Category: Oil
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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…
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BOC rate decision and lower oil price help to push USDCAD higher. Technicals more bullish.
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As the market awaits tomorrow’s Bank of Canada interest rate decision, the USD/CAD pair has been rising in anticipation of a rate cut. The pair has also been helped by a sharp drop in oil prices, which have pushed the price down by about 8% from its highs last Wednesday…
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Chart Art: WTI Crude Oil (USOIL) Triangle Breakout Retest Levels
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Did you miss the opportunity to breakout the triangle pattern on WTI crude oil? It is best to watch these Fibonacci retracement levels in case the price retests! Crude Oil WTI (USOIL) 4 hours Chart by TradingView It looks like crude oil has chosen a downward path on the triangle…
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How often do Kenyans change their engine oil?
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Is there a way to calculate how diligently Kenyan motorists change their car’s engine oil, and how often they do it? — PL There may be several ways. But the quickest and cheapest way to get a general impression may be to compare total national fuel sales to total national…
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Trump’s vow to ‘drill baby drill’ bodes well for oil? It’s more complicated, analysts say
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SlavkoSereda/iStock via Getty Images Crude oil futures posted a second straight weekly decline, punctuated by sharp losses on Friday as a global internet outage heightened risk sentiment in markets and helped lift the dollar. Growing concerns over Chinese demand are weighing on the market, following Data this week points to…
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Oil had a rough finish to the week: Closes at the lowest since June 14
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Crude oil WTI daily The oil market has been in a tough spot. The macroeconomic situation is deteriorating, hopes for Chinese stimulus are fading, and all the data from Russia and OPEC are pointing to a surprise drop in exports. This has led to a real push and pull in…
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Chart Art: Triangle Pattern Forming on WTI Crude Oil (USOIL)
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Are oil prices about to rise soon? This is a short-term consolidation pattern that I am watching on the hourly chart of WTI Crude Oil. Crude Oil WTI (USOIL) 4 hours Chart by TradingView Negative price pressures have been weighing on this energy commodity, as weaker growth expectations in the…