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.
Bank of America (BofA) analysts warn of a possible surge in oil prices following commodity trading advisors’ (CTAs) actions. A short-term rally could be sparked by short covering, which usually drives up demand in the market of deferred contracts and boosts prices, OilPrice explains.
According to Kpler data, US energy imports to Asia have actually declined in the four full months since Trump returned to the White House compared to the same period last year.
Oil prices have been rising for the fourth consecutive day amid investor optimism over the extension of trade negotiations between the US and China. Signs of an impending supply shortage are exerting further upward pressure, Bloomberg reports.
According to recent statements by Bank of America Corp's Head of Commodities Research, the OPEC+ alliance's oil production increase, including Saudi Arabia's participation, could intensify market competition.
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
HSBC forecasts OPEC+ to raise its oil production by 411,000 barrels per day in August and by 274,000 barrels per day in September. These factors raise downward risks to the bank's outlook for Brent crude prices at $65 per barrel in the fourth quarter of 2025.
China's imports of most natural resources fell in May, according to customs data released today. Reuters analysts noted that the decline affected oil, coal, iron ore, and copper.
The price spread between US WTI and Britain’s Brent crude has narrowed to just $2.78 per barrel. This is the tightest level since September of last year.
Over the last seven days, American energy companies have further reduced their oil and natural gas drilling operations. This marks the sixth consecutive week of decreased fuel production capacity in the country.
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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.
