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Crude futures were back in rally mode on Monday, December 6, with Brent breaking out of several local resistance levels, up 5.12% on the day to $73.44/bbl, and WTI spiked 5.4% to $69.79/bbl. The WHO claims that the new Omicron coronavirus strain is milder but more transmissible, while scientific conjecture that Omicron is likely a […]
Oil prices halted their ascent on Thursday, November 11, but with no new signs of downside pressure. Brent fell by the end of the day by just 0.02% to $81.9/bbl, while WTI ticked down 0.01% to $80.12/bbl. OPEC’s monthly report, released on Thursday, triggered market concerns that demand could overshoot supply in 2022. The oil […]
Oil prices retreated sharply after a week-long rally on Wednesday, November 10. Brent tumbled 3% to $81.92/bbl, and WTI slid 3.7% to $80.13/bbl. The main reason for yesterday’s downturn was most likely a spike in the US dollar after the release of red-hot US inflation data, which triggered a wave of risk aversion. In addition, […]
Oil prices retraced to previous highs on Tuesday, November 9, with Brent rising 1.6% to $84.45/bbl, while WTI surged 2.43% to $83.24/bbl. Vitol, a major European oil trader, believes that in 2022 global oil demand will be higher than in the pre-pandemic 2019 (over 1.1 mbpd), while the Brent price will spike above $100/bbl. This […]
Crude futures trended steadily higher on Monday, November 8. Brent increased 1.2% to $83.13/bbl, and WTI rose 0.98% to $81.26/bbl. According to media reports, Iran, with which Western countries are expected to resume nuclear talks on November 29, is already putting forward demands that are unacceptable for the West, and above all for the United […]
After a brief pullback, oil prices turned around and posted moderate gains on Thursday, October 29. Brent rose 0.61% to $83.76/bbl, while WTI advanced 1.18% to $82.53/bbl. The Algerian Energy Ministry said that a crude oil production increase by OPEC+ in December should not exceed 400 kbpd due to uncertainties and risks. Most likely, the […]
Oil prices corrected downward, albeit at an uneven pace, on Friday, October 29. Brent fell 0.35% on the last trading day in October to $83.47/bbl, while WTI remained almost unchanged, dipping 0.4% to $82.5/bbl. Overall, the decline in European gas prices and China’s announcements about boosting coal imports could slightly reduce demand for hydrocarbons and […]
After taking a breather, oil prices were back on an upward trajectory ,heading towards new highs again on Monday, November 1. Brent rose 0.92% to $84.24/bbl on the first trading day of November, while WTI advanced 0.73% to $83.1/bbl. According to media reports, a number of African countries, primarily Angola and Nigeria, recorded sharply lower […]
Oil prices fell quite sharply on Tuesday, November 2, with Brent shedding 0.49% to $83.83/bbl, while WTI slid 1% to $82.29/bbl. Crude futures likely pulled back due to the fact that the oil market today awaits Fed Chairman Powell’s speech, which is expected to address the timeline for phasing out pandemic-induced stimulus. This key risk […]
For two consecutive days, on Thursday and Friday, Brent crude tested the $79.81/bbl support level, but never slipped below it. On Friday morning, once again bouncing off this level, the price moved higher and closed near $82.2. On Friday evening, gains were capped by the Baker Hughes oil rig count, which showed an increase in […]