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Saudi Oil Output Cuts Impacting the Market and the Expectations that Further Stimulus in China Will Continue to Support Prices

July 25, 2023
Recap: The oil market continued to trend higher on Monday as it remained well supported by Saudi oil output cuts impacting the market and the expectations that further stimulus in China will continue to support prices. On Monday, China’s state planner announced measures to prompt ... Read More
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The Oil Market Continued to Retrace Some of its Previous Losses and Rallied to its Fourth Weekly Gain

July 24, 2023
Recap: On Friday, the oil market continued to retrace some of its previous losses and rallied to its fourth weekly gain. The market was supported amid tightening supplies and economic stimulus in China. Analysts believe the tightness in supply is showing up in inventories, with t ... Read More
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The oil market on Thursday traded in and out of positive territory

July 21, 2023
Recap: The oil market on Thursday traded in and out of positive territory, ahead of its expiration at the close. The market traded mostly sideways and posted a high of $76.15 after Ukraine said it would consider any ship heading for Russian Black Sea ports as a potential target. ... Read More
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The oil market on Wednesday continued to retrace its previous losses after posting an inside trading session on Tuesday

July 20, 2023
Recap: The oil market on Wednesday continued to retrace its previous losses after posting an inside trading session on Tuesday. The market was still supported by China’s pledge to act to support its economic growth and expectations that the U.S. Federal Reserve will stop raising ... Read More
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The market briefly rallied to a high of $76.09 following a Reuters news alert on Saudi Arabia extending a voluntary output cut

July 18, 2023
Recap: The oil market gapped lower on the opening and remained pressured on Monday following weaker than expected Chinese economic growth and a partial restart of Libyan output. The market gapped lower from $75.11 to $75.02, which it quickly backfilled but remained under pressure ... Read More
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The oil market on Friday retraced some of its recent sharp gains

July 17, 2023
Recap: The oil market on Friday retraced some of its recent sharp gains as traders took profits and as the U.S. dollar strengthened following its previous losses earlier in the week. This was despite the supportive news of supply outages in Libya and Nigeria. Some oilfields in Li ... Read More
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The Consumer Price Index Report Saw the Smallest Annual Increase in More Than Two Years as Inflation Continued to Subside

July 14, 2023
Recap:  The oil market continued on its upward trend on Thursday as it remained well supported after U.S. inflation data implied interest rates are close to their peak. This followed the Consumer Price Index report on Wednesday showing consumer prices increasing modestly in June ... Read More
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U.S. Inflation Data Suggested that Inflation Was Slowing Enough to Allow the Federal Reserve to Stop Tightening U.S. Monetary Policy

July 13, 2023
Recap:  On Wednesday, the oil market was well supported after U.S. inflation data suggested that inflation was slowing enough to allow the Federal Reserve to stop tightening U.S. monetary policy. The Consumer Price Index report showed U.S. consumer prices, excluding food and ener ... Read More
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The Oil Market on Tuesday Continued on its Upward Trend as it Remained Supported by the Supply Cuts by Saudi Arabia and Russia

July 12, 2023
Recap:   The oil market on Tuesday continued on its upward trend as it remained supported by the supply cuts by Saudi Arabia and Russia for August and hopes for higher demand in the second half of the year, as China said it will take more steps to revive its economy with addition ... Read More
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Supply Concerns Outweighed Fears that Further Interest Rate Hikes Could Slow Economic Growth

July 10, 2023
Recap:  The oil market continued to trend higher on Friday as supply concerns outweighed fears that further interest rate hikes could slow economic growth. The market was well supported by several fundamental factors, with Vortexa reporting that there was currently 10.5 million b ... Read More
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