Anxieties still loom over the crude oil markets despite strong demand

The oil price recorded a modest rise this week despite the significant drop in the crude stocks in the world’s biggest consumer of the commodity, the US. Both the API, American Petroleum Institute, and the EIA, US Energy Information Administration, came up with the encouraging numbers that showed a …

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EIA and API show record US crude inventory draws: demand seems to be finally on track

The anxieties that gripped the crude oil markets may die down in the coming weeks as the US crude oil inventories fell by significant numbers, according to the latest data from the two most prominent agencies in the field. The latest, from the EIA, US Energy Information Administration, shows an inve…

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Why does the price of crude oil record a modest hike, despte the concerns over supplies?

Despite the rising demand for crude oil, especially in the developed world, the rise in price of crude oil has been modest in recent days. The API, American Petroleum Institute, for instance, declared on Tuesday that the weekly draw for the previous week was 5.437 million barrels, 1.534 million bar…

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Norway' s Election Results: the victory of the Left may add more uncertainties to the fossile fuel markets

Norway, the Scandinavian nation that is Western’s Europe’s major oil producer, is about to get a government led by its Labour party in the coming days. The opposition led by Labour party achieved a landslide victory, gaining over 100 seats in 169-seat parliament in which the winning party just need…

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Perpetuating oil supply uncertainties: US removes air defence system and Patriotic batteries from Saudi Arabia

It’s confirmed that the US has started removing its state-of-the-art air defence system and the Patriotic missile batteries from Saudi Arabia for reasons unknown to the rest of world, leaving the move open to various interpretations. Saudi Arabia has been under attack by Houthis from neighbouring Ye…

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The phone call between the two economic superpowers ignites the optimism in the crude oil markets

The phone call between President Biden and President Xi of China, after a lull of seven months since the first of that kind being made, helped Asian markets make some gains in the early hours of trading. It is felt in the crude oil markets as well. Following the unexpected conversation, both sides s…

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China and India buy more oil, cashing in on price cuts by Saudi Arabia

The prices of crude oil turned green on the screens in the stock markets on Wednesday across the world – finally. As of 10:30 GMT, WTI and Brent prices recorded $68.61 and $71.88 respectively, a rise of 0.51% and %40 in that order. Some analysts attribute the rise in price today to a boost in China’s…

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Saudi Arabia's move to bring the oil price down for Asia: it's better late than never!

Saudi Arabia reduced the price of crude oil for Asia on Sunday, which came as a bolt from the blue for the beleaguered markets. The cut was substantial; it was more than $1 and the move makes perfect sense as far as the biggest markets base of the Kingdom is concerned. It goes without saying the tur…

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Norwegians go to polls next Monday: oil and gas industry is under intense spotlight

With a new election looming, the oil industry that transformed Norway from a poor nation in Europe to one of the wealthiest countries in the world in five decades, with an enviable welfare state to match, suffered a setback recently, which could have far-reaching consequences in the years to come. N…

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Crude oil markets: uncertainties gradually subside, without derailing the recovery

The weaker dollar managed to eclipse the psychological hindrances faced by the investors this week that in turn resulted in a diffident rise in oil price, which saw a significant fall in August. As of 18:00 GMT, the price of WTI and Brent were $69.29 and $72.61 respectively, recording the modest ris…

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Oil Price: Chinese success in controling Covid-19 rekindles the investors' spirit

China, the apparent epicentre of the Covid-19 catastrophe, once again proved once thing it is really good at – keeping the spread at bay. The data of daily infections, according to Google, shows that the curve is flattening, indeed. In proportion, the Chinese authorities have eased the restrictions …

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Apparent unity of OPEC+ and US inventory data elevate the moods in the markets

Crude oil price rose modestly leaving behind the inexplicable fluctuations that we witnessed in the last few days. The markets breathed a sigh of relief when OPEC+ announced that it will ease the production cuts gradually on Wednesday. What was remarkable is the fact that the time it took for the mi…

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OPEC+ Ministerial Meeting: how will they handle the balancing act?

The JTC, Joint Technical Committee of the OPEC+, released its data on the eve of the group’s ministerial meeting scheduled on Tuesday evening at 17:00 at Vienna time. According to the JTC, the global demand of crude oil is going up at a steady rate, but the supply will not be able to catch up with i…

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OPEC+ expresses concern over the demand: China admits its economy suffered in August

Although China managed to control the outbreaks of the Delta variant of the Covid-19, it could not mitigate the impact on the economy during the period from July to August. The latest data from the National Bureau of Statistics of China, released on the eve of the latest OPEC+ meeting,  clearly show…

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Hurricane Ida downgraded: crude oil markets slowly react to the news

The price of crude oil recorded a slight fall on Monday, perhaps at the news that the Hurricane Ida, which had been battering the US Gulf Coast on Sunday, has finally been downgraded to a tropical storm. Although the strong winds can still cause mayhem, the impact on the ordinary lives appears to be…

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