Tag: Oil
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Oil price forecast: Can record hedge fund shorts push WTI below $55?
Analysts warn that WTI crude could drop to around $55 per barrel as hedge funds boost record short positions amid growing oversupply concerns. Bearish bets on Brent rose by 40,000 contracts in the week ending October 21, pushing total short positions to an all-time high of nearly 198,000 doubling in just three months. The trend…
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Oil prices trend up after U.S. retaliatory strikes in Middle East
Oil prices rose Monday after the U.S. launched retaliatory strikes in Iraq and Syria against Iranian forces and their allies over the weekend, raising the risk that the Middle East is heading toward a broader conflict. The West Texas Intermediate contract for March rose 50 cents, or 0.69%, to settle at $72.78 a barrel. The…
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Oil sees its initial monthly increase amid growing tensions in the Middle East signaling a potential broader conflict.
Oil prices saw their first monthly increase since September as tensions escalate between the U.S. and Iran, raising the possibility of a more direct conflict in the Middle East. Both U.S. crude and the global benchmark Brent experienced gains of 5.86% and 6.06% respectively in January. However, prices declined on Wednesday following the news of…
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Oil Outlook: Prices Rise After Ukraine Attacks Major Russian Terminal; Middle East Crisis Persists
Oil prices rose on Tuesday after Ukraine reportedly attacked a major Russia fuel terminal over the weekend, raising renewed concerns about supply disruptions. The West Texas Intermediate futures contract for February gained $1.78, or 2.42%, to settle at $75.19 a barrel. The Brent contract for March rose $1.50, or 1.91%, to settle at $80.06 a…