Oil futures edged lower early Tuesday, pulling back after ending July at their highest since April.
Oil futures edged lower Tuesday, pulling back after a strong July performance that saw the U.S. benchmark close the previous session at its highest in more than three months.
Price actionMarket drivers Both WTI and Brent ended Tuesday at their highest since April 14, after logging strong July gains. Crude erased year-to-date losses last month, buoyed by supply cuts by the Organization of the Petroleum Exporting Countries and its allies, including Russia. That includes a voluntary reduction of 1 million barrels... Oil futures edged lower Tuesday, pulling back after a strong July performance that saw the U.S.
Price action Market drivers Both WTI and Brent ended Tuesday at their highest since April 14, after logging strong July gains. Crude erased year-to-date losses last month, buoyed by supply cuts by the Organization of the Petroleum Exporting Countries and its allies, including Russia. That includes a voluntary reduction of 1 million barrels a day by Saudi Arabia for July and August, that’s expected to be rolled over into September.
Oil’s lift has been credited to a few factors that have been generally credited as optimistic. First is the expectation that major central banks are near the end of a series of aggressive rate hikes and other measures. There are also positive reactions to measures announced by Chinese authorities aimed at boosting the economy after a lackluster response to the lifting of strict COVID curbs.
“With demand from the world’s two largest consumers of crude set to increase and the leading global exporter cutting production, oil prices continue to find support as traders’ price-in a scenario of tighter supply and growing demand,” Ricardo Evangelista, senior analyst at ActivTrades, said in a Tuesday note.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WHAT YOU MISSED: Top San Diego news stories July 24 - July 29You likely knew about the recent heat wave and advisories -- but take a look at this story for a roundup of articles relevant to the San Diego area you may have missed last week.
Read more »
Brent Crude Oil to witness a short-term up move towards April high of $87.50 – SocGenEconomists at Société Générale analyze Brent Oil technical outlook. Next objective at $87.50 after breakout from base Brent recently defended the low
Read more »
OPEC oil output declines by 840,000 bpd in July – ReutersCrude oil output of OPEC (Organization of the Petroleum Exporting Countries) declined by 840,000 barrels per day (bpd) from June to July to 27.34 mill
Read more »
CNBC Daily Open: July was great for stocks — and oilTraders think that scenario is looking increasingly likely. Stocks had a great July and the optimism extended to the commodities market.
Read more »
CNBC Daily Open: Oil joined the July stocks rallyTraders think that scenario is looking increasingly likely. Stocks had a great July and the optimism extended to the commodities market.
Read more »
July 2023 Set To Be Hottest Month On Record - CleanTechnicaBonn and Geneva, 27/07/2023 (Copernicus and WMO) - According to ERA5 data from the EU-funded Copernicus Climate Change Service (C3S)
Read more »