West Texas Intermediate (WTI) recovered its intraday losses, trading around $80.00 per barrel in European markets on Wednesday. The decline in the US Dollar contributed support for the crude demand, underpinning the oil prices. Additionally, the oil price has support due to the declining U.S. stockpiles, the world’s largest oil producer and consumer. The American … Read more
West Texas Intermediate (WTI) futures in NYMEX extend its correction to near $82.20 in Monday’s Asian trading after posting a two-month high near $84.00 on Thursday. The crude oil price came under pressure as investors worry about Storm Berly, which could disrupt US energy supplies. Should the tropical storm turn into a Category Two hurricane, … Read more
A leading indicator, used to predict the future direction of economic movements in Cyprus, turned marginally positive in May, halting the negative year-on-year growth of the index observed in the past three months. The Cyprus Composite Leading Economic Index (CCLEI), estimated by the Economics Research Centre (CypERC) of the University of Cyprus, recorded a year-over-year … Read more
The West Texas Intermediate (WTI) futures on NYMEX were moving higher towards a weekly high near .25 in Tuesday’s European trading.
The WTI crude oil price has been on a losing streak for the fifth trading session due to a hawkish outlook on interest rates by Federal Reserve policymakers. Fed officials are uncertain about the disinflation process and are considering further tightening of monetary policy. The next trigger for oil prices will be the OPEC meeting scheduled for June 1 to discuss supply policy.
The Greek navy has extended an advisory to ban ship traffic off the coast of the southeastern Peloponnese to prevent ship-to-ship transfers of Russian oil. International sanctions have made trading Russian oil difficult, leading to vessels avoiding cargo and vessel checks by Greek authorities in offshore transfer points. The advisory is aimed at deterring such activities and may be extended further to push away ship-to-ship transfers close to Greek waters.
The United States is concerned about Iran’s oil being moved with the help of service providers based in Malaysia, particularly near Singapore. Treasury official Brian Nelson visited Singapore and Malaysia to counter Iran’s financing and revenue generation efforts in Southeast Asia. Treasury imposed sanctions on Malaysia-based companies supporting Iran’s drone production. Nelson also mentioned progress in sanctions against Russia, affecting Moscow’s oil sales and global energy markets. Shipping hub Singapore faces challenges in verifying compliance with the Russian oil price cap.
The West Texas Intermediate (WTI) crude oil price rose to around .20 a barrel in the Asian session on Monday after Saudi Arabia raised June crude prices for most regions.
Oil prices are trading down due to disappointing economic data and a rise in US crude oil inventories.
Saudi Arabia’s real gross domestic product (GDP) decreased 1.8 per cent year-on-year in the first quarter due to a decline in oil activities.