Oil prices traded down further today to its lowest level in 3 months. The EIA report will be delayed until the 15th but according the API crude stocks had a huge build. The EIA said production will rise this year by slightly less than expected but petroleum consumption will fall by 300K/bpd. “The market is […]
Oil prices dived today to the lowest price since July as demand worries took center stage. Mixed Chinese economic data and rising OPEC esports helped ease fears about tight markets. “Traders will remain on high alert for signs of a wider conflict emerging in the region that could disrupt supplies, but it seems those fears […]
Oil prices were higher today after Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts. “The announcement shows that Saudi has its shoulder to the wheel as it looks to tighten markets and increases prices,” John Kilduff, partner at Again Capital LLC in New York. The cuts could be extended into […]
Oil prices were lower today and lower week over week as some of the fear premium over Middle East tensions has left the market. At the same time US jobs data remained pretty strong and indications from the Fed also added to worries of more rate hikes to come. “The market is taking this conflict […]
Oil prices rose today as the Fed decided to keep rates unchanged yesterday. Todays gains broke a 3 day streak of losses as some risk appetite increased in light of the Fed decision. “If the Fed calls off the dogs, the bottom for oil should be very close to being in,” said Phil Flynn, analyst […]
Oil prices fell today to settle at a three week low on a rising US dollar. The federal reserve met today, keeping the interest rates the same as expected. They did, however, keep the door open for future rate hikes noting the strength of the US economy. Today’s settlement was the lowest since October 6th […]
Oil prices dipped today in another choppy session as some of the war fears have continued to fizzle despite an ongoing ground operation in Gaza. “We’ve taken some of the war premium out of the prices,” said Phil Flynn, analyst at Price Futures Group. Investors, however, are still weary that the conflict could escalate to […]
Oil prices fell today as fears of tension in the Middle East eased a little today. Crude jumped 3% on Friday after Israel stepped up ground incursions into Gaza, stoking worries the conflict could expand in a region that accounts for a third of global oil output. However, that concern was fading on Monday, analysts […]
Oil prices rose closed out the week with a strong session today as worries of middle east tensions were front and center again. Both contracts however closed lower week over week. Brent’s premium over WTI rose to its highest since March, making it more attractive for energy firms to send ships to the U.S. to […]
Oil prices fell today as tensions in the middle east simmered down, although the conflict is far from over. “The market is on edge,” said Price Futures analyst Phil Flynn. “It’s critical to understand that we’re one headline away from a big rally in the market. “Worries about the broader global economy also weighed on […]