Oil prices rose to $62 after the US seized a sanctioned tanker off Venezuela and Ukraine attacked Russian "shadow fleet" vessels, adding to the geopolitical risk premium. Venezuela holds the world's largest oil reserves, while recent data showed US crude stockpiles fell by 1.8 million barrels, providing some support for prices.
However, from a fundamental perspective, analysts still see the shadow of a "super glut" due to rising OPEC+ and US production, which could potentially exceed demand. Therefore, although geopolitical tensions are lifting prices in the short term, many market participants expect Brent to remain stuck in the $60–$65 per barrel range with relatively limited room for upside. (asd)
The oil price at the time of this analysis was $62.36.
Disclaimer: This article is analytical in nature and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
Silver prices are currently rising on Thursday (December 11th) amid market expectations that the global interest rate easing trend will continue. The Fed's dovish interest rate cut has lowered yields ...
Gold prices fell on Thursday (December 11) as the market began profit-taking after a sharp rally following the Fed's dovish decision. Previously, expectations of interest rate cuts and a weakening dol...
Silver hit a new record high today as the market grew more confident in the Fed's interest rate cut trend and the weakening US dollar. Yields on interest-bearing assets fell, prompting investors to sh...
Silver prices rose on Wednesday (December 10th), setting a new record on the spot market. This increase was driven by strong expectations that the Fed will cut interest rates soon, potentially driving...
Global gold prices are currently trending lower on Wednesday (December 10). The main pressure comes from market concerns that the Fed could deliver a "hawkish cut," meaning a 25 basis point interest r...
The Dow jumped more than 600 points to a fresh record and the S&P 500 reversed early session losses to trade marginally higher, while the Nasdaq pared losses to roughly 0.5% on Thursday afternoon as investors rotated out of richly valued tech...
European shares closed higher on Thursday after a series of lukewarm sessions, as investors welcomed the U.S. Federal Reserve's overnight interest rate cut and assessed a policy decision from the Swiss National Bank. The pan-European STOXX 600...
Silver climbed above $61 per ounce, extending a record rally as markets digested the Fed's 25 basis point cut and parsed Chair Powell's remarks which markets read as relatively dovish even as committee guidance remained cautious. The cut itself...
The Job Openings and Labor Turnover Survey (JOLTS) will be released on Tuesday by the U.S. Bureau of Labor Statistics. Due to the prolonged...
The latest survey data from the US Bureau of Labor Statistics has reported an increase in JOLTs Job Openings, a key indicator of the health of the...
European stocks edged higher on Tuesday (December 9th) as global investors awaited the US Federal Reserve's monetary policy update.
The...
US President Donald Trump has escalated trade tensions with Canada again after threatening to impose "severe" tariffs on fertilizer exports from the...