• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day The United States produced more crude oil than any nation, at any time.
  • 7 days e-truck insanity
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 6 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 7 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 7 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 10 days Bankruptcy in the Industry
Editorial Dept

Editorial Dept

More Info

Premium Content

Bullish Momentum Builds As Oil Markets Tighten


September West Texas Intermediate (WTI) crude oil settled higher on Thursday, boosted by strength in Brent crude, which surpassed $84 a barrel for the first time since April. The surge was fueled by supply tightness resulting from production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+. These cuts, along with some involuntary outages, have supported the oil market, resulting in four consecutive weeks of gains.

Despite Wednesday's drop in oil prices, the overall outlook remains positive. The U.S. Federal Reserve's interest rate hike and lower-than-expected U.S. crude inventories were contributing factors to the temporary setback. However, market analysts still hold a favorable view on oil, expecting WTI crude to climb to a range of $82 to $88 in the coming months.

Risk appetite in the broader financial markets is on the rise as expectations grow that central banks, like the Federal Reserve, are approaching the end of their policy tightening campaigns. This development bodes well for global growth and energy demand, further bolstering the outlook for oil prices.

The U.S. economy also provided support to the market, with government data revealing a stronger-than-expected 2.4% growth in the last quarter. This growth was driven by a resilient labor market, which boosted consumer spending, and increased business investments in equipment, reducing the risk of a recession.

Investors are finding…

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News