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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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The Oil Market Held Steady as it Continued to Trade Within Tuesday's Trading Range Ahead of the Long Easter Holiday Weekend

April 10, 2023
Recap:  The oil market held steady as it continued to trade within Tuesday's trading range ahead of the long Easter holiday weekend. The market posted a third weekly gain as it continued to weigh the OPEC+ output cuts and a fall in U.S. crude oil inventories against concerns over ... Read More
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The Market Weighed Economic Concerns Against Plans by OPEC+ Producers to Cut Their Output

April 6, 2023
Recap:  The oil market posted an inside trading day as it failed to breach its previous trading range. The market weighed economic concerns against plans by OPEC+ producers to cut their output. The market traded towards its previous high in overnight trading ahead of the expected ... Read More
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The Market Weighed the OPEC+ Production Cut Against Weak Economic Data

April 5, 2023
Recap: The oil market on Tuesday ended the session mostly sideway as the market weighed the OPEC+ production cut against weak economic data. In overnight trading, the market extended its previous gains following the surprising decision by OPEC+ to cut production by 1.66 million b ... Read More
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OPEC and its Allies Surprised the Market With an Announcement on Sunday That it is Cutting its Production

April 4, 2023
Recap:  The oil market surged higher on Monday after OPEC and its allies, including Russia, surprised the market with an announcement on Sunday that it is cutting its production target by a further 1.16 million bpd starting in May. OPEC+, had been expected at its monthly meeting ... Read More
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U.S. Inflation Data Showed Some Signs of Price Pressures Easing

April 3, 2023
Recap:  Oil prices continued to move higher on Friday as U.S. inflation data showed some signs of price pressures easing. The market posted a low of $73.77 in overnight trading before it bounced off that level and continued to retrace its previous losses. The market retraced more ... Read More
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