Weekly Oil Report: The Shortest OPEC+ Meeting Pushed Prices Above $90
Crude oil rose above $90 during the first week of February. WTI and Brent gap narrowed as the market become tighter. Finally, Brent closed at $91.99 and WTI got to $91.95 on Friday, 4th February. Bullish factors of the market are almost getting stronger than before which is causing more growth. Geopolitical tensions, tight supply […]
Weekly Oil Report: Crude Rally Speeds Up
Brent rocketed through $90 in the last week of January, the price that it could not regain since 2014. Although the break was short and unstable, it reinforced the $100 forecast along with supply disruptions. Brent closed at $88.66 and WTI closed at $87.24 on the final trading session of Friday. Geopolitical risks are still […]
Weekly Oil Report: Geopolitical Tensions Driving Crude Higher
The market slowed down last week after the fearful starting days of the week. The increasing US oil inventory lit up the idea that the growth pace might have been fast. The two benchmarks, Brent and WTI, closed at $86.76 and $84.76 on Friday. But doubts did not last long. Tensions in Eastern Europe and […]
Weekly Oil Report: Crude Surged Ignoring China Attempts to Stop It
Supply constraints and dollar weakness stimulated crude oil by over 6% during the week. Brent closed at $85.66 and WTI got to $84.39 on the Friday session. Geopolitical risks led to more gains. The price is likely to remain above $80 for the rest of the week. China tried to kill the crude oil rally […]
Weekly Oil Report: Gains Following Supply Uncertainty
Crude price gain amused many market participants for the third week. Brent and WTI managed to grow by over 5% during the week. Finally, Brent closed at $81.34 and WTI closed at $78.85 on Friday, 7 January. Technically, the price is strong enough to stay above $80 for a while. The market can face better […]
Weekly Oil Report: Tighter Supply and Omicron Concerns
Finally, 2022 is here and many countries are in their Christmas holidays. Stock markets and banks were almost closed as well; therefore, market activities and trade volumes were not as normal days. Crude oil started the year with gains that were stimulated by the supply cuts of Libya ahead of the OPEC+ meeting. Brent opened […]
Weekly Oil Report: Holidays and Lockdowns Ruling over
Christmas is here and crude oil finished the year in the same range as last two weeks. Holidays got markets into sleep in many countries. Brent started Monday’s market at $75.75 and WTI began with $73.72 and climbed slightly down. The downtrend is not over yet with the negative sentiment of Omicron and demand fall. […]
Weekly Oil Report: Crude Slides Under Pressure of Omicron
Getting closer to the end of 2021, crude oil is still under $75, as we mentioned in last week report on Monday. The market is full of fears of the new variant of covid once again. On Friday, Brent and WTI closed at $72.78 and $70.35 at the end of the session. They also started […]
Weekly Oil Report: 2021, the Year of Uncertainties and Doubts
Crude got the chance to gain around 9% last week after news about the low risks of Omicron. Brent closed at $74.96 and WTI closed at $71.94 on Friday, 13 December. The current zone of crude seems to be dominating for the last days of 2021. Financial Market participants expected stronger economic reports during last […]
Weekly Oil Report: OPEC Soothed the Tensions
Crude was still under negative sentiments during the last week of November. Falling by about 10%, Brent closed at $69.56 and WTI touched $66.39 at the end of the trading session of Friday. OPEC confidently approved the increase of supply for January 2022. On the start session of Monday, the market opened above the closed […]