The USD Index (DXY) reached a new yearly high in due to adjusted expectations of a rate cut by the Fed in March. This was in line with an additional narrative that suggested the ECB also could hold off on cutting rates until the summer, which ultimately seems to have …
Read More »Oil prices decline as a stronger dollar offsets the risks of Red Sea unrest
Oil prices fell on Wednesday as a stronger dollar curbed demand for crude denominated in the US currency, but increasing risks of supply disruptions amid the raging conflict in the Red Sea limited losses. Brent crude futures fell 36 cents, or 0.5 percent, to $77.93 per barrel by 0215 GMT. …
Read More »Oil prices almost unchanged amid stronger US dollar
Oil prices remained stable on Tuesday, with the US dollar reaching its highest in a month and concerns about the impact of Middle East tensions on energy supplies supported by the stronger dollar. WTI crude futures settled at $72.40 a barrel, down 28 cents or 0.4% from Friday’s settlement. Brent …
Read More »Oil rises in light of the escalation of conflict in the Middle East and tankers diverting their course
Oil prices experienced a slight uptick on Tuesday, driven by escalating conflict in the Middle East. Ship tracking data indicated an increased number of tankers diverting away from the Red Sea following attacks by Yemen’s Houthi movement in the region. Brent crude futures saw a rise of 12 cents, approximately …
Read More »Oil struggles for direction amid geopolitical tensions
WTI is in the red territory after losing -0.39% on Monday, hovering around $72.50. The fundamentals for crude oil are still weakening, and output is still going strong worldwide. The supply routes between Europe and Asia are still being impeded by the Houthi rebels. Earlier on Monday, US crude oil …
Read More »Oil rises as investors await developments in events in the Middle East
Oil prices rose on Monday as traders anticipated the possibility of a supply disruption in the Middle East after strikes launched by American and British forces on targets of the armed Houthi group in Yemen to prevent them from attacking ships in the Red Sea. By 0405 GMT, Brent crude …
Read More »Oil surges amid soaring Middle East tensions
Oil prices are rising due to increased tension in the Middle East, with tensions building up further. The DXY US Dollar Index is above 102, but it remains below a target of 102. 60 airstrikes took place by the UK and the US against Houthi positions in Yemen, marking the …
Read More »WTI slides below $74 amid geopolitical tensions
The spillover from the Middle East crisis has disrupted crude oil markets, causing cargo ships to be diverted from the Red Sea for the foreseeable future. On Friday, there was a small increase in West Texas Intermediate (WTI) US Crude Oil, which hit 74.27, but a decline in American crude, …
Read More »Oil settles lower in choppy US session
Oil prices have dropped due to massive weekly gasoline and distillate stock builds, which overshadowed a larger-than-expected crude stock draw. Brent crude settled down 66 cents, or 0.8%, to $77.59 during the session, while US West Texas Intermediate crude futures settled down 51 cents, or 0.7%, to $72.19. Low fuel …
Read More »WTI falls by 1% after briefly surging
Earlier on the trading day, oil rose on the back of news reports about ship attacks near Yemen. However, economic data continues to soften. OPEC production unexpectedly increased, further pressuring WTI bids. News reports of ongoing attacks on cargo ships off the coast of Yemen sparked a brief rally in …
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