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The Oil Market on Friday Retraced More of its Previous Gains Following Thursday's Early Sell Off

May 8, 2023
Recap:  The oil market on Friday retraced more of its previous gains following Thursday’s early sell off at the opening. The crude market opened 14 cents higher at $68.70 and posted a low of $68.48 in overnight trading before it bounced higher. The market traded higher as the equ ... Read More
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The Oil Market on Thursday Traded Higher After Reversing its Previous Losses

May 5, 2023
Recap:  The oil market on Thursday traded higher after reversing its previous losses in what appeared to be a technical rebound. On the opening, the market sold off sharply by almost $5 to a low of $63.64, the lowest level seen since December 2021. The mini-flash crash may have b ... Read More
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Traders Remained Concerned About the Economy as the Fed Raised Interest Rates

May 4, 2023
Recap:  On Wednesday, the oil market extended its sharp losses seen on Tuesday, as traders remained concerned about the economy as the Fed raised interest rates. In overnight trading, the crude market traded sideways and posted a high of $71.79. However, the market began its sell ... Read More
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The Oil Market Sold Off Sharply on Tuesday on Concerns Over the Economy

May 3, 2023
Recap:  The oil market sold off sharply on Tuesday on concerns over the economy amid discussions on ways to avoid a debt default and ahead of the Fed’s expected U.S. rate hike on Wednesday. The oil complex and the stocks indexes fell as the cost of insuring against a U.S. debt de ... Read More
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Traders Weighed the Impact of the Federal Reserve Potentially Raising Interest Rates

May 2, 2023
Recap:  The oil market posted an inside trading day on Monday as traders weighed the impact of the Federal Reserve potentially raising interest rates and weaker Chinese manufacturing data against the OPEC+ supply cuts taking effect this month. The market opened 12 cents lower and ... Read More
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U.S. Economic Data and Uncertainty Over Further Interest Rate Increases Weighed on the Demand Outlook

May 1, 2023
Recap:  The oil market rallied higher on Friday and settled in positive territory, while it posted a weekly decline for a second consecutive week after U.S. economic data and uncertainty over further interest rate increases weighed on the demand outlook. The market retraced some ... Read More
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The Oil Market on Thursday Retraced Some of Wednesday's Sharp Losses and Remained Mostly Rangebound

April 28, 2023
Recap:  The oil market on Thursday retraced some of Wednesday’s sharp losses and remained mostly rangebound. The market steadied as Russia’s Deputy Prime Minister, Alexander Novak, described oil markets as balanced and said the OPEC+ group does not see the need for further oil ou ... Read More
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The Oil Market Continued to Trend Lower on Wednesday, Extending the Losses Seen During Tuesday's Session

April 27, 2023
Recap:  The oil market continued to trend lower on Wednesday, extending the losses seen during Tuesday’s session as weak economic data raised concerns over a recession. The market retraced some of its previous losses in overnight trading as it traded to a high of $77.93. However, ... Read More
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The Oil Market Traded Lower on Tuesday After Two Sessions of Gains

April 26, 2023
Recap:   The oil market traded lower on Tuesday after two sessions of gains as concerns over the global economic outlook and a firmer dollar countered optimism about demand in China. The oil market posted a high of $79.07 in overnight trading. However, as the market failed to tes ... Read More
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The Market Erased Some of Friday's Gains in Overnight Trading

April 25, 2023
Recap:  The oil market on Monday retraced some more of its previous losses after the market settled in positive territory on Friday, although it had posted a weekly decline of more than 5%. The market erased some of Friday’s gains in overnight trading and posted a double bottom a ... Read More
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