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…
As indications of reduced US supply helped ease concerns about the global oil market’s deteriorating demand, oil prices steadied throughout Wednesday’s Asian trading session. After dismal economic statistics from China, the world’s largest oil importer, increased worries about slowing demand, crude markets were nursing a steep fall over the previous week. October contract prices for…
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….
The API said on Tuesday that U.S. oil stockpiles rose last week, coinciding with a reduction in worries about a worldwide glut as a result of supply interruptions brought on by an increase in vessel attacks along a vital shipping route through the Red Sea. The U.S. benchmark for crude oil, WTI Futures, settled 1.3%…
