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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.

Oil completes the most successful week since February 2023

October, 04 2024
watermark Economic news

Oil prices on Friday showed the largest weekly increase in more than a year, helped by heightened tensions in the Middle East. The current Brent quote is $78.45 per barrel, WTI is $7450. Both benchmarks showed an increase of 8-8.5% since the beginning of the week.


Traders continue to closely monitor the situation in the Middle East, especially in light of statements by U.S. President Joe Biden. He expressed the opinion that there would be no «total war» in the region, but also confirmed the discussion of the possibility of Israeli strikes on Iranian oil facilities in response to a missile attack from Tehran.


Meanwhile, ports on the east coast of the United States and in the Gulf of Mexico began to return to work after a salary agreement was reached with dockworkers and port operators. This agreement put an end to the largest shutdown in the industry in the last half century.


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Risk Warning:
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.