Oil prices fell by 1% on Wednesday as investors worried about fuel demand due to the Fed’s higher-for-longer policy outlook. At the same time, a rally in the dollar made oil expensive for overseas buyers, leading to a drop in demand. Oil vs dollar (Source: Nymex, Bloomberg) Risk appetite fell on Wednesday as investors panicked Read More…
A quick recap on our CL analysis done earlier in the week needs to be done as CL has failed to break below the support zone. The bulls stepped back in and the chart has put in a solid bottom candle formation. If we grind down to a shorter time frame, there is a false Read More…
Oil prices fell 1% on Wednesday as investors worried about the risk of high interest rates for longer in the US after hawkish Fed meeting minutes. At the same time, a bigger-than-expected increase in crude inventories weighed on prices. The US released the FOMC meeting minutes, which showed that policymakers were ready to hold high Read More…
According to the U.S. Energy Information Administration (EIA), crude oil prices are expected to average around $90 per barrel for the remainder of 2024, driven by OPEC+ production cuts and ongoing geopolitical risks. However, they anticipate a decline to an average of $85 per barrel in 2025 due to increasing global oil production (EIA Homepage) Read More…
Price Trends In 2024, the average price of Brent crude oil was around $82 per barrel, which is similar to the average in 2023. West Texas Intermediate (WTI) has also seen a comparable average, with current prices around $79 per barrel. Notably, prices have experienced short-term peaks and declines, with Brent crude hitting a high Read More…
Oil price rose nearly 1% on Wednesday, climbing from a two-month low in the previous session due to a big draw in crude inventories and softer inflation in the US. Consequently, there was optimism about demand and looming Fed rate cuts. Data on Wednesday revealed a more significant decline in crude inventories than expected. The Read More…
