Oil prices edged higher on Thursday, a day after the Fed lowered borrowing costs by 25 bps as expected, while markets were optimistic about a fall in crude inventories. However, downward pressure came from concerns about the state of the US economy. After much speculation and anticipation, the Fed finally cut interest rates on Wednesday. Read More…
Oil prices rose almost 3% on Wednesday due to a surprise draw in crude inventories. Moreover, there was a bigger-than-expected decline in US gasoline stocks, indicating robust demand and a looming tightness in the market. US crude inventories (Source: EIA) Notably, economists had expected a 1.3 million barrel increase in crude inventories. However, the Energy Read More…
On Wednesday, oil prices increased by approximately 3%. This was due to a larger-than-expected second consecutive weekly decrease in US crude stockpiles. WTI price chart (Source: Nymex) The US Energy Information Administration reported a significant drop of 9.6 million barrels in crude inventories for the week ending on June 23. This surpasses the 1.8-million barrel Read More…