Crude Oil Prices Up After Geopolitical Issue Eases

The oil prices were bullish in the market as geopolitical tensions in the Middle East dies down. The commodity’s prices managed to hit another milestone despite the astonishing performance of the dollar in the market.

The commodity continues to push great performance in the market on multiple factors. The great oil inventories reports and the OPEC agreement to extend the output cut have managed to put the prices on its best figures ones again.

Furthermore, the recent decision from the Trump administration was the last greatest factor that managed to buoy the oil prices in the market. The administration recently announced their plan to revokes the nuclear deal with Iran, easing some of the geopolitical tension and debacle in the Middle East.
source/more at: https://www.investing.com/analysis/crude-oil-prices-up-after-geopolitical-issue-eases-200315883

Related Posts

ATA Truck Tonnage Index Increased 0.6% in January

American Trucking Associations’ advanced seasonally adjusted (SA) For-Hire Truck Tonnage Index rose 0.6% in January after increasing 0.9% in December. In January, the index equaled 115.5 (2015=100) compared with 114.9 in December. ATA recently revised the seasonally adjusted index back five years as part of its annual revision. “January’s gain was the sixth straight totaling 4.4%,” said ATA Chief Economist Bob Costello. “The index, which is dominated by contract freight with only small amounts of spot market truck freight, is off 3.9% from the all-time high in August 2019 and only 1.5% below March 2020 when the pandemic hit. In January, truck tonnage was helped by rising retail sales and factory output. While housing starts fell last month, which is another important driver of truck tonnage, it remained at high levels.”

AAA Daily Fuel Gauge Report for Friday, 4/14/23

National Average Price for Regular Unleaded Current: $3.662; Month Ago: $3.466; Year Ago: $4.074. National Average Price for Diesel Current: $4.210; Month Ago: $4.339; Year Ago: $5.012.

Oil Steadies After Selloff on Concerns of U.S.-China Trade Clash

Yuan-denominated oil futures on the Shanghai International Energy Exchange lost 2.8 percent to 405.5 yuan a barrel. The September delivery contract closed 0.9 percent lower on Monday after debuting last week. U.S. crude inventories are estimated to have added 2 million barrels last week, according to a Bloomberg survey before Energy Information Administration data due Wednesday. The nation’s oil production had also increased for a fifth week in the period ended March 23, hitting a fresh record. Click Read More below for additional information.
Back To Top
×Close search
Search