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The Oil Market Rebounded From its Earlier Losses and Ended the Session Higher on the Back of a Weaker Dollar

February 16, 2024
Recap:  On Thursday, the oil market rebounded from earlier losses and ended the session higher on the back of a weak dollar. The market traded lower in overnight trading as it remained pressured following the larger than expected build of over 12 million barrels reported in U.S. ... Read More
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Increasing U.S. Inventories Weighed on Market Sentiment

February 15, 2024
Recap:  The oil market posted an inside trading day on Wednesday as it held on to Tuesday's gains on a strong demand growth forecast from OPEC and later sold off as increasing U.S. crude inventories weighed on market sentiment. The oil market traded mostly sideways and rallied hi ... Read More
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The Oil Market Continued to Trend Higher Amid the Continuing Conflict in the Middle East

February 14, 2024
Recap:  The oil market continued to trend higher amid the continuing conflict in the Middle East. The market was further supported as OPEC stuck to its forecast for relatively strong growth in global oil demand in 2024 and 2025 and increased its economic growth forecasts for both ... Read More
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The Crude Market Ended Slightly Higher After Traders Took Some Profits Following Last Week's Rally

February 13, 2024
Recap:  The crude market ended slightly higher after traders took some profits following last week’s rally. The oil market erased some of its previous gains amid the news that the Israeli military said on Monday it had conducted a “series of strikes” on southern Gaza that have no ... Read More
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The Oil Market Continued to Trend Higher on Friday For the Fifth Consecutive Session and Settled Up 6%

February 12, 2024
Recap:  The oil market continued to trend higher on Friday for the fifth consecutive session and settled up 6% on the week amid the concerns over broadening tensions in the Middle East after Israel rejected a ceasefire offer from Hamas earlier in the week. Israel continued its ai ... Read More
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The Market Believes That the Ceasefire Rejection Ensures Hostilities in the Red Sea Will Continue

February 9, 2024
Recap:  The oil market remained well support and rallied over 2.8% on Thursday amid the news of Israel’s rejection of a ceasefire offer from Hamas. On Wednesday, Israel’s Prime Minister Benjamin Netanyahu rejected the latest Hamas ceasefire offer. The market believes that the rej ... Read More
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The Market Remained Supported Upon the Release of the Inventory Report

February 8, 2024
Recap:  The crude market posted a high of $74.22 in early morning trading before it erased some of its gains ahead of the release of the EIA’s weekly petroleum stocks report. The market remained supported upon the release of the inventory report, which showed larger than expected ... Read More
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The Market Awaited the Result of U.S. Secretary of State Antony Blinken's Efforts to De-Escalate the Situation in the Middle East

February 7, 2024
Recap:  On Tuesday, the oil market maintained an upward momentum as the market awaited the result of U.S. Secretary of State Antony Blinken’s efforts to de-escalate the situation in the Middle East. The market traded mostly sideways in overnight trading and posted a low of $72.38 ... Read More
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The Oil Market Retraced Some Early Losses as it Weighed News Against Concerns Over the Tension in the Middle East

February 6, 2024
Recap:  The oil market retraced some early losses as it weighed economic news against concerns over the tension in the Middle East. The market traded lower in overnight trading after Federal Reserve Chair Jerome Powell said the central bank may wait to cut interest rates. In an i ... Read More
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Strong U.S. Jobs Data Diminished the Odds of Interest Rate Cuts in the Short Term

February 5, 2024
Recap:  The oil market extended its losses to over 2.7% on Friday morning as it traded as strong U.S. jobs data diminished the odds of interest rate cuts in the short term. The market ended down 2.09% on the day and down 7.35% on the week. The market also remained pressured follo ... Read More
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