Category: Oil
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Crude oil futures settle at lowest since January; gasoline hits new 52-week low
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SlavkoSereda/iStock via Getty Images Crude oil futures fell for a fourth straight session on Wednesday, as a downward revision to U.S. jobs data outweighed a rally driven by a larger-than-expected drawdown in U.S. crude inventories. The United States added 818,000 fewer jobs than previously reported. From April 2023 to March…
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Lower oil, Fed easing would support EM FX in hard landing: BofA By Investing.com
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Emerging market foreign exchange markets are expected to perform better in a potential hard landing scenario than in previous similar episodes, analysts at Bank of America Securities said in a note dated Tuesday. The note outlines the key shifts in the drivers of emerging market FX since the Covid-19 pandemic,…
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Chart Art: Resistance-turned-support For Brent Crude Oil (UKOIL)?
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Brent crude oil prices may use the broken resistance line as a support zone. Will oil prices bounce off the potential technical support area in the next few days? We are looking at the UKOIL 4-hour chart today! Brent Crude Oil (UKOIL) 4 hours Chart by TradingView If you missed…
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Oil prices no longer baking-in geopolitical risk premium for current ME conflict By Investing.com
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Oil prices have remained surprisingly stable despite rising geopolitical tensions in the Middle East, particularly in the wake of major violent incidents involving Hamas and Hezbollah leaders, Wells Fargo analysts said in a note dated Monday. These events, taking place in sensitive areas such as Tehran and Beirut, have exacerbated…
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Crude oil little changed after volatile week with China demand fears lingering
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SlavkoSereda/iStock via Getty Images Crude oil futures ended the week little changed as lingering concerns over the outlook for demand in China and easing geopolitical risks offset economic data showing slowing inflation and strong retail sales pointing to resilient consumer spending. “It was Oil markets had a volatile week, said…
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Chart Art: WTI Crude Oil (USOIL) Aiming for Triangle Resistance
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Crude oil has been on a sharp rise these days, but can it continue its upward trend past this major resistance area? If so, how high can it go? Check out this long term chart pattern on my radar! Crude Oil WTI (USOIL) Daily Chart by TradingView Crude oil has…
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Oil prices dip as OPEC cuts demand forecast, economic cues awaited By Investing.com
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Oil prices fell in Asian trading on Tuesday, reversing last week’s rally, as a series of economic signals this week raised caution, while OPEC also cut its forecast for demand growth in 2024. Prices rose sharply from their lowest levels in more than seven months as fears of an escalating…
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Crude Oil Technical Analysis – Weak US data weighs on the market
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Basic Overview Crude oil prices fell sharply in the latter half of last week as some very weak US data came out, first the ISM manufacturing PMI and then the non-farm payrolls report. The market eventually rebounded on Monday and extended its gains yesterday, with the appointment of a new…
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KenGen ordered to pay Sh10 million for farms destroyed by oil spill
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A court has ordered Kenya Electricity Generating Company Limited (KenGen) to pay Sh10 million to some farmers whose farmlands along the Tana River were damaged by oil leakage from its power plant during the rainy season. The Garissa Environment and Land Court ordered Kingen, under the supervision of the Garissa…
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Imperial Oil remains confident in renewable diesel project; construction progresses
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Breadcrumbs Path Links BMW PMN Business BMN Energy Company Article author: Canadian Press Amanda Stevenson Published on August 2, 2024 • Read for 3 minutes You can save this article by registering for free here. Or log in if you have an account. The Imperial Oil logo is seen at…
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Chart Art: WTI Crude Oil (USOIL) Closing in on Area of Interest
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Crude oil has been on a sharp rise these days, but can it sustain its gains beyond this longer-term area of interest? Take a look at these turning points I am watching on the 4-hour time frame. Crude Oil WTI (USOIL) Chart by TradingView Geopolitical tensions are back in the…
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Oil slingshots more than $3 higher on Middle East angst
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Risk assets and commodities in general are doing well today, and that’s part of crude oil’s $3 gain today, but that’s not the whole story. West Texas Intermediate crude rose 3.9% to $77.64 in its best day in six weeks. What drives her? Israel’s assassination of the political leader of…
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Reeves’ tax raid spells ‘game over’ for North Sea oil and gas
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The North Sea is approaching an “endgame zone” after Rachel Reeves pushed through a widening tax raid on oil and gas companies. On Monday, the chancellor delivered on Labour’s election pledge to impose tougher taxes on oil companies by increasing the Energy Profits Tax. Reeves announced that the tax, originally…
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Oil falls by more than $1/bbl as Israel officials seek to avoid broader Middle East war By Reuters
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Written by Leila Kearney NEW YORK (Reuters) – Oil prices fell more than $1 a barrel on Monday after Israeli officials said they wanted to avoid dragging the Middle East into all-out war while responding to a deadly rocket attack on the Israeli-occupied Golan Heights over the weekend. U.S. crude…
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Citi looks at the election impact on oil prices By Investing.com
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In a note to clients on Thursday, Citi strategists assessed how the upcoming U.S. presidential election in 2024, which is likely to be a battle between Donald Trump and Kamala Harris, could impact oil prices. Under the Trump administration, the impact on the oil market “could be net bearish due…
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Citi looks at the election impact on oil prices By Investing.com
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In a note to clients on Thursday, Citi strategists assessed how the upcoming U.S. presidential election in 2024, which is likely to be a battle between Donald Trump and Kamala Harris, could impact oil prices. Under the Trump administration, the impact on the oil market “could be net bearish due…
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Citi outline bearish and bullish risks for oil under Trump
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Reuters published a piece from Citi’s report on politics and oil. Briefly: Trump presidency may cause oil prices to fall A combination of factors including tariffs, oil-friendly policies, and OPEC+ pushing more oil into the market The main upside risk to oil markets under a Trump presidency is pressure on…
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Canadian wildfire reaches Jasper, firefighters battle to protect oil pipeline By Reuters
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A wildfire reached the town of Jasper in the Canadian province of Alberta on Wednesday, authorities said, one of hundreds of blazes sweeping across the western provinces of Alberta and British Columbia, as firefighters struggle to save key facilities such as the Trans Mountain pipeline. Wildfires burning out of control…
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Oil: Private survey of inventory shows headline crude oil draw larger than expected
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Figures via oilprice.com on Twitter: – The predictions I saw focused on: Main crude oil -1.6 million barrels Distillates +0.2 million barrels Gasoline -0.4 million — This data point is taken from a special survey conducted by the American Petroleum Institute (API). It is a survey of oil storage facilities…
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Oil: Private survey of inventory shows headline crude oil draw larger than expected
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Figures via oilprice.com on Twitter: – The predictions I saw focused on: Main crude oil -1.6 million barrels Distillates +0.2 million barrels Gasoline -0.4 million — This data point is taken from a special survey conducted by the American Petroleum Institute (API). It is a survey of oil storage facilities…