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Oil Prices Trading Higher amid Upbeat Sentiment

The Energy Information Administration released a report on the inventories of the Crude Oil, and it changed the sentiment of the investors. In spite of that, the oil prices managed to make some gains. According to the report released, there is a decrease in the production of Crude Oil. But the data from American Petroleum Institute showed an increase. The Light Sweet Benchmark is trading at $71.45 per barrel. The Brent Crude Benchmark is trading at $79.40 per barrel. There is […]

Oil Prices Retreat from Highs as Tropical Storm Gordon Subsides

Oil prices are not supported by the meteorological factors, so the commodity is trading with the bearish bias today. We had the news about storm Gordon yesterday. Two drilling platforms in the Gulf of Mexico were shut down. Today, the storm changed direction and the risks to drilling facilities and oil refineries reduced. This factor contributed to a correction of oil prices. The Light Sweet Crude Oil has approached the level of $69 per […]

Hurricane in Gulf of Mexico Boosts Demand for Oil

Oil buyers returned to the market, so the commodity prices skyrocketed to highs. Today, the Brent Crude Benchmark hit the 3.5-week high, trading slightly below the level of $80 per barrel. Anti-Iranian sanctions will provide support to the commodity. Furthermore, Tropical storm Gordon is expected to hit the coast of Mexico, which also boosts a rise in oil prices. Two drilling platforms have already been evacuated. Amid that, WTI quotes […]

Investors Wait for Turmoil in Developing Countries to Calm Down

Today, oil prices are consolidating near highs despite the escalation of tension in the relations between the United States and China. Experts think that if a full-scale trade war between these two superpowers breaks out, it will dent the global economic growth. Consequently, the demand for Crude Oil will decrease. As for now, the demand for oil is supported by sanctions imposed by the United States. The sanctions already influenced supplies of Crude Oil […]

Oil Traders Cheer Trump’s Decisions

Oil prices are extending a climb toward their highest levels in August in light of yesterday's report from the US Energy Information Administration. According to the government data, US crude supplies declined by 2.6 million barrels last week. Interestingly, on Wednesday the American Petroleum Institute reported the opposite weekly dynamic, a modest gain of 38,000 barrels. Today, West Texas Intermediate is trading higher at about $69.60 a barrel. Demand for Crude […]

Oil Rebounds After Brief Drop

Today, oil prices are gaining ground after a brief drop yesterday, triggered by a report from the American Petroleum Institute. On Tuesday, a weekly update showed a surprise increase in the US oil inventories after a massive drawdown in the previous week. The official data on US inventory levels is due for release by the Energy Information Administration later today. Market participants expect to find out a different reading. Nevertheless, West Texas Intermediate slipped […]

Oil Propped Up by Politics

Crude Oil is making minor downward correction on Monday as market participants are voicing concern that an escalating trade war between the US and China could entail a slowdown in the global economic growth. Brent International Benchmark grade edged down at $75.50 a barrel. Nevertheless, the oil market finds support from the looming US sanctions against Iran. Market participants cheer progress in the talks between the US and Mexico concerning the North […]

Oil Stages Sharp Rally

The trade talks between the US and China ended with little progress as expected. The oil market is developing a sharp rally. Brent Crude international benchmark jumped over $75, heading for $75.70 a barrel. Yesterday, the two largest global economies slapped new punitive tariffs on $16 billion of each other's goods. The lower level trade talks between the US and Chinese officials do not settle the trade dispute with any […]

RUB Slipping Despite Contraction in US Oil Production

Crude Oil hit a 2-week high today. Oil prices surged in response to a report from the American Petroleum Institute. According to the flash estimates, crude stocks in the US dropped by 5.170 million barrels last week. Market participants await a weekly update from the US Energy Information Administration. Investors are certain that the government data which is due later today will prop up oil prices. Yesterday, West […]

Oil and RUB Showing Resilience

Crude Oil is trading slightly higher today. Weakness of the US dollar is mirrored in the oil market. Market participants are braced for the consequences of the US sanctions against Iran in the short-term. Investors expect lower oil supplies in November as the US sanctions against Iran are coming into force in that month. France's energy giant Total, which is also the largest buyer of the Iranian oil, in Europe, announced its decision […]

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