#brent crude oil

[trader-sg112]

Oil Prices Inch Up Despite Mixed Signals

Oil prices edged slightly higher on Friday. Contracts for Brent crude oil expiring in August climbed 0.4%, reaching $86.73 per barrel. Similarly, West Texas Intermediate (WTI) crude futures, a key benchmark for North American oil, rose 0.4% to $82.09 per barrel.

This modest increase comes amidst conflicting forces in the oil market. While concerns about potential supply disruptions from the Middle East and ongoing geopolitical tensions provided some upward pressure, a strong U.S. dollar acted as a counterweight. A stronger dollar can make oil, priced in dollars, less attractive to buyers using other currencies.

The focus for investors has now shifted to upcoming U.S. inflation data, which could influence future decisions by the Federal Reserve on interest rates. Higher interest rates can strengthen the dollar and potentially dampen demand for oil.

[youthchronical]

'Too much doom and gloom': OPEC chief is bullish on oil demand despite extended production cuts

The head of oil producer alliance OPEC brushed off forecasts of dwindling crude demand in the coming year, saying there was too much pessimism in the market — despite the group extending production cuts just one day prior in an attempt to shore up prices amid subdued global consumption. “Well, for OPEC, we have demand growth this year at 1.9 million barrels a day,” OPEC Secretary-General Haitham…

[uniqueeval]

WTI rebounds 2%, closes above $67 per barrel

U.S. crude oil rebounded more than 2% on Wednesday, regaining some ground after prices closed at the lowest level in nearly three years in the previous session. “Crude Oil has rallied back aggressively,” Bob Yawger, executive director of energy futures at Mizuho Securities, told clients in a note. Yawger said the rally could be due to “Hurricane Francine churning up the US oil patch in the Gulf…

[ezyalgo]

Crude Oil chart signal for May 21, 2024, as provided by the EzyAlgo Premium Indicator

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[news-line-today]

Crude Oil Prices Advance Amid Rising Gaza Tensions and Saudi Arabia's Price Hike

In the world of oil trading, Monday saw a climb in futures prices as Saudi Arabia announced an increase in June crude prices for most regions. Concurrently, the possibility of a ceasefire deal in Gaza seemed distant, stirring concerns that the Israel-Hamas conflict might escalate further in this crucial oil-producing area.

Brent crude futures rose by 51 cents, marking a 0.6% increase to reach $83.47 per barrel, while US West Texas Intermediate crude futures also saw a rise, up by 53 cents to $78.64 per barrel, a 0.7% increase.

Last week, both Brent and WTI futures experienced their most significant weekly losses in three months. Brent fell over 7%, and WTI dropped by 6.8%. Investors grappled with weak US jobs data and speculated about the Federal Reserve’s potential interest rate adjustments.

As discussions around a Gaza ceasefire unfolded, the geopolitical risk premium on oil prices somewhat eased. However, hopes for an imminent agreement diminished on Sunday when Hamas reiterated its demand for war cessation in exchange for the release of hostages, a demand Israeli Prime Minister Benjamin Netanyahu swiftly rejected.

Monday brought further tension as Israel’s military urged Palestinian civilians to evacuate Rafah as part of a ‘limited scope’ operation. While the purpose behind this call remains unconfirmed, speculations arose about its relation to a possible ground assault.

Tony Sycamore, an analyst at IG markets, voiced concerns, stating, “News of Israel’s intentions to extend its operation into Rafah risks derailing a potential ceasefire agreement and reigniting Middle Eastern geopolitical tensions, which had shown signs of easing.”

With most long positions in oil cleared last week, the risks now seem tilted towards a rebound in WTI prices, possibly nearing the $80 mark early this week, as suggested by Sycamore.

Additionally, Saudi Arabia’s decision to raise the official selling prices (OSPs) for its crude in Asia, Northwest Europe, and the Mediterranean for June indicates expectations of robust summer demand, further bolstering prices.

Warren Patterson, Head of Commodities Research at ING, noted, “After a decline of more than 7.3% last week due to easing geopolitical tensions, ICE Brent has commenced the new trading week on a stronger note, opening higher.”

This development follows Saudi Arabia’s decision to increase June OSPs for most regions amidst a tightening of supplies this quarter.

In China, the world’s leading crude importer, service activity continued its expansionary trend for the 16th consecutive month. Growth in new orders and business sentiment surged, fueling hopes for a sustained economic revival.

In a potential sign of supply tightening, US energy companies reduced the number of oil and natural gas rigs operating for the second consecutive week. According to Baker Hughes, oil rigs fell by seven to 499, marking the most substantial weekly drop since November 2023.

[head-post]

Oil prices rose amid tensions in Middle East

Oil prices rose on Wednesday after industry data revealed an unexpected drop in US crude inventories last week, a positive signal for demand, Anadolu Ajansı reports.

As of 09:32 a.m. local time (0632 GMT), international benchmark Brent crude was trading at $88.21 a barrel, up 0.21 percent from the previous session’s closing price of $88.02 a barrel.

US benchmark West Texas Intermediate (WTI) was trading at $82.95 per barrel at the same time, up 0.17% from the previous session’s closing price of $82.81 per barrel.

A decline in commercial crude inventories in the US, the world’s largest oil consumer, and tensions in the Middle East were factors contributing to the price rise.

The US Energy Information Administration (EIA) reported that commercial crude oil inventories fell by about 6.4 million barrels to 453.6 million barrels last week, while the market had forecast an increase of 1.6 million barrels. Such a large reduction in inventories indicates strong demand, fuelling higher prices.

Read more HERE

[gazetteweekly]

“Oil Prices Slip on Increased Russian Supply and Jet Fuel Caution”

Oil prices faced a dip on Tuesday, driven by various factors including the anticipation of heightened supply from Russia and cautious trading ahead of the Federal Reserve’s decision on U.S. interest rates.

The Brent crude oil futures contract for May delivery edged down by 15 cents to $86.74 a barrel, while U.S. West Texas Intermediate (WTI) prices saw a decline of 14 cents to $82.02. Additionally, the WTI April contract, set to expire tomorrow, also fell by 15 cents to $82.57.

The previous session witnessed both benchmarks reaching four-month highs, propelled by lower crude exports from major producers like Saudi Arabia and Iraq, coupled with signs of robust demand and economic growth in China and the U.S.

However, concerns over Russian supply persisted, attributed to increased exports following Ukrainian attacks on the country’s oil infrastructure. Analysts from JP Morgan noted potential reductions in Russian crude runs due to these attacks, which could lead to higher crude oil exports as a result.

Russia’s decision to boost oil exports through its western ports in March further added pressure on prices. Daily shipments are expected to increase by 10% compared to the initial plan for March.

Uncertainty loomed over U.S. interest rates, with the Federal Reserve meeting scheduled for March 20. This uncertainty contributed to cautious trading, with analysts awaiting signals on rate cuts from the meeting.

Meanwhile, analysts expressed some caution regarding demand growth in the jet fuel sector ahead of the summer travel season. While global jet fuel prices are anticipated to rise, a potential global economic slowdown could temper consumption and limit price upside.

Overall, the oil market remains influenced by a delicate balance of supply dynamics, geopolitical tensions, and economic factors, highlighting the volatility inherent in the energy sector.

[jobaaj]

Oil prices are surging! The downward trend in oil prices is showing signs of improvement, with Brent Crude approaching its peak level in nearly five months, indicating a potential rebound.

But why?? The initial factor contributing to the current state of affairs is rooted in the ongoing issue of oil sanctions between the United States and Venezuela. In October 2023, the United States granted Venezuela a temporary six-month reprieve from the oil sanctions initially imposed in 2019. This gesture was made contingent upon Venezuela's commitment to facilitating a fair and inclusive electoral process involving all relevant political parties within the country. This diplomatic maneuver aimed to incentivize cooperation and dialogue between the opposing factions within Venezuela, fostering an environment conducive to democratic governance and potentially alleviating some of the pressure on global oil markets.

Despite the temporary relief granted to Venezuela regarding the oil sanctions, the anticipated fair elections stipulated as part of the agreement have yet to materialize. If Venezuela fails to conduct these elections by the middle of April 2024, the United States retains the option to reinstate the previously lifted sanctions. This deadline underscores the critical importance of adhering to the terms of the agreement for Venezuela's leadership, as the failure to do so could lead to significant consequences in terms of economic sanctions being reinstated, potentially exacerbating the challenges facing Venezuela's oil industry and broader economy. Secondly, Ukraine has been targeting Russian oil! In a surprising move, Ukraine has begun targeting Russian infrastructure to disrupt its oil, which has been Russia’s biggest source of revenue. Recently, Ukraine launched as many as 35 drones to attack multiple targets across Russia, including oil refineries!! Finally, Israeli PM Benjamin Netanyahu has confirmed that Israel will be continuing the Rafah assault, despite pressure from all its allies! All these factors helped Brent Crude break out of its tight trading range as it was trading at around $85.95/bbl when reporting. Follow ProCapitas for more financial insights.

[setandforgettrading]

Anticipated Rise in Crude Oil and Brent Oil Prices for 2024

This guide on the future of oil unveils the 2024 price boom and offers insights into investment opportunities and its global economic impact. Unlock the secrets behind this optimistic outlook and discover how it could impact your investments and the global economy.

[nsebullcom]

Oil: Oil on track to snap losing streak on hopes of further OPEC+ cuts

SINGAPORE – Oil prices rose on Tuesday, snapping a multi-session losing streak ahead of a crucial meeting of OPEC+, which is widely expected to deepen and extend cuts to oil production amid fears of supply being consistently higher than demand.Brent crude futures were up 45 cents, or 0.6%, at $80.43 a barrel at 0152 GMT, on track to snap a four-day losing streak. U.S. West Texas Intermediate…

[terbalo]

ETF sobre el crudo

[tradermade]

Oil prices are volatile! Explore: https://markets.tradermade.com/commodity/oil-prices-volatile-on-geopolitical-jitters-and-china-optimism. Iran's leader's death fuels uncertainty, but strong China data suggests higher demand.

[leprivatebanker]

Brent Crude Steadies Above $76 as Tighter Supplies Trump Interest Rate Concerns

Brent crude futures stabilized above $76 per barrel, with weekly gains, as the anticipation of tighter global supplies outweighed concerns about higher interest rates impacting global growth and energy demand. Saudi Arabia announced an extension of a production cut of 1 million barrels per day through August, and Russia pledged to reduce exports by 500,000 bpd next month. Power outages in…

[jameswilly98]

Crude oil:-

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[budrigannews]

Commodities Analysis and Opinion-Budrigannews

Commodities Analysis and Opinion-Budrigannews

This section provides information from personal market experts to global hedge funds and banks. Recommendations and analysis are published daily, both fundamental and technical analysis.

You will find charts, reasons for the fall or growth of the market, it is ideal for beginners of the stock market who are just learning trading.

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[partisan-by-default]

"What's unusual about this moment is that the oil market seems to be well supplied. Prices are relatively low, global demand is down and there really has been an increase in supply," Yellen said in an interview with Bloomberg TV.

The global oil markets are weighed down by ample supply and demand concerns, in part because of China's flagging economy. Analysts at Macquarie are forecasting a "heavy surplus" next year because of non-OPEC supply growth and "below-trend" demand growth.

International Brent crude-oil futures are down 4% year to date. US West Texas Intermediate futures are 1% lower over the same period.

"So the global oil market is softer, and that creates possibly an opportunity to take some further action," Yellen said.

Yellen said that she wouldn't preview any new sanctions but that the US would continue to put pressure on the Kremlin to end its war.