WTI

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Oil Prices Surpass $70 as Progress on Debt Ceiling Law Drives Market

Crude oil futures closed above $70 on Thursday (June 1) following the US House of Representatives’ approval of a bill to increase the debt ceiling. Investors also awaited the outcome of the upcoming meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC Plus, scheduled for this Sunday. WTI …

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Oil Prices Fall on Strong Dollar and Concerns Over China Manufacturing

Crude oil futures closed in negative territory on Wednesday as a result of a strengthening US dollar and concerns over China’s contracting manufacturing sector. These factors have sparked worries about the economic outlook of China, the world’s largest oil importer. WTI crude futures declined by $1.37, or 1.97%, settling at $68.09 per barrel. This marked …

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Oil Prices Plummet as Debt Ceiling Vote Looms and OPEC Plus Meeting Approaches

Oil futures experienced a significant decline on Tuesday (May 30) amid concerns regarding the US Congress’ decision on legislation to increase the debt ceiling. Market sentiment was further dampened by uncertainty surrounding the upcoming meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC Plus, scheduled for June 4. …

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Oil Prices Close Higher on Optimism for Increased Demand and Progress in Debt Ceiling Negotiations

Crude futures ended the week on a positive note, driven by expectations of rising petroleum demand during the Memorial Day weekend and optimism surrounding the progress in negotiations to raise the US debt ceiling. WTI crude futures climbed by 84 cents, or 1.17%, settling at $72.67 per barrel, marking a 1.4% increase for the week. …

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Oil Prices Plunge as Russia Rejects OPEC+ Production Cuts

Global crude oil futures experienced a significant decline on Thursday (May 25) following Russia’s announcement that it had blocked further output cuts during a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+. This development sent shockwaves through the oil market, resulting in a sharp drop in prices. …

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