Crude oil futures steadied on Friday after an uptick in U.S. retail sales, but concerns about global demand weighed on the market as mixed economic indicators from China persisted. Prices remained on course for their largest weekly loss in over a month. As of 0338 GMT, Brent crude futures edged …
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Oil prices traded flat on Thursday as investors remained cautious about geopolitical tensions in the Middle East and awaited more information on China’s economic stimulus plans. Traders were also looking ahead to the release of U.S. oil inventory data for further market direction. Brent crude futures dipped by 4 cents …
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The confluence of geopolitical, economic, and supply-demand factors has driven WTI prices to a two-week low. While the immediate catalyst was Israel’s pledge to avoid targeting Iran’s oil facilities, the broader context reveals a complex interplay of forces shaping the global crude oil market.Geopolitical TensionsIran’s Nuclear Program: The ongoing tensions …
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Oil prices stabilized on Wednesday as OPEC+ production cuts and ongoing uncertainty in the Middle East balanced out a weakening demand outlook and expectations of ample supply in 2024. Brent crude oil futures inched up by 16 cents (0.2%) to $74.41 a barrel, while U.S. West Texas Intermediate (WTI) crude …
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Oil prices dropped over 4% on Tuesday due to a weaker demand outlook and reduced concerns about a potential Israeli strike on Iranian oil facilities. Both OPEC and the IEA have lowered their global oil demand growth forecasts for 2024.Hedge funds are unwinding their net long positions in oil futures.Crude …
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On Friday, Brent finished at its lowest level since December 2021, down to $70.6 per barrel—its lowest level since March 2023. WTI dropped to $67.2, a 14-month low. Brent saw a weekly loss of about 10%, which was made worse by the contract rollover at the beginning of the month. …
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WTI’s recovery above $76.50 reflects a delicate balance between supply risks and market dynamics. Geopolitical tensions in Libya, coupled with broader economic factors, continue to shape the oil landscape. As investors keep a close eye on developments, the WTI price remains susceptible to sudden shifts.West Texas Intermediate (WTI), a crucial …
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On Monday, oil prices stabilized near their highest levels in five months, buoyed by various factors including expectations of declining supplies due to OPEC+ production cuts, attacks on Russian refineries, and robust data from the Chinese manufacturing sector indicating improved demand. As of 1115 GMT, Brent crude prices dipped by …
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On Monday, oil prices continued their upward trajectory, building on recent gains amid various factors including anticipated declines in supplies due to OPEC+ production cuts, attacks on Russian refineries, and positive data from the Chinese manufacturing sector, signaling improved demand. As of 0331 GMT, Brent crude prices climbed by 29 …
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Oil prices regained ground on Thursday, reversing two consecutive sessions of decline, as investors anticipated tighter supplies amid expectations that the OPEC+ producer alliance would continue with its current production cuts. Brent crude futures for May climbed $1.23, or 1.4%, to reach $87.32 a barrel, while the June contract rose …
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