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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 (31.05.2023): Oil prices plunged by about 5% on Tuesday, amid high Russian exports and slowing Chinese demand
Oil prices plunged by about 5% on Tuesday, amid high Russian exports and slowing Chinese demand with the prospect of a standstill at Sunday's OPEC+ alliance meeting. Hence, Brent crude settled at $69.46 a barrel. Meanwhile, WTI crude traded at $73.54 a barrel.
read more... 31/05/2023
Daily (29.05.2023): Crude oil prices retreated by 1% on Friday amid provisional agreement on rising the US debt ceiling
Oil prices gained ground on Friday, spurred by provisional agreement struck by US leaders on raising the debt ceiling and potential output cuts by OPEC+. Brent crude increased by 0.9% to settle at $76.95 a barrel, while WTI gained 1.3% to trade at $72.67 a barrel.
read more... 29/05/2023
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Daily (26.05.2023): An overall bearish energy complex on Thursday
Crude oil prices fell sharply on Thursday, dampened by statements from Russia's Deputy Prime Minister for Energy, who rejected a further production cut at the end of the next OPEC+ meeting. Remaining fears over the possibility of a US debt ceiling default have put further pressure on prices. Hence, Brent crude posted a 2.7% decline at $76.26 a barrel. Meanwhile, WTI crude plunged by more than 3% to close at $71.83 a barrel.
read more... 26/05/2023