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Oil prices rose on Monday, as tensions in the Middle East escalated

July 23, 2019
Recap: Oil prices rose on Monday, as tensions in the Middle East escalated with the seizure of a British tanker by Iran’s Revolutionary Guards. Despite the heightened tensions, rising U.S. production and worries over weak global demand have worked to keep a cap on prices, as the ... Read More
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Prices were supported by rising tensions between the U.S. and Iran

July 22, 2019
Recap: Oil prices firmed on Friday after suffering significant losses on Thursday. Prices were supported by rising tensions between the U.S. and Iran however gains were contained by concerns that a slowing economy will have a negative impact on global demand. August WTI made a fa ... Read More
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The IEA is reducing its 2019 oil demand forecast due to a slowing global economy

July 19, 2019
Recap: After posting early gains on increased tensions in the Middle East, crude oil futures experienced considerable losses, as prices broke through key technical support levels. Prices had been trading higher early Thursday, after Iran’s Revolutionary Guard said it seized a for ... Read More
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Domestic crude supplies fell for a fifth straight week

July 18, 2019
Recap: Crude oil futures moved lower Wednesday as U.S. government data revealed that domestic crude supplies fell for a fifth straight week, but the stocks were down by less than the market expected and product inventories climbed. Crude stockpiles were down 3.1 million barrels f ... Read More
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The tensions between the U.S. and Iran appears to be easing

July 17, 2019
Recap: After firming in early morning trading, oil prices turned lower on Tuesday, as U.S. offshore production resumed after Hurricane Barry and as tensions between the U.S. and Iran appeared to be easing. In early morning trading August WTI tacked on 48 cents, to trade at a sess ... Read More
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Oil prices turned lower on Monday

July 16, 2019
Recap: Oil prices turned lower on Monday, as the impact of a tropical storm on U.S. Gulf Coast production and refining appeared to be less than expected and on mixed economic data out of China. Hurricane Barry was downgraded to a tropical depression, and as a result, refineries i ... Read More
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The IEA said increasing US oil output will outpace global demand and lead to a large inventory build around the world in the next nine months.

July 15, 2019
Recap: The oil market traded higher but failed to breach its previous high as concerns over a global surplus in the months ahead limited its gains.  The IEA said increasing US oil output will outpace global demand and lead to a large inventory build around the world in the next n ... Read More
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The oil market continued to trend higher early Thursday ahead of the storm in the Gulf of Mexico

July 12, 2019
Recap: The oil market continued to trend higher early Thursday ahead of the storm in the Gulf of Mexico, with oil producers evacuating and shutting in production.  The crude market rallied to a high of $60.94 in overnight trading before the market eased off as OPEC forecast slowe ... Read More
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The EIA reported a larger than expected draw in crude stocks of 9.5 million barrels

July 11, 2019
Recap: Oil prices rose on Wednesday in light of the weekly stock reports showing larger than expected draws in crude stocks and reports of major US producers evacuating and shutting in operations in the Gulf of Mexico ahead of a storm.  The crude market opened sharply higher, up ... Read More
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Oil prices wavered between gains and losses on Tuesday

July 10, 2019
Recap: Oil prices wavered between gains and losses on Tuesday, as the market weighed concerns over global economic growth against declining production and geopolitical tensions.  Worries about the escalating tensions between the US and Iran provided some support to the market.  T ... Read More
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