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, OPEC+ countries began gradually increasing oil output in April. Last month, eight states that agreed to hike supplies raised the total crude production by only 25,000 barrels per day (bpd), far short of the planned 138,000 bpd.
According to yesterday’s report from the Energy Information Administration (EIA), US commercial crude oil inventories, excluding the Strategic Petroleum Reserve, rose by 4 million barrels. The figure reached 441.8 million barrels per week as of May 9.
Oil prices dropped over 2% on Thursday amid investor concerns over a potential supply glut fueled by prospects of a US-Iran deal and an unexpected increase in American crude inventories last week, according to Reuters.
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 rise in quotes of WTI, Brent.
The United States will cut in half the time it takes to review applications for oil and gas development leases on federal lands. The review period will be reduced to six months. This announcement was made on Tuesday by the Department of the Interior (DOI).
Saudi Arabia’s crude flows to China are set to remain at a one-year high in June, reaching 48 million barrels. The Kingdom expects high demand from Asian countries in June. Hence, the price of Arab Light was raised by $0.20 per barrel over May prices.
According to Goldman Sachs experts, Donald Trump's preferred price range for WTI oil grade is $40–50 per barrel. The analysts came to this conclusion after studying the politician's numerous social-media posts on the matter.
Oil prices hover near two-week highs on Wednesday, supported by a temporary US-China agreement to ease tariffs and a weaker dollar, according to Reuters.
An increase of the indicator value may contribute to the fall in quotes of WTI, Brent.
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.
