Oil Prices Set for Weekly Gain as War Premium Jumps – OilPrice.com
Oil prices extended their gains today and are set to rise further this week after Russia launched a new ballistic missile into Ukraine, the latest sign of continued escalation in the situation in Ukraine. It was expected to end the week. The attack featured hypersonic intermediate-range missiles never before used in war and was carried […]
Is Copper A Winning or Losing Bet Right Now – OilPrice.com
The surge in copper prices has calmed in recent weeks, Withdraw All-time high for May It closed below $9,000/ton. Similar to the oil market, copper market sentiment was dampened by weak US manufacturing and labor market data, weak Chinese data, and a large increase in LME inventories. Last week, Goldman Sachs Downgraded Copper Price GS […]
Oil Prices Fall 3% Without Real Change in Fundamentals – OilPrice.com
Julian Geiger – September 10, 2024, 10:18 AM WTI crude oil was down 3.78% to $66.11 per barrel on Tuesday morning. Brent crude prices fell below $70 a barrel for the first time since 2021. The fundamentals have not changed enough to justify a big price drop. Oil prices fell again […]
Oil Prices Tumble as Traders Turn Bearish – OilPrice.com
Rising global crude supplies and weaker-than-expected demand have made traders increasingly bearish on oil prices. Hedge funds and other asset managers accelerated selling of the most-traded oil futures contracts in the latest reporting week that ended Sept. 3. Portfolio managers cut their overall net long positions — the difference between bullish and bearish bets — […]
U.S. Crude Oil, Product Inventories Present A Clean Sweep Of Draws – OilPrice.com
U.S. crude oil inventories fell by 3.4 million barrels in the week to Aug. 23, according to the American Petroleum Institute. Analysts had been expecting a fall of 3 million barrels. API reported that crude oil inventories increased by 347,000 barrels last week. So far this year, crude oil inventories are down 2.642 million barrels, […]
Rate Cut Euphoria Fades as Oil Prices Jump 3.5% – OilPrice.com
U.S. futures started the week with a modest gain, with small caps leading the way. Last week’s gains were fueled by investor enthusiasm after Fed Chairman Jerome Powell’s dovish tone at Jackson Hole, which spurred investors to buy stocks, but the momentum has since faded. As of 8 a.m. ET, S&P 500 futures were up […]
Oil Buying Opportunity May Have Arrived Citi – OilPrice.com
Oil prices have fallen, with Brent crude trading at around $77 a barrel, leading some market analysts to see a short-term buying opportunity. Despite a recent easing in geopolitical tensions, this price pressure is likely a precursor to a rebound, according to an Aug. 21 Citi Research report seen by Investing.com. The recent price decline […]
Oil Prices on Course for a Weekly Gain as Economic Optimism Returns – OilPrice.com
Crude oil prices are on track to post a weekly gain early today as optimism returned to the oil market following several better-than-expected reports on the US economy. One of them was a report of retail sales in July, which rose 1% compared to the expected 0.3% increase, Reuters reported. ReportedThe increase was more notable […]
Brent Crude Falls Below $80 – OilPrice.com
WTI, the U.S. crude oil benchmark, reversed gains from earlier in the week on Wednesday after an unexpected rise in U.S. crude inventories after a series of drawdowns and a threat from Iran to temporarily shelve its attacks on Israel to leverage. As of 3:03pm ET, Brent Crude was trading just below $80, down 0.90%, […]
Oil Prices Under Pressure Despite Bullish Catalysts – OilPrice.com
Oil prices have fallen this week despite rising geopolitical risks, with markets primarily focused on Joe Biden’s decision to withdraw from the presidential race. – Asian oil markets saw a much-awaited recovery in trading after Dubai crude, the region’s main benchmark crude, fell sharply against Brent and WTI, making arbitrage trading from other continents almost […]