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The Oil Market Ended the Session Higher but Still Posted a Weekly Loss

April 24, 2023
Recap:  The oil market ended the session higher but still posted a weekly loss following its sharp losses earlier in the week as interest rate uncertainty weighed on the market. The market opened down 24 cents at $77.13 and continued to backfill its gap as it traded to a low of $ ... Read More
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The Market Has Reversed Almost All of its Gains Following the Saudi Announcement of Further Output Cuts

April 21, 2023
Recap:  The oil market on Thursday remained on its downward trend ahead of the May contract’s expiration at the close, trading to the lowest level since the end of March as a stronger dollar and rate hike expectations continued to weigh on the market. The market has reversed almo ... Read More
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The Oil Market Continued on its Downward Trend and Sold Off to a Two Week Low

April 20, 2023
Recap:  The oil market continued on its downward trend and sold off to a two week low despite the API and EIA reports showing larger than expected draws in crude stocks. The market was pressured as the U.S. dollar strengthened on fears that interest rate hikes could cut energy de ... Read More
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The Market on Tuesday Continued on its Downward Trend Early in the Session Before it Bounced Higher and Settled in Positive Territory

April 19, 2023
Recap:  The oil market on Tuesday continued on its downward trend early in the session before it bounced higher and settled in positive territory. The market traded mostly sideways in overnight trading in light of some data showing that China’s economy grew by a faster than expec ... Read More
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The Oil Market on Monday Breached the Trading Range Seen in the Last Few Days

April 18, 2023
Recap:  The oil market on Monday breached the trading range seen in the last few days and ended the session lower after its stochastics crossed to the downside on Friday. The market traded mostly sideways in overnight trading, holding its support. However, the market breached Wed ... Read More
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The Oil Market Continued to Trade Within Wednesday's Trading Range and Ended in Positive Territory for the Fourth Consecutive Week

April 17, 2023
Recap:  On Friday, the oil market continued to trade within Wednesday’s trading range and ended in positive territory for the fourth consecutive week. The market opened relatively unchanged and traded to a low of $81.76 in overnight trading in follow through from Thursday’s losse ... Read More
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The Producer Price Index Report Released on Thursday Morning and Wednesday’s Consumer Price Index Report Both Showed that Inflation Was Easing

April 14, 2023
Recap:  The oil market on Thursday posted an inside trading day after failing to breach its previous trading range. The market traded sideways and posted a high of $83.44 in overnight trading as it attempted to test its previous high of $83.53. However, the market erased some of ... Read More
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The Oil Market Broke Out of its Recent Trading Range on Wednesday

April 13, 2023
Recap:  The oil market broke out of its recent trading range on Wednesday as it breached its previous highs. Overnight, the market breached its resistance at $81.81 as it traded to $81.85 and settled in a sideways trading pattern ahead of the release of the latest U.S. consumer i ... Read More
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The oil market posted an outside trading day for the second consecutive day

April 12, 2023
Recap: On Tuesday, the oil market posted an outside trading day for the second consecutive day as Chinese inflation data suggested persistent demand weakness, while a softer dollar and hopes that the Federal Reserve may ease its policy tightening after this week’s U.S. inflation ... Read More
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Looming Supply cuts from Saudi Arabia and Other OPEC+ Producers Offset Concern about Weakening Global Growth

April 11, 2023
Recap:  On Monday, the oil market continued to trend sideways following the long Easter holiday weekend as it continued to trade within last Tuesday’s trading range from $79.61 to $81.81. The market opened 15 cents lower and quickly rallied to a high of $81.22 as looming supply c ... Read More
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