Crude Oil

Crude oil prices experienced their most significant one-day increase in over nine months Wednesday due to escalating geopolitical tensions in the Middle East. West Texas Intermediate (WTI) light crude closed the session at $78.41 per barrel, up 4.9%, marking its largest spike since October 2023....

In a recent move by South Korea which heavily relies on imports of overseas gas and oil, the country announced today it found a potentially massive reserve of oil and gas offshore close to the southeastern territory. See Also: Crypto Trader Says These Two Meme Coins Are Set To Spike — And Neither...

By RoboForex Analytical Department Brent crude oil prices decreased slightly on Wednesday, falling to 89.50 USD per barrel. The decline is primarily attributed to concerns over global oil demand, particularly given the economic indicators coming out of China, the world's largest energy importer...

Oil prices kicked off the new week on a bullish trajectory, with spot contracts for light crude West Texas Intermediate (WTI) surging above $82 per barrel, marking a return to levels last observed in early November 2023. The surge in oil prices is propelled by tightened conditions in the global...

U.S. defense forces targeted and destroyed four Houthi missiles in Yemen on Tuesday, in what was described as a preemptive action. What Happened: The U.S. Central Command stated, “These missiles were prepared to launch from Houthi-controlled areas of Yemen and presented an imminent threat to...

In a move that has sent shockwaves through the oil market, Saudi Arabia has drastically reduced oil prices, leading to a significant increase in short positions in both Brent crude and West Texas Intermediate crude. What Happened: Short positions in Brent crude and West Texas Intermediate...

Crude oil faced a challenging trajectory in 2023, lagging behind various financial assets, and is on track to end the year in the red. Despite robust demand sustained by the global economy’s resilience in the face of inflation and high interest rates, oil struggled to maintain its momentum. ...

Last week's Commitment of Traders (COT) Report revealed that producers increased their short positions for the first time in five weeks, which may indicate the first sign of a temporary floor around these price levels. There was also an abnormal spike in long positioning for producers, an...

Crude oil prices rose on Monday following reports that the Organization of Petroleum Exporting Countries (OPEC) and its allies will discuss further cuts in output at its upcoming meeting this weekend. What Happened: OPEC could cut production by an additional 1 million barrels a day over the 5...

With a 20% retreat in oil prices from year-to-date highs, traders and market observers continue to speculate about the Department of Energy's (DOE) plans to refill the Strategic Petroleum Reserve (SPR). Although efforts have started, the scale is relatively small compared to the total...

As OPEC gears up for a meeting in Vienna on Nov. 26, oil prices are on track for their fourth consecutive weekly loss. Prices are hovering at levels last seen in mid-July as the market grapples with slowing demand and easing supply concerns. Commodity analysts have identified a shift in the oil...

By RoboForex Analytical Department The commodity market started the week with a new wave of selloffs. The price of a barrel of Brent crude decreased to 80.65 USD. Investors began reducing long positions on Friday amid uncertainty in the Middle East. This week, the monthly reports from the...

On Wednesday, West Texas Intermediate (WTI) crude oil fell below $76 a barrel, breaking through its 200-day moving average, which had served as a strong support level since mid-July. This decline was driven by concerns of a global demand slowdown outweighing supply worries. Oil prices are currently...

By RoboForex Analytical Department The crude oil market continues the buying momentum it started on Friday. As we begin this new week of October, the price of a Brent barrel has reached 91.00 USD. The risk of an escalation in the conflict in the Middle East has noticeably increased, but...

Crude oil could break its two-day losing streak on Monday, rallying in the Asian session due to escalating geopolitical tensions in the Middle East. What Happened: In an unexpected development, the Palestinian militant organization Hamas, which controls the Gaza Strip, launched a series...