Crude Oil

By RoboForex Analytical Department As the new week in July kicks off, the commodities market is in high spirits. The price of Brent crude oil has surged to 81.00 USD per barrel. The oil sector is responding to rising global tensions, which may have adverse effects on the supply of energy resources...

Oil prices traded marginally lower during Monday morning’s Asian trading session as possibilities of a slowdown led by extended rate hikes by the Federal Reserve overshadowed fears of any supply constraints. What Happened: West Texas Intermediate futures for August...

Oil prices rose during Tuesday morning’s Asian trading session driven by geopolitical concerns surrounding Russia and potential supply disruptions. Prominent market commentator, Jim Cramer, indicated oil prices may not shoot much higher. ‘Don’t bite on oil going higher. It will just be...

Oil prices rose during Monday morning’s Asian trading session as investors and traders began digesting the impact of the attempted mutiny against Russian President Vladimir Putin while worries about a global slowdown remained. West Texas Intermediate futures maturing in August rose 0.65%...

The International Energy Agency (IEA) has announced that global oil demand will reach its peak of 105.7 million barrels per day (mb/d) in 2028, during an existing decline initiated by the advance of electric vehicles (EVs). "The shift to a clean energy economy is picking up pace, with a peak in...

The week’s trading is starting with a nightmare for oil prices as WTI-graded crude oil tumbles 3.6% on Monday, returning to its lowest level since late March. Why Is Crude Oil Plummeting? Production War Sparks Concerns of Market InstabilityOil prices are facing challenges as concerns mount...

Saudi Crown Prince Mohammed bin Salman (MbS) threatened to impose high economic costs on Washington last year when U.S. President Joe Biden warned of "consequences" to Riyadh over its decision to slash oil production, a new classified document revealed.  What Happened: As...

The Cyprus-based tanker firm Frontline (NYSE: FRO), on May 31, posted stellar earnings of $0.90 per share and declared a $0.70 dividend. Given the company's stock price of $13.70, this makes for a mouth-watering annualized yield of over 20%.  But the question arises, can this be sustained...

Concerns over the global economy dragged oil prices on Tuesday afternoon Asian trade after a knee-jerk surge the day before in the aftermath of the unexpected production cut announced by Saudi Arabia. West Texas Intermediate futures maturing in July were trading 2.04% lower at $70.70 per barrel....

OPEC+ on Sunday announced that it will limit combined oil production to 40.463 million barrels per day in 2024, with voluntary cuts announced by some of the members that were set to expire by 2023 extended to 2024. Saudi Arabia said it would implement an additional 1 million barrel per day cut for...

Oil prices rose by over $2 per barrel during Monday morning’s Asian trading session after Saudi Arabia reportedly announced it will cut production by an extra one million barrels per day in July. West Texas Intermediate futures maturing in July were trading 1.74% higher at $72.99 per barrel...

Oil prices rose during Thursday afternoon Asian trade after the passage of the debt ceiling bill in the House brought relief to traders. West Texas Intermediate futures maturing in July were trading 0.6% higher at $68.6 per barrel, at the time of writing. Another factor that helped lift prices was...

Oil prices continued to fall after registering close to a 3% decline on Thursday after Russia indicated The Organisation of the Petroleum Exporting Countries and its allies, known as OPEC+, weren't likely to alter production levels at its next meeting. Russia's Deputy Prime Minister Alexander Novak...

Oil is on track to register first weekly gains in over a month as market participants remain optimistic Congress will find a resolution to the impending debt limit impasse. West Texas Intermediate futures maturing in July are trading higher by close to 1% at $72.62 per barrel during Friday...

The Department of Energy has issued a solicitation for sour crude oil as it seeks to purchase up to 3 million barrels of oil for the Strategic Petroleum Reserve (SPR) in continuation of the Biden-Harris Administration's three-part replenishment plan. The DOE said in a statement that it aims to...