Interviewed by Dubai TV, Mohammed Hashad, Head of Research and Development Department at Noor Capital and member of the US Society of Technical Analysts, commented on the latest developments of the financial markets; and most notably oil and the upcoming Fed’s policy decision.First: OilAsked whether the unmistakable surge of oil …
Read More »Oil exceeds $120 after Saudi Arabia raises crude prices
Oil futures rose above $120 on Monday after Saudi Arabia raised crude selling prices in July, indicating a tight supply even as the OPEC+ producers agreed to accelerate production increases over the next two months. Brent crude rose 68 cents, or 0.6 percent, to $ 120.40 a barrel by 0640 …
Read More »Baker Hughes: US oil, gas drilling rigs unchanged this week
US energy companies have kept oil and natural gas rigs unchanged this week as crude output slowly recovers from the impact of the coronavirus pandemic with many producers still more focused on returning money to shareholders.The oil and gas rig count, an early indicator of future output, were flat at …
Read More »Oil is falling after the OPEC+ decision to increase production
Oil prices fell on Friday after the OPEC+ group decided to increase production targets a little more than planned, but global supply shortages and increased demand as China eased Covid-19 restrictions curbed losses. The OPEC + bloc, which includes the Organization of the Petroleum Exporting Countries (OPEC) and independent oil …
Read More »Oil stabilizes after doubts
Oil prices were little changed on Friday and held on to the gains they made in the previous session on doubts that oil producers in the OPEC+ cartel could increase crude production enough to offset Russian oil supply shortfalls. the price of West Texas Intermediate crude futures rose one cent …
Read More »Market drivers – US Session – 2 June
US equities edged higher, even despite comments by Fed Vice-Chair Lael Brainard said that the central bank would hardly pause its current rate-hiking cycle amid record inflation levels. Cleveland Loretta Mester said that inflation has not yet peaked and that it’s too early to discuss a potential pause in the …
Read More »OPEC+ agrees to raise output by 648K BPD in July and again in August
Oil ministers from OPEC+ nations agreed on Thursday to lift output by 648K barrels per day (BPD) in both July and August, according to sources speaking to Reuters, in line with the recommendation made by the group’s Joint Ministerial Monitoring Committee earlier in the day. With Thursday’s meeting having now …
Read More »Oil prices fall on prospect of OPEC offsetting Russian output loss
Oil prices fell on Thursday after speculation that Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries may increase crude production to offset any decline in Russian production. Brent crude fell $2.82, or 2.4 percent, to $113.47 a barrel, after rising 0.6 percent on Wednesday. US …
Read More »Reuters: OPEC + reduced the forecast of the oil market surplus in 2022 to 1.4 million b/d
Two sources in OPEC + told Reuters on Wednesday that the group expects the oil market surplus to be 1.4 million barrels per day in 2022, about 500,000 barrels per day less than previous expectations. The two sources were based on figures prepared for the meeting of the OPEC + …
Read More »Market Drivers – US Session – 31 May
US President Joe Biden plotted inflation-fighting strategy, on Tuesday, during his meeting with the Fed Chair Jerome Powell. Biden reportedly focused on relentlessly surging prices, with the destiny of the US economy and his own political prospects increasingly dependent on the actions of the government’s central bank. Biden’s endorsement of …
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