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The Oil Market on Friday Traded Higher and Posted its Seventh Consecutive Weekly Gain

August 14, 2023
Recap:  The oil market on Friday traded higher and posted its seventh consecutive weekly gain, matching the longest winning streak since February 10, 2022. The market traded lower in overnight trading following Thursday’s profit taking and posted a low of $82.23. However, it boun ... Read More
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Inflation Increased in July for the First Time in 13 Months

August 11, 2023
Recap:  The oil market on Thursday posted an outside trading day as it sold off following the release of the CPI report, which showed that inflation increased in July for the first time in 13 months. Consumer prices increased by 3.2% on the year in July, up from 3% in June, bring ... Read More
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Draws in U.S. Fuel Stocks Helped Offset Some Concerns of Weaker Demand from China

August 10, 2023
Recap:  The oil market rallied higher on Wednesday as draws in U.S. fuel stocks helped offset some concerns of weaker demand from China as the country’s crude oil imports in July fell by 18.8% on the month to the lowest level since January. The market traded mostly sideways in ov ... Read More
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The Oil Market Rebounded from its Earlier Losses as the EIA Forecast a Better Economic Outlook Than Previously Expected

August 9, 2023
Recap:   The oil market rebounded from its earlier losses as the EIA forecast a better economic outlook than previously expected. In overnight trading, the crude market sold off sharply and extended its losses to over $2 as it posted a low of $79.90. The market was pressured and ... Read More
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The Market Closed Out at a High Following the News of Saudi Arabia and Russia Continuing Their Voluntary Cuts into October

August 8, 2023
Recap:  The oil market on Monday retraced some of its previous gains on profit-taking after the market posted its sixth consecutive weekly gain on Friday. Last week, the market closed out at a high following the news of Saudi Arabia and Russia continuing their voluntary cuts into ... Read More
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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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