WTI price lost ground as OPEC+ intends to phase out production cuts of 2.2 million barrels per day over 2025. The US is purchasing an additional 3 million barrels of Oil for the country’s Strategic Petroleum Reserve. Oil prices may struggle further due to the expectations of the Fed maintaining higher rates for longer. West Texas […]
Share: WTI increased more than 1% on Friday and found resistance near $81.30, above the 20-day SMA. US Oil and natural rigs decreased for the sixth week in a row. The USD trading neutral allowed the black gold to gain traction. Chinese financial woes may limit the WTI’s upwards momentum. At the end […]
Share: US crude oil benchmark, WTI, rises for the third consecutive day, trading at $83.48, up by 0.80%. Oil demand is predicted to grow by 2.25 million bpd in 2024, down from 2024’s 2.44 million bpd, according to OPEC+. Weakness in China’s economy could dent oil demand. Western Texas Intermediate (WTI), the US […]
Share: WTI retreated below the $83.00 area, still trading in highs since mid-April correcting overbought conditions. Soft inflation figures from the US and weaker USD limit losses. Eyes on the Fed speaker later in the session WTI’s outlook remains positive amid tighter global supplies. On Thursday’s session, the West Texas Intermediate (WTI) saw more than […]
