July 6, 2022
Via: DailyFXThe wave of US dollar buying on Tuesday caught many market participants unaware and sent a wide range of asset markets to multi-month and multi-year extremes. The incessant USD buying was sparked by heightened fears that the world’s largest economy […]
June 28, 2022
Via: DailyFXWTI crude oil (CL) continues the rally it began to end last week after taking a beating from $123 down to $101. The outlook appears favorable in the near-term, while the broader outlook is mired in what will probably amount […]
June 20, 2022
Via: DailyFXConsumers will be glad to see oil prices softening on the back of Friday’s decline although it may be some time before this translates into lower prices at the pumps. The question of demand destruction has resurfaced after the Fed […]
June 9, 2022
Via: ABC NewsGlobal shares were mostly lower Thursday as investors watched for fresh signs of inflation, including soaring crude oil prices. European shares declined in early trading. France’s CAC 40 slipped 0.7% in early trading to 6,404.59, while Germany’s DAX dropped 0.9% […]
June 6, 2022
Via: DailyFXCrude oil made a 2-month high today with the WTI futures contract trading as high as 120.99 US$ bbl and the Brent contract reaching US$ 121.95 bbl early in the Asian session. Both have since eased off more than a […]
May 9, 2022
Via: Markets InsiderSanctions against Russia have knocked 1 million barrels of crude oil off its production each day — but that’s just a “drop in the ocean compared to the intended impact,” according to Mike Muller, the Asia head of Vitol, the […]
April 20, 2022
Via: DailyFXWith the Russian invasion of Ukraine on the cusp of entering its third month, energy markets have endured another wave of increased volatility. But the news flow around oil has been conflicting to say the least, and it may be […]
April 4, 2022
Via: DailyFXBrent crude remains above the psychological $100/barrel level with the aid of a slightly weaker U.S. dollar this morning. Last week Friday, the International Energy Agency (IEA) announced that its member states would contribute to another synchronized oil release to […]
March 31, 2022
Via: DailyFXCrude oil prices are experiencing another volatile week as conflicting headlines dominate price action. Concerns over the European Union banning Russian oil imports persist. The Iran nuclear deal appears close to the goal line. Security concerns around Saudi Arabian distribution […]
March 18, 2022
Via: ABC NewsThe state-run Indian Oil Corp. bought 3 million barrels of crude oil from Russia earlier this week to secure its energy needs, resisting Western pressure to avoid such purchases, an Indian government official said Friday. The official said India has […]
March 4, 2022
Via: DailyFXWTI crude oil run appears to have come to a pause, at least in the near-term. Thursday’s sharp $10 turnabout indicates exhaustion in recent buying and sets it up to trade sideways to lower. Adding conviction to this notion is […]
February 4, 2022
Via: DailyFXOUTPUT LOWER THAN ANTICIPATED AS OPEC+ NATIONS WRESTLE WITH CAPACITY CONSTRAINTS On Wednesday this week, OPEC+ held one of its briefest meetings where it was decided that the group would maintain its 400,000 bpd supply increase for March. However, the […]
January 18, 2022
Via: DailyFXOil prices have reached the highest level since 2014 after the Yehmen Houti group used drones and missiles to set off explosions in fuel trucks in the UAE (United Arab Emirates). With already rising geopolitical tensions between Russia and the […]
January 12, 2022
Via: DailyFXCrude oil prices rose sharply overnight, smashing through $80.00 per barrel as the commodity continued its ascent from the multi-month December low. A weaker US Dollar provided an additional tailwind for WTI prices after Federal Reserve Chair Jerome Powell affirmed […]
December 30, 2021
Via: DailyFXThe price of oil may face a bear market in the first quarter of 2022 as it falls nearly 20% from the 2021 high ($85.41). At the same time, expectations for stronger demand along with ongoing supply constraints may keep […]
December 20, 2021
Via: DailyFXIt’s been a month since we last checked in on crude oil prices, when it was observed that “it appears that a potential double top may be forming.” Indeed, a double top played out over the ensuing weeks, but the […]
December 6, 2021
Via: DailyFXCrude oil continued to recover as the fall-out from OPEC+ sticking to the planned increases in production is digested. The extra 400,000 barrels a day due to be added in January is seen as allaying Washington’s concerns. The group gave […]
November 29, 2021
Via: DailyFXIt’s been a big year for crude oil prices. After flopping below zero last April matters have changed quite a bit. Oil prices caught a major last November, on the heels of the election, printing a bullish engulfing pattern as […]
November 15, 2021
Via: DailyFXCrude oil prices are vulnerable to geopolitically-induced volatility at the end of November when Iranian, US and European officials are set to meet in Vienna to discuss reviving an agreement on de-nuclearization. After an initial accord was negotiated and implemented […]
September 8, 2021
Via: ABC NewsBenchmark U.S. crude oil for October delivery rose 95 cents to $69.30 a barrel Wednesday. Brent crude oil for November delivery rose 91 cents to $72.60 a barrel. Wholesale gasoline for October delivery was unchanged at $2.13 a gallon. October […]