Suleiman Levels limited
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WTI remains above $70.00, upside potential appears due to rising Middle-East tensions
WTI price gained ground due to rising geopolitical tensions amid reports that Iran may attack Israel. Israeli intelligence believes Iran intends to launch numerous drones and ballistic missiles before the US presidential election. US Oil production increased by 1.5% in August, reaching a monthly record high of 13.4 million barrels per day. West Texas Intermediate…
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WTI trades around $71.50, recovers recent losses due to rising supply concerns
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….
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WTI trades with positive bias around mid-$71.00s, just below over one-week top
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…
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WTI Oil recovers on revival of 50 bps Fed cut bets and Hurricane Francine
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…
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WTI drops below $74.00 as OPEC+ plans to ease Oil production cuts
WTI price lost ground as OPEC+ intends to phase out production cuts of 2.2 million barrels per day over 2025. The US is purchasing an additional 3 million barrels of Oil for the country’s Strategic Petroleum Reserve. Oil prices may struggle further due to the expectations of the Fed maintaining higher rates for longer. West Texas…
