On Tuesday, oil prices are declining due to pressure from concerns over escalating trade tensions. Market participants are worried about the impact of increasing friction between the US and EU on economic activity and fuel demand.
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
Oil markets are absorbing OPEC+’s production hikes without a significant rise in inventories, signaling steady demand, according to UAE Energy Minister Suhail Al Mazrouei.
Norway is actively investing in developing new offshore fields, increasing oil production in an already oversupplied market. The country plans to spend over $15 billion on offshore oil projects before the end of the decade.
BCA Research forecasts further decline in oil prices this year, driven primarily by weakening global demand for crude. As reported by Investing.com, Brent oil lost over 6% of its value in the first half of the year.
On Tuesday, oil prices climbed to a two-week high after EIA lowered its short-term forecast for domestic energy production growth. Additional support came from shipping risks in the Red Sea and market concerns over potential American tariff hikes on copper imports, Reuters reported.
According to Bloomberg, volatile oil prices are straining US drilling activity, likely leading to a sharper-than-expected slowdown in domestic crude output growth. American drilling rig counts continue to decline, nearing four-year lows.
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
Reuters sources report that OPEC+ is set to boost oil production by 550,000 barrels per day in September. This will mark the final step in phasing out previous voluntary cuts.
The US Department of the Interior has proposed changes to regulations governing oil and gas extraction on federal lands. The new approach will allow companies to combine production from multiple sites using a single drilling pad.
Arvinder Singh Sahney, chairman of state-owned Indian Oil Corporation, expects global oil prices to stabilize in the range between $65 and $70 per barrel through the end of the fiscal year.
News on oil prices is not just information for specialists. This is an important signal for every experienced trader. This section of the website will help you understand when there’s a "Strong buy" signal for oil and when it is a "Strong sell" signal.
Oil price movements are more than just charts on a screen. It is one of the key drivers of the global economy. Understanding these dynamics helps in making rational decisions and adapting to changes.
