Oil prices on track for second weekly profit in row

Economies.com
2023-05-26 13:04PM UTC

Oil prices rose in European trade on Friday after a pause from gains yesterday on profit-taking off three-week highs, while on track for the second weekly profit in a row. 

 

The gains were boosted by Saudi energy minister's remarks this week, and a steep drop in US crude stocks, in a positive sign of demand in the US. 

 

Global Prices

 

US crude rose 1.1% to $72.66 a barrel, while Brent climbed 1.3% to $76.93 a barrel, with a session-low at $75.71. 

 

US crude tumbled 3.25% on Thursday, while Brent shed 2.8%, the first loss in four days off three-week highs. 

 

Weekly Trading

 

Global prices are still up 1.25% so far this week on track for a solid weekly profit. 

 

Saudi Remarks 

 

Saudi energy minister warned short sellers of oil from upcoming "pain", which was taken as a sign of a potential new cut to output by OPEC+ at the June meeting. 

Advertistment

 

US Stocks

 

The Energy Information Administration reported a steeo drop of 12.5 million barrels in US crude stocks last week, while analysts expected an increase of 1.9 million barrels.

 

Gasoline stocks are now down 2.1 million barrels to 216.3 million barrels, while distillate stocks are down 600 thousand barrels to 105.7 million barrels.

 

The IEA

 

The EIA warned in its last monthly meeting of an upcoming shortage that might occur in the second half of the year, with demand expected to surpass supplies by nearly 2 million bpd.

 

The increase is mainly fuelled by improving Chinese demand, in addition to steep output cuts by OPEC+.

 

US Demand

 

US demand is also improving as seasonal demand grows on gasoline starting next week in the US.

Commodities News

Palladium News

Commodities

Palladium sharpens decline to below $1000 an ounce
2023-12-08 16:57PM UTC
Palladium prices fell on Friday as the dollar rose against most major rivals, sharpening losses to ...
Gold News

Commodities

Gold edges up ahead of US jobs data
2023-12-08 08:12AM UTC
Gold prices rose in European trade on Friday for the third straight session ahead of US monthly ...
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 ...

Commodities Technical Analysis

Gold Analysis

Commodities

Evening update for Gold 08-12-2023
2023-12-08 15:05PM UTC
Gold price broke the bullish channel’s support line clearly and closed the last four ...
Brent oil Analysis

Commodities

Midday update for Brent oil 08-12-2023
2023-12-08 10:36AM UTC
Brent oil price attempted to breach 75.60 level but it returned to fluctuate below it again, which ...
Silver Analysis

Commodities

Midday update for Silver 08-12-2023
2023-12-08 10:36AM UTC
Silver price fluctuates at the key support 23.70, and as long as the price is above this level, our ...