Tuesday saw a more than 2% increase in oil prices, reaching their highest point since December 1. Concerns about potential interruptions to oil shipments were raised by recent attacks on ships in the Red Sea.Expected Fed interest rate reduction, which might spur economic growth and increase demand for energy, also …
Read More »Russian Finance Minister: The budget deficit will reach about 1.5% of GDP in 2023
:Russian Finance Minister Anton Siluanov recently announced on state television that the projected budget deficit for 2023 is set to reach approximately 2.9 trillion rubles, equivalent to $31.6 billion, or about 1.5% of the country’s Gross Domestic Product (GDP). Siluanov highlighted that both expenditures and revenues exceeded initial expectations, attributing …
Read More »Oil stabilizes, eyes are on the Middle East and US interest rate cuts
Oil prices experienced a subtle shift on Tuesday, with investor attention split between heightened geopolitical tensions in the Middle East and the optimism surrounding potential interest rate cuts by the US Federal Reserve. These factors contribute to a delicate equilibrium, impacting global economic growth and influencing oil demand. Market Dynamics: …
Read More »A Recap of Global Oil Markets in 2023 and Anticipated Trends for 2024
In 2023, the global oil markets underwent a transformative journey, shaped by a confluence of factors ranging from the lingering impacts of the COVID-19 pandemic to geopolitical events such as Russia’s invasion of Ukraine. This tumultuous backdrop precipitated a realignment of benchmark crude oil prices, reshaping global trade flows and …
Read More »Russia: We will start buying foreign currencies if the price of oil ranges between 88 and 90 dollars per barrel
The head of the Russian Central Bank, Elvira Nabiullina, revealed in an interview with Russian media that the bank is poised to initiate the purchase of foreign currencies if oil prices reach the range of $88 to $90 per barrel. She further indicated that the bank will persist in selling …
Read More »Oil continues its weekly gains, rising 1 percent, as tension continues in the Red Sea
Oil prices rose as much as 1 percent on Friday as tensions continued in the Middle East following Houthi attacks on ships in the Red Sea, although Angola’s decision to withdraw from OPEC raised questions about the cartel’s effectiveness in supporting prices. By 0409 GMT, Brent crude futures rose 86 …
Read More »Oil is trying positively 22/12/2023
Mixed trading characterized the prices of US crude oil futures contracts, exhibiting fluctuations in both upward and downward directions. Amidst yesterday’s trading, it successfully retested the target at 73.10, reaching its lowest point at 72.45. Subsequently, it initiated an upward rebound around the resistance level of 74.90, achieving a peak …
Read More »Oil Retreats After Angola Exits OPEC
Oil futures declined on Thursday after Angola announced its decision to leave the Organization of the Petroleum Exporting Countries (OPEC). The move seemingly stirred investors’ hopes there would be more supply as the African country previously voiced opposition to the group’s recent decisions, including the one on production cuts.WTI intiallt …
Read More »Brent approaching $80 after a record increase in US inventories
Oil prices stabilized on Thursday, with Brent trading close to $80 a barrel, despite concerns about disruptions in global trade and rising inventories in the United States. As of 0914 GMT, Brent crude futures saw a modest increase of 13 cents, or 0.1 percent, reaching $79.80 per barrel, while US …
Read More »Oil is heading to end its winning streak as US inventories rise
Oil prices experienced a decline on Thursday, potentially halting a three-day winning streak. Concerns about reduced demand emerged following an unexpected surge in US crude inventories, overshadowing worries about global trade disruptions due to tensions in the Middle East. As of 0303 GMT, Brent crude futures saw a decrease of …
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