As market challenges ease, UBS strategists predict that major commodity sectors will bottom out in the coming months. Despite weak performance in most categories, the outlook remains positive, with sector-wide recovery and growth into 2025. Over 6-12 months, total returns of at least 10% for the UBS CMCI are forecasted. The energy sector, particularly crude…
Crude oil prices dropped by -4.87% to 5,919 due to OPEC+ production increases starting in October and concerns over sluggish demand in key markets like China and the US. OPEC+ plans to increase oil output by 180,000 barrels per day in October, but other cuts are expected to remain until 2025. The Arabian Gulf Oil…
The world’s top oil importer, China, is facing economic challenges, and this has resulted in a 3.42% decline in crude oil prices, which closed at 6612. Strong news on the American labor market and manufacturing drove up crude prices, and as a result, the US dollar index increased. A further depressant of demand sentiment was…
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…
Crude oil prices fell by -0.78% to end at 6746, under pressure from worries about how rising Middle East tension and a strong US dollar might affect the world’s oil consumption. The concerns about disruptions to the oil supply have been made worse by the geopolitical tensions in the Middle East, including the Israeli troops’…
As a result of positive estimates for global demand and anticipation of ongoing supply constraints by major oil-producing countries, crude oil prices increased by 1.09% to settle at 6702 rupees per barrel. Strong growth in oil demand is anticipated in the second half of the year, according to reports from OPEC, the International Energy Agency,…
Traders mostly disregarded the EIA report revealing an unexpected increase in crude oil stockpiles, as crude oil prices increased by 0.37% to settle at $6,190. According to EIA statistics, rather than the market’s estimate of a 2.30 million barrel reduction, U.S. oil stockpiles grew by 1.233 million barrels for the week ending May 31, 2024….
An unexpected rise in gasoline stocks in the United States caused crude oil prices to drop by 0.54%, ultimately finishing at 6,453. Instead of the 400,000 barrel drop that was expected, petrol stockpiles increased by 2 million barrels, indicating higher demand before the Memorial Day weekend. Expectations for interest rate decreases were tempered by the…
As a result of an unanticipated increase in U.S. crude stockpiles, crude oil prices fell by 1.16% Wednesday, closing at 6,492 INR. 1.825 million more barrels of crude oil were added to U.S. stocks last week, according to the Energy Information Administration (EIA), than the 2.55 million barrel drop that the market had anticipated. Distillate…
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…
