简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:Based on the trading data from Thursday, there's an upward trend in global oil prices. Brent oil is currently priced at $84.55 per barrel, while North American WTI oil is hovering around $80.90 per barrel. The oil price hike can be attributed to several factors.
Based on the trading data from Thursday, there's an upward trend in global oil prices. Brent oil is currently priced at $84.55 per barrel, while North American WTI oil is hovering around $80.90 per barrel. The oil price hike can be attributed to several factors.
To begin with, Saudi Arabia's recent announcement to extend their additional oil production cut by 1 million barrels each day until September end is a significant contributor. Further noting this reduction could be potentially prolonged or even amplified. It's expected that the kingdoms production in September would round out at around 9 million barrels a day.
In addition, investors reacted to the published macro statistics from the United States. The number of initial applications for unemployment benefits in the country for the week ended July 29 increased by 6 thousand compared to the previous week – up to 227 thousand. The current data coincided with analysts' forecasts.
Also, traders continue to win back yesterday's data from the US Department of Energy on crude oil reserves in the country. The report showed that US commercial oil reserves (all reserves except the strategic reserve) decreased by 17 million barrels to 439.8 million barrels. Such a rate of decline in stocks for a week was a record in the history of calculations since 1982.
All these factors together support a positive mood in the oil markets and contribute to further growth in oil prices.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Know the reality behind forex trading gurus, examining their deceptive tactics, inflated promises, and the risks associated with trusting them for financial advice.
Webull introduces commission-free SMSF trading, offering over 3,500 US and Australian ETFs, with no brokerage fees and enhanced portfolio tools.
Modern markets are revolutionized by automated trading systems, which now execute 70-85% of all transactions. These advanced automated trading software solutions, commonly called trading robots or Expert Advisors (EAs), leverage algorithmic precision for automatic trading across forex, stocks, and commodities 24/7. By removing emotional interference and executing trades in microseconds, auto forex trading platforms create fair opportunities for all market participants. For those new to automated trading for beginners, these systems provide disciplined, backtested strategies while significantly reducing manual effort.
Discover how reliable AI Forex trading signals are and why using a regulated broker boosts their effectiveness. Learn key factors to evaluate accuracy and enhance your trading.