Crude oil prices gained ground on Tuesday on the back of lower-than-expected US inflation figures, which raised hopes of a pause in the Federal Reserve's interest rate hike. In addition, speculation about further Chinese economic recovery lent support. Hence, Brent crude increased by 3.4% to settle at $74.29 a barrel. At the same time, WTI crude traded 3.4% higher at $69.42 a barrel.
read more... 14/06/2023
On Monday, crude oil prices declined as a result of weak economic data from China and the possibility of interest rate hikes. Furthermore, higher supply from Russia has contributed to the overall downward trend in oil prices. Hence, Brent crude dropped by 4% to settle at $71.84 a barrel. Meanwhile, WTI crude traded at $67.12 a barrel, declining by over 4% day-on-day.
read more... 13/06/2023
Crude oil prices dipped on Friday in anticipation of U.S. Federal Reserve meeting and potential interest rate increases. Hence, Brent crude decreased by 1.5% to settle at $74.79 a barrel. At the same time, WTI Crude traded 1.6% lower at $70.17 a barrel.
read more... 12/06/2023
Oil prices tumbled following a turbulent session on Thursday after reports, later denied by the White House, of an imminent agreement between the US and Iran on oil sanctions. Brent crude dropped by 1.3% to settle at $75.96 a barrel. Meanwhile, WTI crude declined by about 2% closing at $71.29 a barrel.
read more... 09/06/2023
Oil prices moved higher on Wednesday as Saudi Arabia's surprise production cuts outweighed weak Chinese export data and rising US fuel inventories. Brent crude gained 0.9%, or $0.66, to settle at $76.95 a barrel. Meanwhile, WTI crude traded up by 1.1%, or $0.79, closing at $72.53 a barrel.
read more... 08/06/2023