Pressured by a stronger dollar, crude oil prices marginally declined

Crude oil prices dropped by -0.75% yesterday, finishing at 6771, under pressure from a stronger dollar and investor expectations for the release of new U.S. inflation data soon. Notwithstanding this downturn, worries about disruptions to the oil supply persisted due to geopolitical tensions in the Middle East, specifically Israeli incursions into Gaza and worries about…

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Crude Oil Gains Caused by a Greater Drop in Oil Stockpiles Than Anticipated

Crude oil prices rose by 0.6% during yesterday’s trading session, ultimately closing at 6551. This increase was primarily driven by a notable decline in oil inventories. The US oil stockpiles dropped by 2.508 million barrels more than anticipated, according to data released by the Energy Information Administration (EIA), exceeding market expectations. In addition, surprise drops…

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Crude Oil Prices Increase on the Backs of Tighter Market Predictions from the IEA

Yesterday, the International Energy Agency’s (IEA) most recent oil market report, which highlighted disruptions in the Red Sea region and presented a more positive picture for demand growth, caused crude oil to see a notable jump of 2.48%, closing at 6,742. To boost market optimism, the IEA revised its demand growth predictions for 2024 and…

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