• 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
  • 8 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 hours How Far Have We Really Gotten With Alternative Energy
  • 4 hours If hydrogen is the answer, you're asking the wrong question
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 16 hours Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 4 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
Oil Prices Stable in Anticipation of Key OPEC+ Meeting

Oil Prices Stable in Anticipation of Key OPEC+ Meeting

Brent crude futures remained stable…

U.S. Crude Oil Could Be Ripe for A Short Squeeze

U.S. Crude Oil Could Be Ripe for A Short Squeeze

Crude oil inventories at Cushing…

Analysts Predict a Challenging Year for Oil Prices in 2024

Analysts Predict a Challenging Year for Oil Prices in 2024

Analysts predict a challenging year…

Editorial Dept

Editorial Dept

More Info

Premium Content

Momentum Grows For Oil, But Recession Fears Cap Gains

U.S. West Texas Intermediate crude oil futures settled about 2% higher on Thursday on positive U.S. economic data and optimism that global demand will strengthen as top oil importer China reopens its economy. The move pushed futures prices higher for the week and in a position to add to the current rally. Renewed buying by the major hedge funds is also a bullish sign.

Better-than-Expected US Economic Data Providing Support

Gross Domestic Product increased at a 2.9% annualized rate in the fourth quarter of 2022 as consumers boosted spending on goods, the Commerce Department said. But momentum rapidly slowed toward the year’s end, as rising interest rates eroded demand.

Growth in personal consumption expenditures slowed to 2.1% on an annualized basis from 2.3% in the prior quarter and the GDP price index, another inflation measure, decelerated to 3.5%.

A separate report from the Labor Department on Thursday showed initial claims for state unemployment benefits dropped 6,000 to a seasonally adjusted 186,000 for the week ended Jan. 21. The number of people receiving benefits after an initial week of aid, a proxy for hiring, increased 20,000 to 1.675 million for the week ended Jan. 14.

Another report released by the Commerce Department on Thursday showed new orders for U.S. manufactured durable goods soared by much more than expected in the month of December.

The Commerce Department said durable goods orders spiked by 5.6 percent in December…





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