Oil prices have declined for the third consecutive day, to reach levels near $86. Concerns about a decline on demand from China are weighing on prices. US crude stockpiles increased above expectations last week.Front-month WTI crude futures are depreciating for the third consecutive day on Wednesday. Concerns about a potential …
Read More »Oil falls on rising US inventories, fears of COVID-19 in China
Oil prices fell on Wednesday after data showed that US crude stocks rose more than expected amid fears that demand for fuel will be dented by the increase in Covid-19 cases in China, the world’s largest importer of crude. Brent crude futures fell 44 cents, or 0.5 percent, to $94.92 …
Read More »WTI retreats below $90 on concerns about China, US elections
Oil price retreated on fresh fears about Chinese demand. The US dollar’s reversal has failed to support crude prices. WTI falls beyond 2% on the day to hit session lows near $90.00. Oil prices have extended losses for the second consecutive trading day on Tuesday, as hopes about a relaxation …
Read More »Oil prices fall amid concerns about Chinese demand and recession
Oil prices fell on Tuesday, as fears of a recession and the worsening outbreak of the Coronavirus in China raised expectations of lower demand for fuel, outweighing concerns about supplies. Brent crude fell 23 cents, or 0.2 percent, to $ 97.69 a barrel by 0726 GMT, while US West Texas …
Read More »WTI rallies as US dollar impacted by risk-on
American crude oil rallies and trades at $92.24, benefiting from the US dollar which is losing ground. WTI prices resumed the upward trend that started on Friday as the US crude oil bounced up from levels right above $90 on the early trade, to reach levels past $93 for the …
Read More »Oil stabilizes below $100 a barrel after Chinese data
Oil prices stabilized Monday, November 7, hovering around $100 a barrel, as support from a weaker dollar and a recovery in Chinese crude imports were offset by renewed demand concerns linked to China’s tough approach to containing the coronavirus. By 10:26 GMT, Brent crude futures rose 6 cents, or 0.06%, …
Read More »Oil prices fall after China confirms commitment to a strict anti-Corona policy
Oil prices fell more than 2% in early Asian trading on Monday after Chinese officials affirmed over the weekend their commitment to a tough approach to containing the Corona virus, dashing hopes of a recovery in oil demand in the world’s largest importer of crude. Brent crude futures fell $1.58, …
Read More »Oil climbs as dollar slips and supply risks linger
Oil climbed on Friday as the dollar eased and supply risks remained, though recession fears and China’s COVID outbreaks kept a check on prices.Brent crude futures were and were able to touch the high of $96.51 a barrel at 0740 GMT, and eventually closed at $94.14. The contract is headed …
Read More »Baker Hughes: Drilling Rigs Decrease By 3 This Week
The number of total active drilling rigs in the United States fell 3 this week, according to new data from Baker Hughes published on Friday. The total rig count slipped to 768 this week—224 rigs higher than the rig count this time in 2021.Oil rigs in the United States fell …
Read More »Market Drivers – US Session 27/10/2022
The American dollar restores its previous weak tone, as US Treasury yields edged sharply lower following the release of the preliminary estimate of the Q3 Gross Domestic Product. Important events are streaming on the macroeconomic calendar having less impact than anticipated, despite bringing about some new developments. Wall Street got …
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