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Oil Market Retraces Gains Amid Easing Red Sea Shipping Concerns

December 29, 2023
Recap: The oil market fell on Thursday as concerns over shipping disruptions along the Red Sea route eased. According to a shipping schedule, Denmark's Maersk will route almost all container vessels sailing between Asia and Europe through the Suez Canal from now on while divertin ... Read More
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Traders Continued to Monitor Developments in the Red Sea

December 28, 2023
Recap:  The oil market posted an inside trading day on Wednesday, as traders continued to monitor developments in the Red Sea. This followed Tuesday’s outside trading session. The market traded mostly sideways in overnight trading, posting a high of $75.66, before it sold off mor ... Read More
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Thin Volume Trading on Monday Following the Long Christmas Holiday Weekend

December 27, 2023
Recap:  The oil market posted an outside trading day, with thin volume trading on Monday following the long Christmas holiday weekend. The market breached its previous low of $73.39 and posted a low of $73.13 in overnight trading as Denmark’s Maersk said on Sunday it planned to r ... Read More
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The oil market remained steady ahead of the long Christmas holiday weekend

December 26, 2023
Recap: On Friday, the oil market remained steady ahead of the long Christmas holiday weekend as the market remained supported by the concerns over the situation in the Middle East following the Houthi attacks on ships in the Red Sea. The market traded higher in overnight trading ... Read More
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Oil Market Sees Volatility as Angola Opts Out of OPEC

December 22, 2023
Recap:  The oil market on Thursday fell as it reacted to cracks in OPEC’s unity following the news that Angola was leaving OPEC. Angola's Oil Minister, Diamantino Azevedo, said the country's membership in OPEC was not serving its interests. Angola, which produces about 1.1 millio ... Read More
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Oil Prices Swing on Unexpected Inventory Surge and Trade Flow Disruptions

December 21, 2023
Recap: The oil market on Wednesday traded lower in light of the EIA report showing an unexpected build in crude stocks on the week, with record U.S. oil output and larger than expected builds in product stocks. The crude market retraced more than 62% of its move from a high of $7 ... Read More
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Oil Markets Navigate Narrow Trading Range Despite Red Sea Shipping Disruptions

December 20, 2023
Recap: The oil market traded higher but posted an inside trading day as it failed to breach Monday’s $3.60 trading range. While the attacks by Yemen’s Houthi rebels on vessels traveling through the Red Sea have impacted shipping and increased the geopolitical risk premium, it has ... Read More
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Oil Market Rallies as Shipping Disruptions in Red Sea Impact Global Trade

December 19, 2023
Recap: The oil market rallied higher on Monday amid the escalating tensions in the Middle East due to recent attacks on ships crossing the Red Sea. The market traded sideways within Thursday’s trading range in overnight trading before it was well supported by news of BP pausing s ... Read More
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Oil Market Sees First Weekly Gain in Two Months Amid Fluctuating Prices and Global Demand Forecasts

December 18, 2023
Recap: The oil market posted an inside trading day and posted its first weekly gain in almost two months. In a see-saw session, the market posted a high of $72.22 early in the session as it remained supported by the IEA’s higher world oil demand forecasts for next year. However, ... Read More
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Oil Markets Rally as Dollar Weakens and IEA Ups Demand Forecast for 2024; WTI and Brent Settle Higher Amid Global Demand Dynamics

December 15, 2023
Recap: The crude market on Thursday extended Wednesday’s gains and continued to retrace its previous losses. The market was well supported by a weaker dollar and as the IEA increased its oil demand forecast for next year. The dollar fell to a new four month low after the U.S. Fed ... Read More
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