Oil gets to keep gains for second day in a row while demand projections are picking up
The post Oil gets to keep gains for second day in a row while demand projections are picking up appeared on BitcoinEthereumNews.com.
Oil ticks up, above $74.00 after a sizeable decline in the first part of the week. OPEC+ pushes against the bearish outlook, warning about the possibility of unwinding the taper of voluntary cuts. The US Dollar Index trades just above 104.00 as ECB decision looms. Oil prices are in repair mode on Thursday after a near 10% decline in just five trading days. The sharp downside move came after the OPEC+ meeting did not hold any measure to further support prices at or around $80.00. With markets disappointed, several central banks added fuel to the fire by suggesting that an aggressive cutting cycle might not take place as disinflation is going too slow. The sell-off in the past days has prompted a response from OPEC+, which said that the organization is ready to do more to support prices when needed. Meanwhile, the US Dollar Index (DXY) is hovering just above 104.00 after Monday’s downbeat economic data pushed the Greenback to the lower end of the 104.00-105.00 range. With the European Central Bank (ECB) interest-rate decision on the docket for this Thursday and the US Employment Report on Friday, the DXY might be trading in a new range by the closing bell at the end of the week. At the time of writing, Crude Oil (WTI) trades at $74.36 and Brent Crude at $78.78 Oil news and market movers: ECB and Fed could control demand Saudi Energy Minister Prince Abdulaziz bin Salman reiterated that the OPEC agreement from Sunday, like every other OPEC+ deal, retains the option to pause or reverse production changes if necessary, Bloomberg reported. Citigroup upgraded its outlook forecast on the back of comments from OPEC+, forecasting that the organization might extend their output caps towards the end of the first half of 2025. The Citigroup report also forecasts…
Filed under: News - @ June 7, 2024 12:20 am