Profit booking amid a complicated mix of reasons that included the most recent EIA report, riots in Libya, and growing tensions in the Middle East drove crude oil’s 2.15% spike, which it settled at 6071. According to the EIA Petroleum Status Report, U.S. crude stocks fell by 5.503 million barrels in the week ending December…
With Middle East tensions easing supply concerns and expectations that the U.S. Federal Reserve would continue raising interest rates in the largest oil-consuming country in the world buoyed by jobs statistics, oil prices dipped on Friday, on track for a weeklong loss. Futures for Brent crude dropped $1.21, or 1.4%, to $85.64 per barrel, while…
Crude oil prices fell -3.48% to $68.80 per barrel as Middle East worries momentarily subsided. Concerns were aroused as Israel increased its ground operations in Gaza, but for the time being they have receded. Investor attention is now focused on a packed week of central bank meetings and economic data. Important economic data from China…
As a result of important market events, crude oil had a big increase of 2.02%, finishing at 6871. Notably, the main forces behind this rally were the steep decrease in U.S. crude stocks and the belief that the leaders of OPEC+ would maintain a tight world supply. According to figures from the Energy Information Administration…
The market anticipates that the easing of Covid-related limitations in China will increase demand for the commodity, which is why crude oil futures traded higher on Monday. The price of January crude oil futures on the Multi Commodity Exchange (MCX) opened at $6,620, up $0.99 from the previous close of $6,555. The price of February…
