News

Oil Futures Pull Back After Strong July Performance

1 Mins read

The oil futures market saw a slight decline on Tuesday following a strong showing in July. The U.S. benchmark, West Texas Intermediate (WTI) crude, closed the previous session at its highest level in over three months.

Price Action

  • WTI crude for September delivery fell 47 cents, or 0.6%, to $81.33 a barrel on the New York Mercantile Exchange.
  • The global benchmark, Brent crude, declined 42 cents, or 0.5%, to $85.01 a barrel on ICE Futures Europe.

Market Drivers

Both WTI and Brent reached their highest levels since April 14 on Tuesday, thanks to strong gains in July. These gains were driven by supply cuts implemented by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia. Saudi Arabia’s voluntary reduction of 1 million barrels a day for July and August, which is expected to continue into September, also played a role in boosting prices.

Ricardo Evangelista, senior analyst at ActivTrades, highlighted the impact of increasing demand from the world’s two largest consumers of crude and the leading global exporter cutting production. This combination has led traders to anticipate tighter supply conditions and growing demand, thereby supporting oil prices.

In summary, despite a slight pullback, oil prices have remained strong following an impressive performance in July. Supply cuts and positive market indicators continue to contribute to the overall bullish sentiment.

Related posts
News

U.S. Stock Futures Rise as Inflation Gauge May Fall Below 4%

1 Mins read
U.S. stock futures are on the rise today in anticipation of new data that may reveal a decrease in an inflation gauge…
News

Kanabo Group Reports Narrowed Pretax Loss for First Half-Year

1 Mins read
Kanabo Group, a leading medical-cannabis company, has announced a substantial reduction in its pretax loss for the first half of the year….
News

Trump's Chances of Winning the 2024 Presidential Election on the Rise

1 Mins read
According to betting markets tracked by RealClearPolitics, Donald Trump’s chances of winning the 2024 presidential election have seen an improvement this week….

Leave a Reply

Your email address will not be published. Required fields are marked *

− 3 = 6