Brent crude oil continues to trade around 85.00, maintaining its three-week uptrend while energy markets remain positive during the Good Friday holiday.
Read More
The Brent price action remains stagnant within a narrow range of 84.00 to 86.00, following the surge from 80.00 last weekend after OPEC+ surprisingly announced a production cut of 1.16 million bpd. The looming concerns of a US recession and global growth prospects may potentially restrict the price at these levels.
Read More
Fundamental Outlook: Oil prices climbed on Wednesday over rebounding demand in the US after data revealed that US crude stockpiles decreased by more than anticipated, coupled with supply side concerns driven by the recent output cut decision by OPEC and other oil-producing countries. Late Tuesday, the American Petroleum Institute (API) announced an estimated decrease of 4.3 million barrels in US crude oil inventories, more than the market expectation of a 1.8-million-barrel draw. A strong inventory decrease implies an uptick in crude demand in the US, easing market worries over falling demand.
Read More
Fundamental Outlook: Brent oil price hovers above 85 after OPEC+'s surprise production cut of 1 million barrels per day. With this level, oil is at its peak in about 3 weeks. The stability in Chinese demand also continues to have a positive impact on oil prices. Meanwhile, an initial agreement was reached this week to restart oil exports over the Ceyhan dispute, after Kurdish authorities halted exports of around 400,000 barrels per day from the Turkish port last week. Concerns over oil supply will be watched closely this week
Read More
Fundamental Outlook: Oil prices surged on Monday after Saudi Arabia and other OPEC+ producers announced a surprise cut in their output target, a move that rippled through stock markets and boosted the dollar due to reinvigorated fears about the stickiness of global inflation.
Read More
Fundamental Outlook: On Friday, the prices of oil remained relatively unchanged as the release of Chinese business activity data provided conflicting signals regarding the economy of the world's leading importer of crude oil. Additionally, market participants were awaiting further guidance from an upcoming OPEC meeting.
Read More
Fundamental Outlook: Early Asian trade on Thursday saw little movement in oil prices as traders awaited crucial business activity data from China to determine the worl
Read More
Fundamental Outlook:In the early hours of Wednesday's Asian trade, oil prices increased, continuing their upward trend for a third consecutive session. The rise in prices can be attributed to interruptions in the shipment of Kurdish oil, as well as a possible substantial decrease in US inventories. These factors indicate a potentially tighter supply of oil in the short term.
Read More
Fundamental Outlook: Oil prices saw a minor dip during early Asian trade on Tuesday, following a surge in the previous session. The market was assessing the possibility of limited supply in the near future, while also taking into account the increasing political disruptions in certain regions of Europe.
Read MoreLOADING...