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.
Oil prices maintain an upward trend on Friday, driven by hopes for a trade deal between the US and the European Union, as well as new US sanctions targeting Iranian fuel exports, Reuters reports.
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
Donald Trump's tariff policies could seriously damage the US oil industry. Drillers cut the number of active oil rigs last week to 583. Meanwhile, major companies are reassessing high-cost projects.
The US Energy Information Administration (EIA) forecasts the country's oil production will peak at 14 million barrels per day (bpd) by 2027. Projecting future trends, the organization's experts suggest a further decline in oil output by 2050.
Iraq plans to cut its oil exports by 100,000 barrels per day (bpd), according to Bloomberg, citing an informed source. The decision to reduce supply to 3.2 million bpd comes amid pressure from OPEC+, which is pushing member countries to comply with production limits.
The latest data on global oil output, analyzed by Bloomberg, indicates the lack of success of OPEC+ member countries in compensating for exceeding quotas on crude production.
Oil prices are rising for a second consecutive day after the US pledged to reduce Iranian energy exports to zero. Brent crude climbed above $66 a barrel, while West Texas Intermediate rose to around $62.50.
A decrease of the indicator value may contribute to the rise in quotes of WTI, Brent.
A decrease of the indicator value may contribute to the rise in quotes of WTI, Brent.
HSBC has lowered its oil price forecast this week, citing US President Donald Trump's trade policies and crude production hikes by OPEC+. The revised estimates suggest that Brent oil prices will be $68.5 per barrel this year and $65 per barrel next 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.
