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.
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.
According to Bloomberg data, Russia's oil production in June amounted to 9.022 million barrels per day. This is 28,000 barrels per day below the established limit, including mandatory compensatory cuts.
Oil rose after Saudi Arabia raised its official selling prices for its benchmark Arab Light crude for Asian buyers. The move reinforced market confidence that it can absorb additional OPEC+ barrels, Bloomberg reports.
An increase of the indicator value may contribute to the rise in quotes of WTI, Brent.
Saudi Arabia has increased official prices for its benchmark crude oil for Asian buyers next month. The price hike exceeded market expectations, demonstrating Riyadh's confidence in the oil market's resilience and its ability to absorb growing OPEC+ supply.
On Saturday, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) announced a decision to accelerate the restoration of previously reduced volumes of oil production in August. According to Giovanni Staunovo from UBS, this move creates risks of a surplus and price decline.
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.
