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.
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
A decrease of the indicator value may contribute to the fall in quotes of Gasoline, WTI, Brent.
The budget bill passed by the US Senate on Tuesday includes a cut in funds to replenish the Strategic Petroleum Reserve (SPR) despite Donald Trump's previous statements about his intention to restore its volumes.
Oil prices stabilized after a modest rise as market participants assessed geopolitical risks and a 1.4 million barrel draw in crude inventories at the Cushing oil storage hub last week, Bloomberg reports.
A decrease of the indicator value may contribute to the fall in quotes of Gasoline, WTI, Brent.
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
Saudi Arabia is expected to hike oil prices for Asian buyers to a four-month high in August. Reuters reports that the move comes as demand for term supplies surges and summer fuel consumption peaks.
Oil traders expect OPEC+ to agree on a fourth consecutive boost in oil production at its meeting on Sunday, with the projected increase of 411,000 barrels per day taking effect in August.
According to yesterday's Reuters report, analysts have slightly raised their oil price forecasts following the escalation of geopolitical tensions in the Middle East. However, growing energy supply from OPEC+ and moderate resource demand continue to put pressure on barrel prices.
Analysts at Morgan Stanley project that Brent oil prices will reach $60 per barrel by early next year. This price move is anticipated as the fuel market stabilizes and geopolitical risks subside, especially after the de-escalation of Iran-Israel tensions.
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.
