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Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Brent rose to $82.50 per barrel

May, 23 2024
watermark Economic news

On Thursday afternoon, oil prices began to rise, recovering from three consecutive sessions of decline. The current Brent quote is $82.62 per barrel. North American WTI crude is trading near $78.28. 


Yesterday, on Wednesday, the price of Brent fell by 1.2% (to $81.20), and for WTI – by 1.4% (to $76.85). Data on fuel reserves in the United States had a negative impact on oil quotes.


The U.S. Department of Energy reported that last week the country's oil reserves increased by 1.825 million barrels. Inventories at the terminal in Cushing, where NYMEX-traded oil is stored, increased by 1.3 million barrels.


Analysts note that the market decline in recent days is due to poor statistical data, including rising oil reserves, moderate demand and declining profitability of refineries.


In addition, oil prices are under pressure from the statement by representatives of the US Federal Reserve leadership about their readiness to maintain a high interest rate for a long time. Experts believe that a rate cut can support the American economy and increase demand for fuel.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.