Get ready for an exciting dive into the world of oil markets! As we kick off the bullish messaging from Saudi Arabia and other oil producers, we have an important event on the horizon. The July 5-6 seminar will bring together oil industry CEOs and energy ministers from OPEC - the Organization of the Petroleum Exporting Countries. OPEC+, which includes Saudi Arabia...
The oil market has experienced significant volatility throughout the week, starting with a price spike due to Saudi Arabia's one million barrel production cut, followed by a plunge in prices after the US and Iran denied a temporary nuclear deal.
Despite the highly-publicized Saudi output cut, US Oil prices saw another decline at the end of last week. As we...
The USOil rallied as much as 1.3% on Friday after the Fed’s favorite gauge for U.S. inflation came in beyond expectation for April, indicating that the central bank will raise interest rates again in June and July versus expectations for a pause.
USOILSPOT Fundamental Factors: However, following the U.S. president's announcement via his Twitter handle on Saturday...
Oil prices reversed on Thursday and Friday to transition into a choppy situation to the disappointment of buyers as talks to raise the U.S. debt ceiling hit an impasse. Market participants were reluctant to have open buy positions into the weekend, on the off chance that an agreement to raise the U.S. government’s debt ceiling is struck over the weekend which...
By the end of the previous week, the Oil prices appear to have stabilized in a trading range between 74.00 and 67.00 per barrel. Sluggish data coming in from the Chinese economic docket (the world's number one importer of crude oil) is not helping matters at all; with a 1.4% decline in imports and an 8.5% drop in export growth. The economy seems to be struggling...
The previous month witnessed a 4% drop in oil prices despite the OPEC+ member's decision to cut a further 1.7 million barrels from its daily output, adding to an earlier pledge from November to take off 2.0 million barrels per day. The implementation of this pledged cut is supposed to begin next month - May 2023 and this could result in some interesting market...
The much-expected bullish pressure following the OPEC+ decision to cut oil production appears to be losing steam as bears are defying OPEC+ again. The majority of market participants are of the opinion that the selling pressure witnessed in the previous week is a result of persistent US rate hikes and recession fears but if we take a look at this bearish move from...
