Saudi Arabia Vows Necessary Support, Propel Oil Futures to Skyrocket!
Oil Futures Experience Boost on Wednesday A positive shift was evident in oil futures on Wednesday. This was largely precipitated by comments emerging from Saudi Arabia during an Organization of the Petroleum Exporting Countries (OPEC) seminar. These statements pointed towards a conceivable tightening in crude supplies, thereby influencing the market. Saudi Arabia’s Role in Supporting […]
Breaking: U.S. Oil Futures Drop Following Unexpected Weekly Surge in Crude Supplies!
U.S. oil futures settled with a loss on Wednesday after the Energy Information Administration reported the first weekly gain in U.S. crude supplies in four weeks. June West Texas Intermediate crude CLM23 fell $1.15, or 1.6%, to settle at $72.56 a barrel on the New York Mercantile Exchange.
US Oil Futures Make a Comeback, Soaring High Despite Last Week’s 7% Plunge
US oil futures experienced a boost on Monday, growing by almost 3% in value. Part of the reason for this growth is the bullish US jobs data, which came in better than expected on Friday. Another reason is that the speculated imminence of a recession is driving crude prices. West Texas Intermediate crude increased by […]
US Oil Futures Rise for the Day, Yet Suffer Stunning 7% Weekly Loss
US oil futures saw an increase on Friday but still experienced a significant loss of over 7% for the week overall. Analysts are speculating whether the rise of oil prices on Friday is a result of short-covering, actual buying in hopes that prices have reached their low point, or if it might be due to […]
US Oil Futures Rise for Third Consecutive Week, Settling at a Moderate High
US oil futures continued to rise throughout the holiday-shortened trading week, ultimately settling at $80.70 a barrel. This marks the third consecutive week of gains for West Texas Intermediate (WTI) crude oil, even though many economic indicators are suggesting that the US economy is quickly weakening due to supply chain disruptions and an increase in […]