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The Oil Market Posted Gains for the Sixth Consecutive Week

August 7, 2023
Recap:  The oil market posted gains for the sixth consecutive week of 2.78% as it remained in its upward trending channel. The market on Friday remained well supported by the announcements made by Saudi Arabia and Russia pledging to continue cutting their output through September ... Read More
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Saudi Arabia Was Extending its Voluntary Output Cut of 1 Million Bpd by One Month to the End of September

August 4, 2023
Recap:  The oil market rallied higher on Thursday following the news that Saudi Arabia was extending its voluntary output cut of 1 million bpd by one month to the end of September. The oil market traded mostly sideways overnight before further selling, in follow through from Wedn ... Read More
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Fitch Downgraded the U.S. Government's Top Credit Rating to AA+ from AAA

August 3, 2023
Recap:  The oil market posted an outside trading day and sold off sharply after Fitch downgraded the U.S. government’s top credit rating to AA+ from AAA. The market breached its previous high as it rallied to a high of $82.43 in overnight trading. However, the market erased its p ... Read More
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The Market's Gains Were Limited Amid the Strength in the Dollar

August 2, 2023
Recap:  On Tuesday, the oil market posted an inside trading day as traders took profits after it continued to trend higher in its upward trending channel on Monday. The market’s gains were also limited amid the strength in the dollar. It sold off to a low of $80.59 by mid-morning ... Read More
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The Oil Markets Finished Higher on Monday Marking the Third Straight Trading Session of Price Gains

August 1, 2023
Recap: The oil markets finished higher on Monday marking the third straight trading session of price gains. The September Brent, which expired today, finished the trading session up 0.7% at $85.56 a barrel while the September WTI contract finished up $1.22 per barrel or 1.5% at $ ... Read More
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The Oil Market Rallied Higher Ahead of the Close and Settled Higher for the Fifth Consecutive Week

July 31, 2023
Recap:  On Friday, the oil market rallied higher ahead of the close and settled higher for the fifth consecutive week. The market retraced some of its previous gains but held support at its previous low of $78.87. It traded to a low of $79.07 but quickly bounced off that level an ... Read More
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The Market Continued to Trend Higher Remaining Supported by Supply Tightness and Optimism for Global Growth

July 28, 2023
Recap:  The oil market continued its upward trend on Thursday, breaching the $80.00 level and peaking at a level not seen since April 19th after it posted an inside trading day on Wednesday. The market quickly posted a low of $78.87 on the opening before it continued to trend hig ... Read More
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A Mostly Bearish Oil Inventory Report and the Expected 25 Basis Point Interest Rate Increase Announced by the Federal Reserve

July 27, 2023
Recap:  The crude oil market retraced some of its previous gains on Wednesday and posted an inside trading day following a mostly neutral to bearish oil inventory report and the expected 25 basis point interest rate increase announced by the Federal Reserve in the afternoon. The ... Read More
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The Oil Market Continued to Rally a Three-Month High on Tuesday

July 26, 2023
Recap:  The oil market continued to rally a three-month high on Tuesday after the market was steady early in the session. The market traded higher ahead of the release of the weekly petroleum stocks reports, which are expected to show draws across the board in crude and product s ... Read More
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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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