Oil prices are headed for their sharpest daily decline in a year as the world faces a looming supply glut and reports suggest Israel will avoid targeting Iran’s crude facilities.
Oil is poised for its largest weekly decline in almost a year
Oil is on track for its most significant weekly decline in nearly a year, driven by concerns over weak demand and ample supply, despite Opec+ postponing a scheduled production increase
An investment bank predicts that oil prices could drop to $60 or even $50 per barrel by 2025.
Oil prices continued to decline on Wednesday, with forecasts suggesting an average of around $60 per barrel next year, and possibly even dipping to around $50, according to Citi.
Oil prices continued to rise on Monday morning
Oil prices continued to rise on Monday morning, as escalating tensions in the Middle East remained a significant concern for traders.
Russia Asserts No Friction With OPEC+ Despite Exceeding Oil Production Quotas
Vladimir Putin’s top oil advisor stated on Thursday that there was no friction with the OPEC+ oil cartel despite Russia exceeding its crude production quotas.
Traders anticipate a US rate cut in September as inflation continues to decline.
Money markets indicate that the Federal Reserve will start cutting interest rates in September, following a continued slowdown in US inflation.
Wall Street’s record-breaking rally continues as stocks edge higher
Most U.S. stocks are trending higher this afternoon, pushing Wall Street toward new records.
US drillers have reduced the number of oil and gas rigs to the lowest level since January 2022, according to Baker Hughes.
This week, U.S. energy firms reduced the number of operating oil and natural gas rigs to the lowest level since January 2022, according to a closely followed report by energy
Nasdaq reaches 17,000 as AI boom drives growth
The Nasdaq surged past the 17,000 mark for the first time on Tuesday, driven by a record high from AI favourite Nvidia. Attention is now turning to key inflation data
US stock markets climb, despite concerns over interest rates.
Today, European and Asian stock markets experienced declines following Wall Street’s losses on Thursday, exacerbated by unexpectedly strong US data that heightened fears the Federal Reserve might not cut interest
Dow Jones hits a new record high of 40,000 this afternoon
The Dow Jones Industrial Average reached a new high of 40,000 this afternoon, marking a significant achievement for the index that monitors 30 leading American companies.
Wall Street set to climb following Apple’s earnings report
US stock markets are expected to open higher today, buoyed by Apple’s strong performance on Thursday; however, this outlook could shift with the release of the afternoon’s job statistics.