Tag: CCOM:OILCRUDE
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Global Oil Markets Fluctuate Amid Middle East Tensions and Prospects of Monetary Easing
Oil futures prices fell about 1% on Thursday, as tensions disrupting maritime transport in the Red Sea eased. However, the conflict in the Middle East is worsening. The Danish shipping company Maersk reported that it has scheduled several dozen container ships to travel through the Suez Canal and the Red Sea in the coming weeks…
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Oil Exhibits a Downward Trend As the Crisis in the Red Sea is Closely Monitored
Oil is showing a downward bias after the strong gains of the previous day, as investors monitor developments in the Red Sea and some major carriers resume passage through the area, despite ongoing attacks and broader tensions in the Middle East. Benchmark indices rose more than 2% in the previous session due to fears of…
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Oil Futures Surge Over 2% Following Announcement of Resumption of Maritime Traffic in the Middle East Region
The lack of disruptions in oil supply is offsetting the support for current prices due to geopolitical tensions in the Middle East, said UBS analyst Giovanni Staunovo, adding that trading was weak and within a narrow range, typical of holiday periods. Danish shipping company Maersk is preparing to resume maritime operations in the Red Sea…
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Oil Rises Over 2% Amid OPEC+ Impasse
Oil prices are up more than 2% this afternoon after Reuters reported, citing sources, that OPEC+ members fail to reach an agreement for the upcoming meeting on Thursday. Around 2:00 PM, the WTI (CCOM:OILCRUDE) barrel for January was up by 2.52% at $76.75. Meanwhile, the Brent (CCOM:OILBRENT) barrel for February saw an increase of 2.38%…
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Oil Closes Near Stability, Awaiting OPEC+
The oil prices closed with no clear direction but close to stability, after having risen 6% in the last two sessions due to the expectation of further production cuts to be announced by OPEC+ over the weekend. This outlook remains, but the rally has stalled, at least for now. Prices briefly dropped by a little…
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Oil Trading Lower as Fears Over an Escalating Middle East Conflict Ease
Oil prices weakened on Thursday morning as concerns about an escalating war in the Middle East eased, although tight supply and low inventories offered support. West Texas Intermediate (CCOM:OILCRUDE) crude for November delivery last fell 17 cents to $87.61 per barrel, while December Brent (CCOM:OILBRENT) crude, the global benchmark , fell $0.80 to $90.70. Prices…
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Oil Market Pauses Due To Caution And Uncertainty About The Impact Of The Turmoil In Israel
Investors pressed the pause button on the oil market recovery to assess the impact of the conflict in the Middle East. After a rise of more than 4% in prices due to fears that the conflict could spread beyond Gaza, the reference indices fell moderately due to the lack of estimates on the situation of…
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Oil Futures End The Day On a High With Restricted Supply Helping Recovery
Oil futures prices ended the day higher after falling to three-week lows, weighed down by a stronger US dollar and increasingly gloomy global economic signals, but supported by tightening oil supplies . Prices fell early in the day as the U.S. dollar rose to a 10-month high against a basket of major currencies. The strengthening…
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Oil Prices Climb $1 As Markets Focus On Supply Tightness
Oil prices surged by over $1 on Wednesday, with the market’s attention firmly fixed on supply constraints leading into the winter months and the prospect of a “soft landing” for the U.S. economy. Brent crude futures (CCOM:OILBRENT) advanced to $95, marking a gain of $1.14 and reaching $95.10 per barrel. Simultaneously, U.S. West Texas Intermediate…
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Oil Futures Extend Tuesday’s Highs As Hurricane Idalia Squeezes Supply
Crude oil futures prices gained strength near the close as Hurricane Idalia intensified as it headed towards Florida’s Gulf Coast, threatening to hit supply in a market that is already tightening. The Idalia strengthened today as it headed toward Florida after rounding Cuba. According to the local weather system, the hurricane is expected to make…