WTI gains ground due to heightening fears of supply disruptions amid rising uncertainties in the Middle East. Israel launched strikes on southern Beirut while US Secretary of State Antony Blinken was touring the region, urging for a ceasefire. Oil prices faced challenges as EIA Crude Oil Stocks Change showed an increase of 5.474 million barrels….
WTI holds steady amid hopes for a demand recovery in China and Middle East tensions. A larger-than-expected rise in US crude stock caps the commodity amid a bullish USD. Traders now look forward to the official US inventory data for short-term opportunities. West Texas Intermediate (WTI) US Crude Oil prices trade with a positive bias…
Crude Oil struggles to uphold $70.00 for more than day, with more downside expected. Traders expect longer sluggish demand as markets reprice Fed rate cut prospects. The US Dollar Index broke above 103.80 and tested 104.00, primed for more upside. Crude Oil struggles to hold ground and orbits around the $70.00 level on Tuesday. The…
Both OPEC and the IEA revised their oil demand forecasts downwards again this week, Commerzbank commodity analyst Carsten Fritsch notes. Oil market to face a significant oversupply next year “OPEC now expects an increase of 1.9 million barrels per day this year and 1.7 million barrels per day next year. That is 100,000 barrels per…
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The financial markets gained much-needed clarity last week as strong US employment data aligned market expectations with Fed’s own monetary policy outlook. The possibility of a 50bps rate cut in November has now vanished, with traders anticipating two more standard 25bps cuts this year, matching Fed’s dot plot. This development boosted Dollar, which ended the…
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any…
WTI Oil is rebounding off four-month lows on renewed expectations the Fed may cut interest rates by 50 bps. Supply closures from Hurricane Francine which is ravaging the Gulf of Mexico are another bullish factor. WTI is forming short-term bullish reversal patterns on the daily and weekly charts. West Texas Intermediate (WTI) crude Oil price…
Supply news made the headlines this week. Libya’s production losses initially grew from day to day, peaking at 700 thousand barrels per day. OPEC+ continues its efforts to stabilize prices “In the second half of the week, after an agreement between the conflicting parties in the east and west of the country became apparent, the…
United States Baker Hughes US Oil Rig Count unchanged at 483 Source link