Oil mixed, with US crude above $79

Economies.com
2023-01-31 20:13PM UTC

Oil prices were mixed on Tuesday ahead of important developments this week, including OPEC's meetings and global central banks gatherings. 

 

Reuters reported that OPEC pumped 28.87 million barrels a day this month, down 50 thousand bpd from December. 

 

Markets await crucial policy meetings this week by the Federal Reserve, Bank of England, and the European Central Banks.

 

The Federal Reserve alongside its counterparts is expected to increase interest rates to control inflation. 

 

Advertistment

US crude futures due in March rose 1.5% to $79.04 a barrel as of 19:53 GMT. 

 

Brent March futures dipped 0.5% to $84.4 a barrel. 

 

What's expected in the days to come? 

 

The oil market will be exposed to pressure as the dollar edges up and following aggressive policy decisions, while Europe's ban on Russian crude gets into effect in February. 

Commodities News

Oil News

Commodities

Oil prices try to recover from six-month trough
2023-12-07 13:55PM UTC
Global oil prices rose on Thursday for the first time in six days away from six-month lows as the ...
Gold News

Commodities

Gold keeps rising as dollar loses steam
2023-12-07 08:26AM UTC
Gold prices rose in European trade on Thursday for another session as the dollar slowed down ...
Steel News

Commodities

Nickel climbs as dollar loses ground while markets assess Chinese data
2023-12-06 15:29PM UTC
Nickel prices rose on Wednesday as the dollar loses ground against major rivals while markets ...

Commodities Technical Analysis

Technical Analysis

Commodities

Wheat price breaches the resistance – Analysis - 08-12-2023
2023-12-08 04:41AM UTC
Wheat price bounced upwards clearly yesterday to breach 639.30 and close the daily candlestick ...
Technical Analysis

Commodities

Sugar price presses on the support – Analysis - 08-12-2023
2023-12-08 04:40AM UTC
Sugar price continues to fluctuate near 22.60 level and presses negatively on it, to keep the ...
Technical Analysis

Commodities

Soybean price attempts positively – Analysis - 08-12-2023
2023-12-08 04:40AM UTC
Soybean price surpassed 1311.70 level strongly to approach the EMA50, hinting heading to build ...