FXTM information and reviews
FXTM
95%
OctaFX information and reviews
OctaFX
94%
XM information and reviews
XM
93%
FXCC information and reviews
FXCC
92%
FxPro information and reviews
FxPro
91%
HFM information and reviews
HFM
89%

Oil Prices Slip from 2014 Highs


21 January 2022

Oil prices fell on Thursday as investors took profits after a month-long rally. However, strong demand and short-term supply disruptions have kept prices near their highs since late 2014. Brent crude futures were down 49 cents, or 0.6 percent, to $87.95 per barrel at 0740 GMT, after falling more than $1 earlier. The global benchmark rose to $89.17 per barrel on Wednesday, its highest level since October 2014.

WTI crude futures in the United States for February delivery were down 6 cents, or 0.1 percent, at $86.90 a barrel, after falling nearly $1 earlier. On Wednesday, WTI reached a high of $87.91, the highest since October 2014.

The February WTI contract expires on Thursday. For March delivery, the most actively traded contract is currently trading at $85.41 per barrel, down 0.5 percent. According to the International Energy Agency, global oil demand is on track to reach pre-pandemic levels. Short-term supply disruptions are also contributing to market tightening. Brent crude rose sharply following reports that an explosion had disrupted a critical oil pipeline running from Iraq to Turkey.

OPEC+

Concerns about supply have grown this week after Yemen’s Houthi group attacked the United Arab Emirates, the Organization of Petroleum Exporting Countries’ third-largest producer (OPEC). The broad post-coronavirus pandemic recovery in fuel demand is underpinning oil prices.

According to OPEC officials and analysts, the oil rally may continue in the coming months. Prices should reach $100 per barrel as demand shrugs off the spread of the Omicron COVID-19 variant. OPEC+, which includes Russia and other producers in the cartel, is struggling to meet a monthly output increase target of 400,000 barrels per day (BPD).

According to market sources citing American Petroleum Institute figures on Wednesday, crude and gasoline stocks in the United States increased last week while distillate inventories fell. Crude stockpiles increased by 1.4 million barrels in the week ending January 14. According to the sources, who spoke on the condition of anonymity, gasoline inventories increased by 3.5 million barrels. In comparison, distillate stocks decreased by 1.2 million barrels.

#source

Share: Tweet this or Share on Facebook


Related

Gold traders appear hesitant
Gold traders appear hesitant

Gold finally broke out of the consolidation after being range bound for nearly 11 days. The correction to the downside was expected as gold traded in the overbought territory...

3 Feb 2023

Do safe haven currencies still exist?
Do safe haven currencies still exist?

At the end of last year, Swiss National Bank (SNB) President Thomas Jordan told news media that both the Swiss franc and the US dollar could be considered safe havens...

3 Feb 2023

USD Index appears bid and approaches 102.00 ahead of Payrolls
USD Index appears bid and approaches 102.00 ahead of Payrolls

The index looks to extend the post-ECB rebound. January Nonfarm Payrolls will take centre stage later. Other key data includes the ISM Non-Manufacturing...

3 Feb 2023

USD Index appears depressed post-Fed, breaches 101.00
USD Index appears depressed post-Fed, breaches 101.00

The index drops to 10-month lows near 100.80. The dollar remains on the defensive post-FOMC event. Initial Claims, Factory Orders next of note in the docket...

2 Feb 2023

Can The GER40 Keep Its Strength?
Can The GER40 Keep Its Strength?

As attention turns to the approaching Fed and ECB announcements, the GER40 index maintains stability near its best level since September last year...

2 Feb 2023

XAG/USD consolidates around 200-hour SMA, just above mid-$23.00s
XAG/USD consolidates around 200-hour SMA, just above mid-$23.00s

Silver stalls the overnight recovery move near the $23.70-80 support breakpoint. The technical setup warrants some caution before placing fresh directional bets...

1 Feb 2023


Editors' Picks

FXCM information and reviews
FXCM
87%
ActivTrades information and reviews
ActivTrades
86%
RoboForex information and reviews
RoboForex
85%
MultiBank Group information and reviews
MultiBank Group
84%
Libertex information and reviews
Libertex
83%
Vantage information and reviews
Vantage
83%

© 2006-2023 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.