Oil prices dropped to a near two-month low on receding tensions in the Middle East, a complex interplay of escalating supply levels, demand worries, and challenging economic indicators. The global benchmark, US WTI crude currently clinging below $80 a barrel, has lost more than 10% from a near two-year high tested last month. A similar … Read more
Peter McGuire, CEO, XM Australia, says coming to crude, “it had a tremendous run up and also when you are thinking about where WTI is $85 plus, 85 and a quarter, and you have got Brent sitting at $89.10, I feel as though that $90 will be taken pretty quickly and I would not be … Read more
Demand optimism amid production cuts by Opec-plus countries lifted global oil prices to three-month highs. The most active US NYMEX futures gained almost 17% in July, sending prices well above $80 a barrel level. Tighter supply and expectations that the US Federal Reserve is close to ending its monetary tightening cycle, also aided the positive … Read more