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Oil Traders Remain Inactive Ahead of Iranian Fleet Exercises

The official information from the US Department of Energy confirmed a rise in the stockpiles of Crude Oil. The EIA report showed that Crude Oil inventories rose for the week ended 28th of July. The US crude storage facilities added 3 million 803 thousand barrels, which exceeded the forecast. Analysts expected a decline to 2 million 600 thousand barrels. As a result, WTI prices decreased to $67 per barrel. Investors also pay attention […]

Oil Prices Fall Again While Traders Waiting for Inventories Data

It seems that the stockpiles of Crude Oil in the United States are increasing again. Investors came to this conclusion after the American Petroleum Institute published the inventories data. The report showed that the US crude storage facilities added 5 million 590 thousand inventories data. The report showed that the US crude storage facilities added 5 million 590 thousand barrels while market participants expected a 3 million. […]

Traders in Wait-and-See Mood Before Fed Meeting

Today, the Federal Open Market Committee begins its 2-day policy meeting. Policy decisions will be announced tomorrow. Meanwhile, traders shy away from opening long bets. The Russian ruble opened today with a minor decline. The Russian currency has lost support from the tax filing period, which has come to an end. In the early session, the USD/RUB pair jumped 20 pips to trade at 62.40. Yesterday, the ruble […]

Oil Prices Ready for Rally

The US dollar is slipping against the basket of major currencies. At the same time, Crude Oil is trading higher. Brent Crude Futures are making efforts to develop a rally and rebound to recent highs. Today, oil traders are betting on the Brent price breaching the upper border of a trading range where the price has been consolidating for the latest 3 sessions. Today, Brent Crude Benchmark grade is trading at about $74.70 […]

Market Neglects Geopolitical Tensions Between US and Iran

Oil prices are consolidating at the levels that have been reached during a 3-day rally. Brent Crude Oil is still trading sideways at around $74.50 a barrel. In the recent 3 days, Brent price has been developing a steady rally in light of the news on disruptions of all oil shipments via a Red Sea trade route. Besides, oil prices benefitted from the weaker US dollar amid softer protectionist rhetoric […]

Oil, RUB, and CAD Trading Higher

Crude Oil is again trading higher. One of the reasons is the weaker greenback as Crude Oil is priced in dollars. Another reason is that investors bear in mind geopolitical risks. Saudi Arabia is temporarily halting all oil shipments through the Bab el-Mandeb strait, which connects the Red Sea to the Gulf of Aden. The important waterway is used to deliver oil to consumers mainly in Europe, the US, and Asian countries. […]

US Oil Inventories Decrease Again

While the major forex trading instruments are passive today, the situation in the commodities market is more dynamic. The Brent Crude Benchmark, which is extracted in the North Sea, managed to rise to the level of $74 per barrel. The report from the American Petroleum Institute helped the commodity to gather the upward momentum. The latest data showed that the stockpiles of Crude Oil in the United States decreased by 3 million 100 thousand barrels last week. […]

Oil and Ruble Move in Different Directions Again

The oversupply problem in the oil market has drawn attention of market participants again. Yesterday, traders attempted to return the commodity prices to the recent highs. Buy deals were triggered by a heated argument between the presidents of the United States and Iran. Hassan Rouhani threatened to close the Strait of Hormuz, which is an important trade route for global transit of commodities. However, threats were not followed by any actions, so investors shifted their attention […]

Rise in Oil Prices is Limited Due to Trade Conflicts

Oil traders are distressed about the escalation of trade conflicts. On Friday, the US President Donald Trump reiterated the necessity to impose tariffs on imports from China. Beijing refrained from commenting his words. However, finance ministers of the G20 countries, who meet in Buenos Aires this weekend, could not exercise restraint. During the summit, the participants discussed the consequences of trade conflicts for the global economy. Experts anticipate that the economic growth […]

Oil Struggling for Gains

OPEC Governor assured investors that Saudi Arabia and its partners in the cartel company with oil production quotas, prescribed in the deal. Nevertheless, investors take this statement with a pinch of salt amid the likelihood of global oversupply. So, Crude Oil is still trading lower. Brent Crude Oil has settled down below the level it opened this week. However, Brent price is consolidating in a wide range […]

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