Analytical Reviews

Get the latest economic news from ForexMart, including updates on the financial market, central bank policy announcements, financial indicators, and other relevant news which can impact 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 prices have stabilized after rising to annual highs


September, 04 2023
watermark Economic news

Benchmark oil prices continue to remain at high levels, despite slight fluctuations at the beginning of this week. 


The current Brent quote is $88.45 per barrel. Over the weekend, the asset rose sharply to the level of $89, which is much higher than the price recorded on Friday ($87). WTI oil futures rose in price from $84 to $86 per barrel. Thus, at the end of last week, Brent rose by 5.5%, WTI – by 7.2%, and both benchmarks ended trading on Friday at the highest levels since November 17 and 16, 2022, respectively.


The main driver of growth was fears of a reduction in supply in the oil market, as well as positive data on China's manufacturing industry. The Purchasing Managers' Index (PMI) in August updated the maximum since February: the index increased to 51 points from 49.2 points in July. The improvement in PMI indicators in China indicates an increase in activity in the sector, which may support oil demand.


Traders also expect that Saudi Arabia will extend the voluntary reduction of production by 1 million barrels per day in October. These production restrictions have further contributed to the rise in oil prices.


In addition, data from the oilfield services company Baker Hughes showed that the number of operating oil drilling rigs in the United States has not changed and remained at 512 units, which is the lowest since February 2022. This may also affect the supply prospects in the oil market.


コメントする

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.
Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.