Signs of a bullish reversal in crude oil emerge as it bounces from 77.06, reclaiming key levels and targeting a breakout above 79.45.
The oil markets fell a bit in the early hours of Thursday, as the markets continued to show signs of panic overall. However, the Advance GDP numbers in America were hotter than anticipated, thereby driving the idea of demand back into the markets.
Concerns about China's economy are outweighing the impact of declining U.S. crude inventories. In this article @LCO.1
A tanker carrying 1.4 million liters of industrial fuel capsized off the coast of Philippines, leading to one casualty and a vast oil spill, local authorities said Thursday. Sixteen other crew members were rescued.
Oil prices drop as traders weigh U.S. inventory draws and China's weak demand. Wildfires in Alberta disrupt major oil production sites, adding uncertainty.
French oil major TotalEnergies reported a 14.6% rise in second-quarter earnings, below analyst expectations, as higher oil prices lifted crude sales and offset weaker refined product and gas sales.
Oil prices dip below $77 amid weak Chinese demand and Middle East ceasefire talks, raising concerns of further market sell-offs.
Oil prices eased on Thursday as concerns over weak demand in China, the world's largest crude importer, and expectations of a nearing ceasefire deal in the Middle East overcame gains in the previous session after draws in U.S. inventories.
Democratic U.S. lawmakers on Wednesday introduced a bill to hold energy companies accountable if they are found by federal regulators to have colluded with the Organization of the Petroleum Exporting Countries to raise oil prices.
Russian crude oil production in June exceeded quotas set by the OPEC+ group but the energy ministry pledged on Wednesday to stick to the required output level in July.
Gasoline inventories decreased by 5.5 million barrels, missing analyst expectations.
By RoboForex Analytical Department