Oil prices climbed on Wednesday, driven by expectations of robust global demand, particularly from the United States, the world’s largest crude consumer. Sentiment was further boosted by hopes that the Federal Reserve might initiate interest rate cuts soon, despite challenges in curbing inflation in the United States. Demand-Driven Rally Expectations …
Read More »Oil prices marginally decline following predicted surge in US output
Oil prices fell slightly on Tuesday due to a higher-than-expected forecast for US crude oil production and bearish economic data. Brent futures for May delivery settled 29 cents, -0.34% lower, at $82.13 per barrel, while the April US West Texas Intermediate crude contract ended 15 cents, -0.21% lower, at $77.77 …
Read More »Oil prices fell on concerns about slowing demand in China
Oil prices on Monday extended last week’s losses on concerns about slowing demand in China, but continued geopolitical risks surrounding the Middle East and Russia limited the decline. By 01:29 GMT, Brent crude futures fell 48 cents, or 0.6 percent, to $81.60 per barrel, while US West Texas Intermediate crude …
Read More »Oil Prices Gain Momentum Amidst Growing Demand from Top Consumers
Oil prices experienced an upward trajectory on Friday, buoyed by robust demand from the United States and China, the world’s leading oil consumers. This surge coincides with a positive signal from the Federal Reserve, indicating potential interest rate cuts. Brent Crude Futures Surge Brent crude futures saw a notable increase …
Read More »Market Drivers – US Session, March 7
WTI crude oil prices continued their consolidative trend in the commodities market, hovering around $80.00 per barrel, amid anticipation of a rate cut by the Federal Reserve and higher crude oil imports by China in January and February.Gold prices continued to rise, surpassing $2,160 per ounce to reach an all-time …
Read More »Oil prices maintain their gains supported by optimistic Chinese trade data
Oil prices stabilized on Thursday, maintaining the gains achieved on Wednesday fueled by optimistic Chinese trade data and a smaller-than-expected increase in US crude inventories alongside a significant drawdown in fuel inventories. However, the market was tempered by expectations of delayed interest rate cuts in the United States, limiting the …
Read More »Market Drivers – US Session, March, 6
More softening of the US employment market supported the growing likelihood of a rate decrease by the Fed in June, which further undermined the value of the dollar. Meanwhile, gold reached all-time-high, around $2,150 per ounce, as a result of more gains, and the EUR/USD pair broke above 1.0900 during …
Read More »WTI backslides into $78.50 after climbing to $80.00
After US Fed Chair Jerome Powell stated that the Fed does not anticipate an increased danger of recession in the US economy, WTI US Crude Oil surged to its highest bids in a week. WTI immediately changed direction and dropped back into the $78.50 range, but it is still in …
Read More »Oil Prices Surge Amid Concerns Over Tight Supply
Oil prices rebounded during Wednesday’s trading session following previous declines, with indicators pointing towards tight supply amidst production cuts by major oil producers. Brent crude reached $82.35 per barrel, up from the opening price of $81.99, while West Texas Intermediate crude rose to $78.54 per barrel compared to $78.13 per …
Read More »WTI slides as demand trumps all other factors
Oil prices fell on Monday due to rising tensions in the Red Sea and the Israel-Hamas conflict, with OPEC+ extending voluntary production cuts and demand sentiment taking a hit from an unusually mild winter. Brent crude was trading up 1.05% at $82.67, while West Texas Intermediate (WTI) was trading up …
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