Oil prices were higher today, gaining about 3% in a post-holiday response to supply cuts announced on Monday by Russia and Saudi Arabia. The Saudis announced Monday that they have agreed to extend their 1MM/bpd supply cut through August. There was no WTI settlement on Tuesday because of the U.S. holiday, so trade on Wednesday […]
Oil prices settled higher today but closed down for the quarter for the 4th quarter in a row. Signs of strengthening U.S. economic activity and sharp declines in U.S. oil inventories last week offered some support. For the day, crude was bolstered by a U.S. Commerce Department report showing annual inflation rising last month at […]
Oil prices settled higher on Thursday after flip flopping during the session, supported by a bigger draw than expected in U.S. crude inventories but pressured by fears that rising interest rates that could dent global economic growth. U.S. WTI crude futures rose 30 cents per barrel to close at $69.86 per barrel. Brent crude futures […]
Oil prices turned around today, climbing around 3% as we saw the second straight weekly larger-than-expected draw from US crude stocks. Crude inventories fell by 9.6MM/bbls last week, far exceeding the 1.8MM/bbl draw analysts forecasted. “Overall, very solid numbers that kind of fly in the face of people who have been saying that the market […]
Oil prices were lower today on nerves about central bank monetary policy. The market is afraid that central banks are not done hiking rates yet. Both contracts are trading broadly within a $10 range traced since early May. Oanda analyst Craig Erlam said prices were mainly at the mercy of “the ever-changing expectations for interest […]
Oil prices rose today in a choppy trading session as investors balanced concerns about global demand growth and potential supply disruptions from political instability in Russia. Price Futures Group analyst Phil Flynn warned that Russian political instability could worsen supply shortages in the months ahead due to Saudi Arabia’s pledge to cut output from July, […]
Oil prices were lower again today closing down week over week as the market worried about interest rate hikes and their effect on the global economy. “There seems to be a growing ‘risk back off’ type of trade now in crude, triggered by the interest rate rises in the EU and disappointing stimulus numbers out […]
Oil prices sank again today, falling almost 4% as a bigger then expected Bank of England rate hike worried markets. Fed Chair Jerome Powell said that two more rate hikes of 25bps in the US before the end of the year was “a pretty good guess”. “We’re locked in a trading range but prices are […]
Oil prices were higher today as U.S. corn and soybean prices raced to multi-month highs, raising expectations that crop shortfalls around the globe could lower biofuels blending and increase oil demand. Chicago Board of Trade corn futures rose 5.2% on Wednesday after a government report showed much of the U.S. crop being stressed by dry […]
Oil prices eased today in a choppy session on forecasts for slower oil demand growth in China. Adding to bearish sentiment, traders noted crude supplies from Iran and Russia have increased in recent weeks. “Oil locked in on anything and everything that has to do with China. This week, energy traders are seeing oil weakness […]