West Texas Intermediate (WTI), the US crude benchmark, was trading around $78.85 on Thursday (16/1). WTI prices moved lower on improving prospects of a ceasefire between Hamas and Israel that could ease geopolitical tensions in the Middle East, weighing on WTI prices.
According to an official, Israel and Hamas have agreed to a deal to halt fighting in Gaza and exchange Israeli hostages for Palestinian prisoners. An end to the conflict between Israel and Hamas would ease tensions in the Middle East and reduce the threat of disruption to crude supplies in the region. This, in turn, could hurt the price of black gold.
However, US crude inventories extended their decline, which may limit the decline in WTI prices. The US Energy Information Administration's weekly report showed that crude inventories in the United States for the week ending January 10 fell by 1.962 million barrels, compared with a decline of 959 thousand barrels in the previous week. Market consensus had forecast a decline of 1.6 million barrels.
Oil traders await the release of US Retail Sales for December and weekly Initial Jobless Claims for fresh impetus, due on Thursday. A weaker-than-expected reading could drag the greenback lower and lift the USD-denominated commodity. (AL)
Source: FXStreet
Oil prices edged higher on Tuesday (July 29th) amid optimism that the trade war between the United States and its major trading partners is easing and as President Donald Trump increases pressure on R...
Oil prices edged higher on Tuesday (July 29th) amid optimism that the trade war between the United States and its major trading partners is easing and as President Donald Trump increases pressure on R...
Oil prices slipped on Tuesday amid uncertainty about the global economic outlook following the U.S.-EU trade deal, and as investors awaited the U.S. Federal Reserve's interest rate decision. Brent cr...
Oil edges higher in early Asian trade, aided by renewed supply concerns. President Trump said that he would give Russian President Putin 10 or 12 days to reach a cease-fire with Ukraine or face more e...
Oil prices rose 2% on Monday after a trade deal between the U.S. and the European Union, and U.S. President Donald Trump's announcement that he would shorten the deadline for Russia to end its war in ...
European stock markets closed higher in Tuesday trading as the Stoxx Europe 600 was up 0.33%, Germany's DAX climbed 1.03%, the FTSE 100 gained 0.60%, France's CAC 40 advanced 0.72%, and the Swiss Market Index rose 0.37%. In Spain, GDP rose 0.7% in...
Gold (XAU/USD) steadies on Tuesday, halting a four-day slide after dipping to a near three-week low around $3,300 on Monday. The slight rebound comes despite a broadly risk-on mood that has kept demand for safe-haven assets subdued. Optimism around...
The United States and the European Union agreed on a framework trade deal to end months of uncertainty for industries and consumers. The two sides aim to produce a joint statement to clarify what they have agreed to, but here are the main elements...
Europe's Stoxx 600 index erased earlier gains to close 0.23% lower as investors turned less positive over the details of the U.S.-EU trade...
The European Union and the U.S. will form a "metals alliance" to counter the impact of subsidised Chinese production on global markets, as part of...
The Dow Jones Industrial Average (DJIA) tested all-new record highs early Monday, clipping into the high side in early trading before the weight of...
The United States and European Union have reached a landmark trade agreement that includes a 15% tariff on EU goods entering the U.S., President...