West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $71.45 on Thursday. The WTI price edges lower amid the rise in the US Dollar (USD) after Republican candidate Donald Trump won the US presidential election.
Trump's victory has boosted the Greenback and dragged the USD-denominated WTI price lower. Meanwhile, the US Dollar Index (DXY), an index of the value of the USD relative to a basket of foreign currencies, climbed to the highest level since July near 105.44 before retreating to 105.20.
Nonetheless, Trump's reelection could also mean the renewal of sanctions on Iran and Venezuela, which means the global market could become tighter and would be bullish for the WTI price. "Conceptually, the impact of a potential second Trump term on oil prices is ambiguous, with some short-term downside risk to Iran oil supply ... and thus upside price risk," noted Goldman Sachs commodities analysts.
The Energy Information Administration's (EIA) weekly report showed US crude stocks rose more than expected last week. Crude oil stockpiles in the United States for the week ending November 1 increased by 2.149 million barrels, compared to a decline of 0.515 million barrels in the previous week. The market consensus estimated that stocks would increase by 1.8 million barrels.
Source : Fxstreet
Oil prices fell on Friday as a weak U.S. jobs report dimmed the outlook for energy demand, while swelling supplies may grow further after OPEC and allied producers meet over the weekend. Brent crude ...
Oil prices drifted down in early trading on Friday for the third straight day as investors awaited an OPEC+ meeting this weekend that will consider further output hikes.Brent crude futures fell 23 cen...
Oil prices eased about 1% to a two-week low on Thursday on a surprise build in U.S. crude inventories last week and expectations that OPEC+ producers will increase output targets at a meeting this wee...
Oil prices plunged 1.5% on Thursday, extending a more than 2% decline in the previous session, as investors awaited the weekend OPEC+ meeting where producers are expected to consider another productio...
Oil steadied after falling by the most in a month as traders fretted that OPEC+ may boost supplies, US data pointed to a slowdown, and an industry estimate showed higher stockpiles at a key stora...
US stocks closed lower on Friday after weaker-than-expected August jobs data raised concerns about a slowing economy, even as expectations for Federal Reserve rate cuts firmed. The S&P 500 gave up earlier gains, ending 0.3% lower and below...
The U.S. dollar fell sharply against major peers on Friday after crucial monthly jobs data showed that American employers hired fewer workers than expected, which affirms weakening labor market conditions and likely guarantees a Federal Reserve...
Oil prices fell on Friday as a weak U.S. jobs report dimmed the outlook for energy demand, while swelling supplies may grow further after OPEC and allied producers meet over the weekend. Brent crude futures settled at $65.50 a barrel, down $1.49,...
US stocks rallied on Friday (September 5th), with the S&P 500 rising 0.4% and the Nasdaq gaining 0.6% to new record highs, while the Dow Jones...
Asia-Pacific markets opened higher Friday after U.S. President Donald Trump signed an executive order Thursday formalizing a lower Japanese auto...
European stocks closed on Friday, tracking the pullback in US equities after pessimistic labor data from the US sounded alarms over the world's...
The U.S. economy added fewer jobs than anticipated in August, possibly bolstering the case for the Federal Reserve to slash interest rates at its...