All About Commodity

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WTI Oil Maintain Weakness Before Backup Data In U.S. release

 

Tuesday, July 8, 2014

 

West Texas Intermediate oil traded near its lowest level in a month, closed with losses longest since 2009, before the release of data from the U.S., which is the largest oil consumer in the world.

 

Oil futures were little changed in New York after slipping for the seventh time in the last moment. U.S. crude inventories probably will shrink by 2.75 million barrels last week to 382.2 million barrels to about, based on a Bloomberg survey before the release of figures from the Energy Information Administration tomorrow. Libya ready to export 7.5 million barrels of oil from the terminal Es Sider and Ras Lanuf after the end of the rebellion, the country's oil minister said yesterday.

 

WTI oil for delivery in August bulam currently moving in the range of $ 103.45 per barrel in electronic trading on the New York Mercantile Exchange, down 8 cents, at 8:45 pm. The contract tergelicir by 0.5% to $ 103.53 yesterday, the lowest level since June 6. Prices have increased by 5.1% this year.

 

U.S. gasoline supplies probably fell by 450,000 barrels during the week ended July 4, according to the median estimate of eight analysts surveyed analysts. The group is funded by the industry that the American Petroleum Institute is scheduled to release a separate report on oil reserves today.

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Saudi Arabia's Oil Production Increase to 9,780 Million In June

 

Wednesday, July 9, 2014

 

Saudi Arabia produces crude oil as much as 9,780 million barrels per day in June, up from 9.705 million barrels per day in the month of May, in the report by an industry that is familiar with this issue on Wednesday.

 

Saudi Arabia, which is the world's largest oil exporter and OPEC heavyweight suppliers to supply as much as 9745 million barrels of oil into the market, said by the speaker. Supply to the market of production may differ depending on the number of barrels that movement in and out of storage.

 

The source did not give reasons for the increase in production, but the kingdom usually increase production during the summer months to meet the demand for electricity surges.

 

Oil demand for power generation in Saudi Arabia are usually increased in June than in May, on show in the data from the government in recent years.

 

OPEC production has dropped in June from May, reaching its highest level in three months, on show in a Reuters survey last month, as the fighting in Iraq has the largest oil refinery shut theirs and technical problems that led to slowing exports from the southern region.

 

OPEC supply daro average of 29.93 barrels per day, down from 30 million barrels per day in May, based on a survey of the delivery of data and information from sources in the oil companies, OPEC and consultants

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Oil Back Above slumped Global Supply Improvement

 

Thursday, July 10, 2014

 

Oil slipped, with West Texas Intermediate crude oil is in the downward path of the longest streak of all time, after U.S. oil supplies rose amid a decline in gasoline consumption.

 

WTI oil for August delivery fell about 0.3% to 101.95 a barrel at 8:58 pm, WTI decreased to day 10 and it is the longest decline since the contract was trading began in 1983.

 

U.S. data showed U.S. crude supplies in the Cushing, Oklahoma hub rose last week, while the weakening demand for fuel, further exacerbating the decline in oil prices triggered by the waning anxiety over the conflict in Iraq and Libya signs of increasing deliveries.

 

"It was time to move but we have not seen any signs of a pickup in consumption," said Jonathan Barratt, chief investment officer at Ayers Alliance Securities, who predicts investors will probably buy the WTI contract if the price drops to around $ 100 per barrel. "It may be a psychological level for the price. Sevolatile geopolitical picture is not as it used to. '

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OIL Collapsing due to Oil Production Increase Over Iraq and Libya

 

Friday, July 11, 2014

 

Oil production in Iraq Kurdikistan region increased by more than 50% over the last month, although there is violence in northern Iraq and the various logistical problems that led to resurfacing Basra slashed exports from the South.

 

Iraq's overall oil production rose to 360,000 barrels per day during the month of June, up from the previous month's level of 130,000 barrels per day. Indicates a high global crude supplies after Libyan oil production levels begin to return to normal after an agreement between the government of Libya with Libyan militants.

 

As a result U.S. crude futures fell sharply due to profit taking from the previous speculation that worried about the disruption of oil supplies Isis Iraq-related conflict. So far the price of U.S. crude oil futures fell -0.93%, to $ 101.96 per barrel, after reaching an intraday highs at $ 102.92 per barrel and daily lows at $ 101.80 per barrel.

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WTI Oil Price Down Towards Level $ 100 Per Barrel

 

Monday, July 14, 2014

 

Crude West Texas Intermediate to the level of $ 100 per barrel for the first time since May amid signs that Libya's oil output will continue to rise. Oil prices fell as much as 0.6% in the New York session, after closing last week with a decline of 3.1%. Production of oil from Libya, holder of Africa's largest crude oil reserves, rising to 470,000 barrels per day according to the National Oil Corp.. yesterday. While oil exports from Iraq, OPEC's second largest oil producer, was not disturbed by the conflict that began last month.

 

"Iraq's oil supply remains disrupted, oil output in Libya began to recover, which means risks to the supply of abating," said Carsten Fritsch, analyst at Commerzbank AG in Frankfurt. "It seems that speculators leave the market and memciu downtrend. However, the risk of supply is not lost completely, so that the decline from current levels may be limited. "

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Fluctuating trade, Oil Gains

 

Tuesday, July 15, 2014

 

WTI crude oil rose on Monday, but remained near the lowest kevel in the last two months, traders look back at the turmoil in Libya and uncertainty over Iran's nuclear discussion, as well as signs of the increase in global oil supply.

 

In Libya, clashes broke out between militias who tried to control the main airport on Sunday, killing at least seven people, and became the worst clashes in the last six months. While the National Oil Corp. on Saturday said protesters shut down oil terminals in eastern Libya, Brega. Has not disclosed when the facility that produces 43,000 barrels of oil per day will be back in operation.

 

In the last month the oil soared to its highest level 9 months due to geopolitical turmoil that occurred in Iraq feared would disrupt oil supplies from Iraq which is the second largest oil producer cartel OPEC oil. However, the data showed Iraqi oil exports in June near a record high of about 2.53 million barrels per day, and 90% of Iraq's oil exports through the southern terminal from a remote location ISIL uprising, making the movement of oil continue to be depressed.

 

Oil on Monday closed at $ 101.05 per barrel, with daily lows and highs $ 100.44 $ 101.20.

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Oil Prices Rebound After China's GDP

 

Wednesday, July 16, 2014

 

Crude oil prices rebounded on Wednesday trading after positive Chinese growth data support the demand outlook. American Petroleum Institute report showing a drop in U.S. oil inventories also helped shore up the recovery of the price of 'black gold'.

 

Currently crude oil for August delivery contract offered in the range of $ 100.70, or about 0.8% higher than yesterday's closing price.

 

China's economy grew 7.5% reported in the second quarter from 7.4% in the first quarter, slightly higher than the 7.4% rise expected. Increased economic activity will actually bring an increase in demand for energy resources.

 

While the API report on Tuesday showed U.S. crude stocks plunged 4.8 million barrels in the week ending July 11. But the oil market participants are still awaiting the official U.S. oil inventories will be released Energy Information Administration (EIA) at 21:30 pm tonight.

 

Related to the movement of oil prices today, Morgan Stanley analysts predicted the increase would be limited given the short-term selling pressure tersisanya. Market conditions also assessed physical oversupplied will overshadow rebound in oil prices. The oversupply comes amid a lack of refining margins, which is exacerbated by the operation back Libya oil export terminal.

 

Latest news mentioning if Libyan oil output has risen to around 554,000 barrels per day following the biggest rise Sharara oilfield production faster than expected

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Inventory Drops, Oil Streaking

 

Thursday, July 17, 2014

 

Crude oil rebounded from a two-month low on Wednesday, after the oil inventory report showed a larger than expected decline. Oil earlier slumped to its lowest level in the last two months due to rising oil supply from Libya and economic data that are less slick sharpen global market concerns are approaching saturation. Libyan oil output was reported to have increased to 588,000 barrels per day, up about 25% from last weekend.

 

Meanwhile China is the second largest oil consumer in the world gives optimism will increase in oil demand after memcatat economic growth better than estimates. Data showed China's gross domestic product rose 7.5% in the period from April to June of the previous year, above analysts' estimates of 7.4%. While industrial production rose 9.2% in June from a year earlier, above the estimate of 9%, and 8.8% in May

 

Energy Information Administration reported that U.S. crude oil inventories fell 7.5 million barrels in the week ended July 11. Analysts polled by Platts expected a decline of 3 million barrels of inventory. EIA also reported gasoline inventories rose 200,000 barrels, and distillate fuel rose 2.5 million barrels. Analysts expected gasoline supplies rise by 1.2 million barrels, and distillate oil rose 2 million barrels.

 

Oil on Wednesday closed at $ 101.52 per barrel, with daily lows and highs $ 100.07 $ 101.60

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Oil Towards Increase In First Week 4 Week

 

Friday, July 18, 2014

 

The price of West Texas Intermediate crude and Brent to the first weekly gain in a month after Malaysian Airline passenger plane shot down in Ukraine and Israel sends ground forces to the Gaza strait. WTI crude prices rose as much as 0.7% in the New York session, melanutkan rallied 2% yesterday, the biggest gain since June 12 last.

 

Boeing Co. aircraft. 777 was shot down on the way from Amsterdam to Kuala Lumpur in the main area of ​​the civil war in Ukraine, increasing the risk of the worst crisis between the West with Russia since the end of the Cold War. The movement of Israeli troops and tanks to the Gaza Strait marks the first significant ground operation in Gaza since 2009.

 

"The rise in oil prices yesterday and today reflects the political situation in Gaza and the Ukraine, and also there is the potential to continue to go higher," said Gerrit Zambo, a trader at Bayerische Landesbank oil in Munich. "But less anxiety affect the market these days, and as soon as the price rose after the news, the sell will come."

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Too Excessive Rally, Oil Weakens

 

Monday, July 21, 2014

 

Oil rallied last week considered excessive by the analysts, thus making WTI crude oil fell in Asian trade today this morning. WTI crude oil managed to record the first weekly gain in five weeks as a result of geopolitical turmoil after the crash at Malaysian Airlines Ukraine and Israel sent ground forces into the Gaza Strip.

 

The focus is still on the market turmoil in Ukraine after the crash MH17, which helped drag Russia and the West. Russian touted MH17 aircraft involved in the shooting were reportedly carried out by pro-Russian separatists. Western leaders said would provide a "last chance" for Russia to stop its involvement in Ukraine, but Russian President Vladimir Putin, seems to only do small steps to respond to this. Tensions between the West and Russia is currently the highest since the end of the cold war.

 

WTI Crude oil is currently trading at around $ 101.79 per barrel, after touching $ 101.57 daily lows and highs 101.87

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Oil Gains Ahead of U.S. Inventory Data

 

Tuesday, July 22, 2014

 

WTI crude oil rose a second straight day ahead of the release of oil inventory data expected to show strong demand from the U.S. which is the largest oil consumer in the world. While the geopolitical turmoil in Ukraine and Gaza remains a concern of investors.

 

U.S. oil inventories are expected to fall by 2.8 million barrels to 372.2 million barrels in the week ended July 18. In three weeks before U.S. oil inventories continued to decline, and if the decline last week after the estimate, the U.S. oil supply would be at its lowest level since early March.

 

Gasoline inventories are expected to rise by 1 million barrels, while distillate inventories are also expected to increase by 2 million barrels. The American Petroleum Institute is scheduled to release oil inventory data today, while the U.S. Energy Information Administration will release tomorrow.

 

Oil is currently trading at around $ 103.07 per barrel, with daily lows and highs $ 102.64 103.38.

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Oil Flat Ahead of U.S. Inventory Data

 

Wednesday, July 23, 2014

 

Until the European trading session today, oil is still flat and traded in a narrow range, ahead of the release of U.S. oil inventory data. U.S. oil inventories are expected to fall by 2.8 million barrels to 372.2 million barrels in the week ended July 18. In three weeks before U.S. oil inventories continued to decline, and if the decline last week after the estimate, the U.S. oil supply would be at its lowest level since early March.

 

American Petroleum Institute on Tuesday reported a drop in U.S. oil inventories amounted to 555,000 barrels, much lower than expected, while oil inventories in Cushing, Oklahoma, which became the center pengriman oil contract fell as much as 1.4 million barrels. Energy Information Administration reported U.S. oil inventories will be this evening.

 

While the reported Libyan oil output fell to 450,000 barrels per day from the previous 555,000 barrels per day due to the action of two suicide bombs in Benghazi military base that killed at least 4 Libyan army.

 

WTI Crude oil is currently trading at around $ 102.00 per barrel, with daily lows and highs $ 101.76 $ 102.16

[mynameisandhy]

Back Sustaining Oil Supply Concerns

 

Thursday, July 24, 2014

 

Crude oil prices rebounded on Wednesday after the U.S. government reported a drop in supply is greater than expected, particularly in the vital storage facility in Oklahoma.

 

Energy Information Administration (EIA) said crude stockpiles fell nearly 4 million barrels to 371.1 million barrels in the week ending July 18, breaking expectations of a decline of 2.5 million barrels. It is also the 4th weekly drop in a row, which puts the stock at its lowest level since March 7.

 

While Libya's National Oil Company reported oil output has slumped to around 450,000 bpd on Monday, compared with 555,000 bpd on Thursday.

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Oil Depressed By weakening demand

 

Friday, July 25, 2014

 

Oil prices turned down on Thursday as weak demand and abundant supplies of crude oil and refined products offset solid Chinese manufacturing data.

 

HSBC's preliminary survey showed factory activity in China recorded the fastest growth in 18 months in July, sparked a surge in new orders. While European demand prospects grow dimmer as the entry of petroleum products from the U.S., European oil refiners are forced to reduce or suspend activities in the period that should be the busiest time of the year.

 

It also has brought pressure on the price of crude oil physical, with West Africa and the North Sea have to sell at a low price.

[mynameisandhy]

Oil Prices Flat in Central New Supply Concerns

 

Monday, July 28, 2014

 

Crude oil pared losses to close flat on Friday, as the worsening turmoil in Ukraine and Russia-US relations triggered renewed concerns about supply disruptions in the market.

 

A security official said Moscow about 40 rockets were fired Ukrainian troops to the province of Rostov in Russia, which borders the eastern regions of Ukraine. Oil prices were also helped by comments from a European Union source said if the leader of the European Council Herman van Rompuy have sent a letter to EU leaders to agree to restrictions on access to the Russian oil sector technology, and exclude gas.

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WTI Crude Oil Prices Decline Approach $ 101 Per Barrel

 

Tuesday, July 29, 2014

 

The price of WTI crude oil futures for delivery in September until this afternoon (29/7) decreased neared $ 101 per barrel. Price is now moving in the range of $ 101.40 per barrel lower than yesterday's closing level at $ 101.67 per barrel.

 

This decrease is caused by the expectation of rising stock of derivative products such as gasoline that covers concerns about the escalation of geopolitical tensions in Ukraine and Gaza.

 

Reuters survey mentions that the WTI crude oil stocks in the United States will shrink by 1 million barrels for a period of 1 week to 25 July. However, derivative products such as gasoline is expected to rise by 1 million barrels and diesel are expected to rise 1.6 million barrels. The increase in stock of this derivative gives questions about the outlook for demand in the market. The survey was taken before the announcement of the oil stock data API (American Petroleum Institute) and the government of the United States

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Oil Tap Lowest Level Two Weeks

 

Wednesday, July 30, 2014

 

WTI Crude Oil fell to the lowest level in the last two weeks due to concern demand will decline after the closure of the oil refinery in Kansas. Until Tuesday, the oil has weakened in four consecutive days.

 

CVR Coffeyville Refining LP refinery shut after a fire in the isomerization unit. The refinery receives crude oil from Cushing, Oklahoma, delivery hub WTI oil contract.

 

Meanwhile, the United States and the European Union agreed to give further sanctions on the financial sector, defense, and Russian energy sector, although is not expected to have an impact on Russian oil exports.

 

Of the United States, traders observe weekly gasoline inventory data, the past few days weighed on oil prices. Based on a survey conducted by Bloomberg, the US oil inventories for the week ended July 25 are expected to fall 1.25 million barrels and gasoline inventories rose 1 million barrels. Energy information Administration oil inventory data will be released today.

 

WTI crude oil on Tuesday trading closed at $ 101.04 per barrel, with daily highs and lows $ 101.83 $ 100.37

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Tap Oil Inventory Data

 

Thursday, July 31, 2014

 

Oil closed lower on Wednesday after weekly data showed a decline US crude inventories, but also showed signs of declining demand, inventories of gasoline and other oil derivatives showed a greater increase than expected.

 

Energy Information Administration reported crude inventories fell 3.7 million barrels. EIA also reported gasoline inventories rose in four consecutive weeks and distillate oil is at its highest level in 10 months. Reported the use of gasoline fell 0.5% to about 8.95 million barrels per day in the past four weeks.

 

Oil had gained earlier after US Commerce Department data showed the United States economy rebound is higher than expected in the second quarter. Data from the Commerce Department showed gross domestic product grew an annual USA 4%, becoming the highest increase since the third quarter of 2013, after the first quarter slipped 2.1%. Economists had expected GDP to grow by 3%.

 

Until Wednesday the WTI crude oil has dropped in five consecutive days, and in trading yesterday to close at $ 99.42 per barrel, with daily highs $ 101.67

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Oil Continues to Slump Over Rising Fuel Supply

 

Friday, August 1, 2014

 

West Texas Intermediate oil headed for its biggest weekly decline since January amid signs of weakening fuel demand in the United States, which is the world's largest oil consumer.

 

Oil futures in New York slid 4.4% on the week as the dollar gained before the release of employment data in the United States today. National gasoline inventories rose to the highest level in four months last week as falling demand and rising crude oil production to the highest level since 1986 in early July, at the government data show.

 

"The demand is rather slow," said Hannes Loacker, an analyst at Raiffeisen Bank International AG in Vienna. "Growth in the United States oil shale and oil sands in Canada led to a situation geopolitical tensions not burden too heavy as in the past. It concerns about risk aversion as well. "

 

September WTI oil fell as much as 73 cents to $ 97.44 per barrel in electronic trading on the New York Mercantile Exchange, is currently traded in the range of 97.46 $$ at 16:40 pm. Oil prices have dropped as much as 6.8% in the last month, it was the most since May 2012.

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The Oil Away From Level $ 100, 4% Decline week

 

Monday, August 4, 2014

 

Oil fell on Friday, moving further away from the level of $ 100, and recorded a decrease of 4% in a week, becoming the biggest weekly decline in seven months. Oil rose in early trading after data showed China's manufacturing activity two measurements showed an increase in July. China is the second largest oil consumer in the world.

 

The weakening dollar managed to cut the oil decline, the dollar weakened after data showed employment growth was lower than expected in July. The Labor Department reported non-farm payrolls of 209,000, lower than forecast, after a 298,000 rise in June.

 

In addition, data on manufacturing activity in the United States hitting the last three years was also able to cut the weakening of oil. Index of manufacturing activity from the Institute for Supply Management rose to 57.1 in July from the previous month at 55.3, above estimates of 56.1. USA is the world's largest oil consumer.

 

Crude oil trading on Friday closed at $ 97.62 per barrel, with daily highs and lows $ 98.10 $ 97.09

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Factors overshadowed Geopolitics, Oil Prices Steady Above $ 98 / Barrel

 

Tuesday, August 5, 2014

 

Crude prices move relatively steady on Thursday, as the continuing geopolitical tensions in the Middle East and North Africa offset the abundance of oil supply in the global market. Global oil demand continues to be under supply over the last few months has been building high-quality crude oil inventories in West Africa, Europe and Asian markets.

 

The decline in global oil demand can not be separated from the growth of China's service sector slowed sharply in July, with tumbled to its lowest level in nearly 9 years. A condition is signaled if the economic recovery the 2nd largest in the world it is still fragile and may require further government support.

 

While the Iraqi Oil Ministry reported if the largest producer of oil exports from OPEC's 2nd has increased to an average of 2.442 million bpd in July from 2.423 million bpd in June, although armed militias continue to tighten their grip on the northern part of the country.

 

Currently crude oil for delivery in September traded at around $ 98.50 / barrel, or about 0.3% above yesterday's closing price

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WTI Oil Drops to Lowest Level Six Months

 

Wednesday, August 6, 2014

 

West Texas Intermediate oil fell to its lowest level for six months while Brent fell to its lowest level this year amid speculation that the refinery will slow the rate of their operations, it reduces the demand for crude oil.

 

Refineries probably operated at 92.9% of capacity on August 1, decreased by 0.6% from the previous week, according to a Bloomberg survey before the release of a government report on Wednesday. Refineries in the United States typically have maintenance schedule between September and October when demand for gasoline fell. Brent also fell as Libya said that the port of Es Sider oil, which is the largest in the country, is in talks to resume exports.

 

"Refinery activity has peaked for this year and is supposed to continue to fall," said Stephen Schork, president of Schork Group Inc. in at Villanova, Pennsyvania. "There are only four weeks left for the peak driving season in the summer, so not much that can support the price."

 

WTI oil for September fell as much as 91 cents, or 0.93%, to settle at $ 97.38 a barrel on the New York Mercantile Exchange, the lowest level since it was February 5. Futures contracts hitting $ 97.09 on August 1, it was the lowest intraday level since February 5.

 

September Brent crude fell by 80 cents, or 0.8%, to $ 104.61 a barrel on the ICE Futures Europe exchange. It was the lowest closing level since 7 November. Against the WTI Brent oil premium of $ 7.23 versus $ 7.12 at the time of yesterday.

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WTI oil drop sharply, Touch Lowest Level Since February

 

Thursday, August 7, 2014

 

Oil prices mixed on Wednesday, with the WTI oil ends up in the new lowest level in six months, despite government data showing a further decline in crude oil reserves and unexpected sharp decline in gasoline stocks.

 

Complex crude oil rebounded moderately after data showed a rise in demand in the United States and get the support of an underlying concerns over geopolitical issues.

 

The US Energy Information Administration said that crude inventories fell as much as 1.8 million barrels, the decline was smaller than that reported by the API industry groups on Tuesday, but enough to keep a rebound in the price slump. Gasoline inventories fell as much as 4.4 million barrels, it shows strong demand.

 

"The decline in oil and gasoline reserves distilled quite impressive, and a further decline in crude oil reserves should provide a combination to support the price of oil," said John Kilduff, an analyst at Again Capital LLC in New Yorl.

 

Brent crude rose 30 cents to be near $ 105 per barrel, after on Tuesday ended at its lowest level since November 7th. Meanwhile WTI September fell by 46 cents to end at $ 96.22 per barrel, it is the lowest level since February 3.

 

Crude stocks in the United States fell as much as 5.5 million barrels to 363.9 million barrels in the week ended August 1, the data in the show by the American Petroleum Institute on Tuesday. Analysts in a Reuters survey expected to decline as much as 1.7 million barrels.

 

Oil prices have dropped more than $ 10 per barrel in the last six weeks. Global supply has been running above demand, it creates excess supply in the Atlantic Basin and Asia. The traders have become increasingly nervous about the weak seasonal demand and lower refinery operating margins in the global market in good supply with high quality, such as WTI oil.

 

But demand in the United States continues to strengthen. The decline in oil reserves the United States came after upbeat economic data this week which includes a surge in service sector activity to the highest level in nine years and a surprising rise in factory orders, these signs allow for better oil demand will soon come.

[mynameisandhy]

Libyan Output Boost OPEC Oil Production

 

Friday, August 8, 2014

 

OPEC oil production rises to 5-month highs in July, boosted by the reopening of the port and oil fields in Libya, according to a group of oil producing countries it on Friday.

 

In its monthly oil market report, the Organization of Petroleum Exporting Countries said that Libyan output increased by 200,000 barrels per day (bpd) last month, which encourages the production of the oil cartel by 167,000 bpd to 29.9 million bpd total.

 

The increase in output occurred after the Libyan government reached an agreement with the rebel forces in July last to reopen the port and oil fields that had been closed for almost a year. Which fueled expectations rising exports would return.

 

But some ongoing turmoil in the country has eroded hopes to further improvements in the level of oil production. Battle between militias in Tripoli airport back to bring disruption to the operations of the second largest field, which has forced several international oil companies to evacuate their staff.

 

While the deteriorating security situation in Iraq throughout the last few months has also resulted in the cessation of oil production activities in the northern part of the country. Although most of the oil fields in southern Iraq so far is safe, concern about supply tends to increase this week following the disturbances in some regions

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WTI Oil Rise For Third Day As US Air Attacks in Iraq

 

Monday, August 11, 2014

 

West Texas Intermediate oil rose for a third day amid speculation that the drop in price in the last month to look too much in the middle of the United States launch air attacks in Iraq.

 

Oil futures rose as much as 0.4% in New York, rebounding from a decline of 6.8% in July, it was the biggest drop since May 2012 and drone warplanes pounded ISIS fighters in attacks aimed at protecting American personnel and prevent the slaughter ethnic and religious minorities resident in the northern region of Iraq. The United States also sought to defuse the escalation of the conflict in Gaza and Ukraine.

 

"Despite the fact that there are some ongoing geopolitical conflict, oil prices are still quite lower than where they should be," said Hong Sung Ki, an analyst at Samsung Futures Inc. in Seoul today. "WTI oil price will show a gradual increase up to $ 100."

 

September WTI Oil rose as much as 42 cents to $ 98.07 per barrel in electronic trading on the New York Mercantiile Exchange and is currently engaged in a range of $ 97.82 a barrel at 12:25 pm. The volume of all futures contracts traded sekitare 57% above the moving average of the last 100 days. Price, which closed at its lowest level in six months at $ 96.02 on the 6th of August, has dropped as much as 0.5% this year.