, …
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The USD/CAD pair peaked at 1.3377’s daily high, then consolidated at 1.3355. Further oil production cuts by Saudi prospects lifted crude prices, favouring the Canadian dollar.On Thursday’s session, the USD/CAD reversed as the US counterpart lost traction following weak mid-tier economic data. The pair rose to nearly 1.3380 and then …
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As the US dollar declines, WTI crude oil surges to test resistance once more. Reduced crude oil output keeps the price of black gold higher. On Tuesday, WTI oil prices increased by over 2% to $81.55 per barrel as investors prepared for data that would reveal additional reductions in US …
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Oil has jumped by nearly $3 a barrel on Tuesday on expectations that Wednesday’s OPEC+ meeting could decide a large cut in crude output as the retreating US dollar made oil purchases cheaper.OPEC+ will consider output cut on Wednesday’s meeting. The move could put supply under pressure while the energy …
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Oil prices jumped by nearly $4 on Monday, October 3, as the OPEC+ group considers cutting production by more than one million barrels per day, what would be the largest cut since the Corona pandemic, in an attempt to support the market. Brent crude futures rose $3.64, or 4.3%, to …
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Oil prices dipped on Friday in mixed trading but notched its first weekly gain in five on Friday, underpinned by the possibility that OPEC+ will agree to cut crude output when it meets on October 5.Brent crude futures for November, which expire on Friday, fell 53 cents, or 0.6%, to …
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