West Texas Intermediate (WTI), the US crude oil benchmark, is trading around $72.40 on Thursday. The WTI price edges lower amid the stronger US Dollar (USD). However, the concerns over supply disruptions might cap the downside for the WTI price.
A strengthening of the Greenback exerts some selling pressure on the black gold as it makes oil more expensive for holders of other currencies. "The dollar's safe haven status is appreciated as fears of renewed U.S. inflationary pressure grow," said Tamas Varga, an analyst with oil broker PVM.
US crude oil inventories fell for a seventh consecutive week, which might support the WTI price. The US Energy Information Administration (EIA) weekly report showed crude oil stockpiles in the United States for the week ending January 3 declined by 959,000 barrels, compared to a fall of 1.178 million barrels in the previous week. The market consensus estimated that stocks would decrease by 250,000 barrels.
Additionally, new sanctions on Iranian and Russian crude exports could limit global oil supplies and boost the black metal price. The Biden administration plans to impose more sanctions on Russia's oil exports ahead of Donald Trump's inauguration on January 20.
Oil traders will take more cues from the Fedspeak later on Thursday. All eyes will be on the US employment data for December, which will be released on Friday. Any signs of a solid labor market could lift the Greenback and weigh on the USD-denominated commodity price in the near term.(Cay) Newsmaker23
Source: Fxstreet
Oil prices weakened on Friday (July 25th) and closed at a three-week low as traders worried about negative economic news from the US and China and signs of increasing supply. The losses were limited ...
Oil prices weakened on Friday due to negative economic news from the United States and China and signs of rising supply, despite optimism that a U.S. trade deal could boost global economic growth and ...
Oil was steady on optimism over US trade talks ahead of a key deadline next week, and as tightness in diesel markets boosts sentiment. Brent crude was above $69 a barrel after adding 1% on Thurs...
Oil prices were stable on Friday, as trade talk optimism supported the outlook for both the global economy and oil demand, balancing news of the potential for more oil supply from Venezuela. Brent cr...
Oil prices rose on Friday as trade talk optimism supported the outlook for both the global economy and oil demand, outweighing news of the potential for more oil supply from Venezuela. Brent crude fu...
The S&P 500 rose 0.4% on Friday (July 25), notching its fifth consecutive record close—its longest streak in more than a year—while the Nasdaq 100 gained 0.2% after hitting an intraday high. The Dow Jones Industrial Average gained 208 points as...
Oil prices weakened on Friday (July 25th) and closed at a three-week low as traders worried about negative economic news from the US and China and signs of increasing supply. The losses were limited by optimism that a US trade deal could boost...
Gold prices weakened on Friday, weighed down by a stronger U.S. dollar and signs of progress in U.S.-EU trade negotiations, which have dampened demand for safe-haven assets. Spot gold fell 0.9% to $3,336.01 an ounce at 2:01 PM ET (18:01 GMT). U.S....
European stocks closed mostly lower on Friday (July 25th) as markets continued to monitor the latest corporate earnings reports while awaiting the...
Asia-Pacific markets traded lower as investors weigh recent trade developments.
Asia markets started the trading day lower.
Japan's benchmark...
The S&P 500 and Nasdaq 100 closed at new record highs on Thursday (July 24), up 0.1% and 0.2%, respectively. This was supported by Alphabet's...
UK retail sales rose 0.9% month-over-month in June 2025, rebounding from a revised 2.8% drop in the previous month but missing market expectations...