Crude check: Oil can advance further
The manufacturing and services activity in China, the largest oil importer, improved considerably in February. Interestingly, the manufacturing Purchasing Managers’ Index (PMI) was recorded at 52.6 for the last month, the highest since April 2012. This aided the crude oil prices to rally last week. The Brent crude futures on the Intercontinental Exchange (ICE) posted […]
Crude oil up on hopes of Chinese demand rising
Expectations of an increase in demand from China in 2023 buoyed crude oil futures higher on Monday morning. At 10.01 am on Monday, April Brent oil futures were up by 0.67 per cent at $84.56 and April crude oil futures on WTI were up by 0.63 per cent at $77.03. March crude oil futures were […]
October oil output cut was the right move, says OPEC secretary general
The collective decision taken in October was the correct decision OPEC+ has always played a constructive role in maintaining a balanced market “We believe there is great confidence and trust in OPEC+ and its decisions, where we have proven time and again that we are ready to act immediately and respond to the dynamic nature […]
IEA’s faith in China’s recovery boosts crude oil prices
Crude oil futures traded higher on Monday morning as the International Energy Agency (IEA) reiterated that China will boost the demand for crude oil in the global markets. At 10 am on Monday, April Brent oil futures were at $80.16, up by 0.28 per cent; and March crude oil futures on WTI were at $73.53, up […]
Crude Check: Bears gaining traction
Rise in the US crude oil inventory and the strengthening of the dollar last week weighed on the prices of crude oil. While the dollar index rallied by about 1 per cent, the crude oil stocks in the US rose by 4.1 million barrels against the expected fall of nearly 1 million barrels. Thus, the Brent […]
Crude oil gains on OPEC, Fed decisions
Crude oil traded higher on Thursday morning as the outcomes of the US Federal Reserve meeting and the virtual meeting of OPEC+ (Organisation of Petroleum Exporting Countries) and its allies were on the expected lines. At 10 am on Thursday, April Brent oil futures were at $83.46, up by 0.75 per cent; and March crude […]
Oil prices climb as dollar slumps, OPEC+ keeps output cut policy
By Laura Sanicola and Muyu Xu (Reuters) -Oil prices rebounded on Thursday after tumbling in the previous session as a weaker dollar brought back some appetite for risk assets and the OPEC+ decision to roll over an output cut helped ease oversupply concerns. Brent crude futures rose […]
Crude oil rises on hopes of favourable Fed, OPEC meetings
Crude oil traded higher on Wednesday morning, fuelled by recent data showing signs of recovery in the US economy and market expectations that the US Federal Reserve may not resort to an aggressive interest rate hike later today. At 10 am on Wednesday, April Brent oil futures were at $85.72, up by 0.30 per cent; […]
Market Update – January 30 – Mega Central banks, OPEC, NFP & Earnings week
Trading Leveraged Products is risky China Stock market returns from Luna New Year break. Chinese stocks rose while most other Asian equities fell as investors looked to interest rate decisions scheduled this week in the US, UK and Europe and busy earnings agenda. Nikkei ended at a more than 1-month high today. Global Stocks excluding […]
Crude Check: Shorts being covered
Crude oil rode on the optimism backed by the potential Chinese demand after loosening the Covid restrictions and also the expected slowdown in the pace of interest rate hikes, particularly by the Fed. This led to the energy commodity posting a weekly gain for a second consecutive week.The Brent crude futures on the Intercontinental Exchange […]