Oil prices inch up on large US crude stock draw

09:13pm, Tuesday, 02'nd Jul 2024
Oil prices edged higher in early Asian trade on Wednesday after industry data showed a bigger-than-expected draw in U.S. crude stockpiles, boosting hopes of solid fuel demand during the summer driving
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Crude oil's rally to 84.64 reversed at key resistance, forming a bearish shooting star pattern and indicating a likely pullback before another breakout attempt.

The Supply & Demand of Crude Oil This Summer

03:38pm, Tuesday, 02'nd Jul 2024
Oil prices are higher in hopes of a robust summer driving season, notes Ellen Wald. She and David Hay discuss oil and gas, as crude oil remains above the $80 level.
Amos Hochstein, deputy assistant to the President, and senior advisor for energy and investment, says the US gas and oil supply are stable. He says there is enough oil in the Strategic Petroleum Reser
Oil traders take some profits off the table near multi-week highs.
Crude oil outlook turns bullish, driven by OPEC+ cuts, summer demand surge, and Middle East tensions. China's recovery crucial for sustained rally.
Oil prices (BZ=F, CL=F) are rising as Hurricane Beryl quickly turns into a Category 5 storm, moving through the Caribbean into the Gulf of Mexico. Meanwhile, tensions in the Middle East continue, furt
The crude oil market has been bullish for some time, and at this point in time, I think a lot of traders are jumping into this market to take advantage of the summer demand. Furthermore, there are a l
OPEC oil output rose in June for a second consecutive month, a Reuters survey found on Tuesday, as higher supply from Nigeria and Iran offset the impact of voluntary supply cuts by other members and t
U.S. crude oil has hit two-month highs amid fears of war between Israel and Hezbollah, and an early and active hurricane season in the Gulf of Mexico. Gasoline prices have hit $3.50 per gallon average
West Texas Intermediate (WTI) crude oil jumped more than 2% to an eight-week high on Monday amid expectations of improving demand over the summer travel months and growing concerns that a regional exp
The crude oil outlook is bullish short-term with OPEC+ likely to maintain production cuts until prices exceed $90/barrel.
Oil futures rose Tuesday, trading at their highest since late April, with gains tied to expectations for heavy travel around the Independence Day holiday and concerns that powerful Hurricane Beryl cou
Natural gas dips to $2.46 while WTI nears $83.50, prompting analysts to warn of possible market correction driven by rate cut speculation and storm threats.
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