Home/Commodities/Newsfeed

Oil Rises Above $100 Before Tomorrow’s Inventory Figures

Share Print 0

West Texas Intermediate rose above $100 a barrel before the release of data forecast to show crude stockpiles increased for a 10th week in the U.S., the world’s biggest oil consumer. Brent was higher in London.

Futures gained as much as 0.6 percent in New York. Crude supplies probably grew by 2.5 million barrels last week, a Bloomberg News survey showed before an Energy Information Administration report tomorrow. Top industrial powers threatened stiffer sanctions to deter Russian President Vladimir Putin from seizing more of Ukraine and suspended Russia from the Group of Eight. U.S. authorities plan inspection flights over the Houston Ship Channel as it remains closed after a fuel-oil spill.

“It’s still the geopolitics lurking in the background which have the potential to support the oil markets, mainly concerning Ukraine,” Ole Hansen, head of commodity strategy at Saxo Bank A/S in Copenhagen, said by phone. Changes in supply and demand don’t seem to be driving the oil market, he said. “The news we have is mostly related to the ongoing concerns that the crisis could escalate between the West and Russia.”

WTI for May delivery rose to as much as $100.22 a barrel in electronic trading on the New York Mercantile Exchange and was at $100.06, up 46 cents, at 12:09 p.m. London time. The contract rose 14 cents to $99.60 yeste

via Bloomberg

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

Back to Top