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Daily (07.06.2023): Oil prices edged lower on Tuesday, as a bearish outlook continued to weigh on prices
Oil prices edged lower on Tuesday, as a bearish outlook continued to weigh on prices, with traders expecting Saudi Arabia's production cut not to extend beyond July, thereby easing supply concerns. Brent crude slipped by 0.5 % to settle at $76.29 a barrel. Meanwhile, WTI crude traded at $71.74 a barrel, down by 0.6% day-on-day.
read more... 07/06/2023
Daily (06.06.2023): Crude oil prices rose by 1% on forecasts for additional cuts planned by Saudi Arabia in July.
Crude oil prices increased on Monday following the extension of production agreements by OPEC+ countries, with Saudi Arabia planning additional cuts in July. Hence, Brent crude increased by 0.8% to settle at $76.71 a barrel. While WTI Crude edged 0.6% higher at $72.15 a barrel.
read more... 06/06/2023
Daily (05.06.2023): Oil prices rose sharply on Friday amid strong US employment figures
Oil prices rose sharply on Friday amid strong US employment figures. Moreover, debt impasse has been finally overcome. Ahead of OPEC+ meeting, Brent crude rose by 2.5 % to settle at $76.13 a barrel. Meanwhile, WTI crude traded at $71.74 a barrel, up by 2.3% day-on-day.
read more... 05/06/2023
Daily (02.06.2023): Oil prices strongly rebounded on Thursday, after a key vote in favour of resolving the US debt ceiling impasse
Oil prices strongly rebounded on Thursday, following a key vote in favour of resolving the US debt ceiling impasse. Despite a rise in US oil inventories, Brent crude rose by 2.2 % to settle at $74.28 a barrel. Meanwhile, WTI crude traded at $70.10 a barrel, up by 3% day-on-day.
read more... 02/06/2023
Daily (01.06.2023): Oil fell on Wednesday on weak China data, stronger U.S. dollar
Oil prices slumped on Wednesday due to disappointing manufacturing data from China and a stronger U.S. dollar. Furthermore, the rise in oil inventories in the US this week by 5.202 million barrels also has weighed on prices. Hence, Brent crude settled at $72.66 a barrel. Meanwhile, WTI crude traded at $68.09 a barrel.
read more... 01/06/2023