Plummeting oil price leaves the OPEC+ in a slippery lurch

The price of crude oil fell precipitously on Friday when analysts were gauging the combined impact of the joint release of petroleum reserves and the discovery of new Covid-19 variant in Southern Africa. As of 18:00 GMT on Friday, the prices of WTI and Brent were $68.15 and $72.72 respectively. When…

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Gauging the oil price trend when two factors competing for dominance

The price of crude oil slightly dipped on Wednesday, in line not necessarily with the cumulative release of the SPRs, Strategic Petroleum Reserves, by the top global consumers. The drop coincides also with the latest data released by the API, American Petroleum Institute, which showed yet another US…

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Oil price: will the joint release of SPRs produce the desired outcome?

Crude oil investors are bracing themselves for the ‘big news’ in the form of a public announcement by the world’s most powerful man in the evening, with regard to the steps taken by his administration to cut down on rising energy prices. Everyone expects that President Biden will address the issue w…

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Oil Price: relasing SPRs amidst waves of Covid-19 surges in Europe

The price of crude oil that has been falling during the past three weeks recovered slightly on Monday when the markets opened for the business for the new week. As of 11:45 GMT, the WTI and Brent were back in the green, both standing at $76.08 and $79.00 respectively, recording modest gains. The pri…

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Joint release of SPRs and Covid-19 flare-ups in Europe bring down the price of crude oil

The price of crude oil continues to fall on Friday as the news of the joint release of Strategic Petroleum Reserves, SPRs, started gathering momentum, although there is no official response in this regard from any country involved in the unprecedented move. As of 15:30 GMT, price of WTI and Brent st…

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Oil Price: Is the US planning a collective SPR onslaught to tame the crude oil markets?

The price of crude oil tumbled on Wednesday in the aftermath of Biden-Xi talks that took place virtually on Tuesday. Although both sides were tight-lipped about what were under discussion during the three-and-half-hour long conversation, the Chinese media started guessing the contents in dribs and d…

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Oil Price: Arctic blast across northern Europe may push the price up - further

An Arctic blast is set to hit the northern Europe in the next few days, making both the temperatures and the continent’s cumulative natural gas supply plummeting in a significant way. The above weather model shows how the extreme weather front is moving across the region in the next few days. The pr…

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The reluctance of Biden administration to tap into SPR: a litmus test to gauge the success of the talks on the JCPOA!

The price of crude oil has been falling for three successive weeks and analysts attribute it to a series of factors, ranging from strong dollar to loss of consumer confidence, especially in the major economies. When the markets closed on Friday, WTI and Brent stood at $80.79 and $82.17 respectively. …

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Oil price continues to rise between two contradictory US inventory reports

The inexplicable fluctuation of crude oil continued on Thursday, perhaps fuelled by the anticipation of a potential move by the US to calm the crude oil markets. As of 14:45 on Thursday, the price of WTI and Brent were at $81.83 and $83.19 respectively. The US crude oil inventories, according to the …

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Crude oil price went up due to fallen US crude inventories

The US crude oil inventories dropped during the last week, having been on the rise for six successive weeks, while defying the logic of analysts. The API, American Petroleum Institute, reported on Tuesday that the US crude inventories fell by 4.585 million barrels, exceeding the expectations; the fo…

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Plummeting temeratures in China adds more pressure on energy markets

The price of oil and other commodities is one of the hot topics in the corridors of power in the world, regardless of the economic status of the country in question, because the rising price of oil, gas and coal have already taken its toll on the recovery of the global economy as a whole, despite t…

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Factors that moved the crude oil price this week

Oil price fell slightly this week, having been through unprecedented uncertainty. It, however, neither fell disastrously nor increased dramatically due to outbreaks of the Delta variant of the Covid-19 and projected recovery in global demand respectively. The sole focus of attention was on the OPEC+…

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What caused the significant fall in crude oil price on Wednesday? There may be more than one reason!

The price of crude oil recorded a relatively sharp fall on Wednesday, defying the ‘prophesies’ of certain investment banks. As of 16:00 GMT, the price of WTI and Brent stood at $80.82 and $82.04 respectively, a fall of more than 3%. The key reasons behind the fall of oil price may be the following: C…

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With the Revival of the JCPOA in Jeopardy, Crude Oil Price Can Only Go in One Way: it's up!

The probability of reviving the JCPOA, 2015 Iranian nuclear deal, appears to be heading towards the statistical minimum at present, judging by the rhetoric from the new Iranian administration led by President Raisi and the latest US position highlighted by none other than President Biden on Sunday. …

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