Oil near 2-month high ahead of US inventories data

Economies.com
2022-01-11 14:26PM UTC

Oil prices continued to rise as the US market opened on Tuesday, resuming gains after a 2-day pause due to profit-taking, rising again near a 2-month high thanks to improved market sentiment, while the US dollar fell against its peers ahead of Jerome Powell's testimony, in addition to expectations of a drop in the US crude inventories.

 

US crude rose 2.1% to $80.10 a barrel, after opening at $78.43, and hit a low at $78.39, and Brent crude rose 1.9% to $82.58 a barrel, after opening at $80.98, and hit a low at $80.91.

 

The US crude fell 0.6% yesterday, and Brent fell 1%, due to profit-taking from the 2-month high hit on Friday.

 

The market sentiment improved globally on Tuesday, which is  reflected in the recovery of most global stocks, due to the US Treasury yields' drop for the second day in a row.

 

The dollar index fell more than 0.2% today, which lifts prices of dollar-denominated commodities.

 

The US dollar is falling as the US bonds' rally paused, ahead of Federal Reserve Chairman Jerome Powell's testimony before Congress later today.

 

The American Petroleum Institute will release later today its preliminary report on the US crude inventories, and the US Energy Information Administration will release the official data on Wednesday.

 

Otherwise, several analysts said that OPEC-Plus output hikes are less than the increase allowed under the supply cut agreement, as some countries, including Nigeria, produce less than its share.

Commodities News

Gold News

Commodities

Gold hits fresh record highs, marking a 6% quarterly profit
2024-03-28 20:28PM UTC
Gold Prices Gold prices rose on Thursday to fresh record highs while the dollar eked out gains ...
Copper News

Commodities

Copper edges up while facing pressures from Chinese demand concerns
2024-03-28 16:45PM UTC
Copper prices rose modestly on Thursday while the dollar gained ground, with ongoing concerns about ...
Oil News

Commodities

Oil prices extend gains after strong US growth data
2024-03-28 13:03PM UTC
Global Oil Prices Global oil prices extended their gains in American trade on Thursday and hit ...

Commodities Technical Analysis

Natural gas Analysis

Commodities

Natural gas price still confined – Forecast today – 29-3-2024
2024-03-29 06:16AM UTC
Natural Gas Price Forecast for Today - 29-3-2024 No news for natural gas price until this ...
Platinum Analysis

Commodities

Platinum price renews the positive action – Forecast today – 29-3-2024
2024-03-29 06:10AM UTC
Platinum Price Forecast for Today - 29-3-2024 Platinum price confirmed keeping the bullish ...
Copper Analysis

Commodities

Copper price gets the positive momentum – Forecast today – 29-3-2024
2024-03-29 06:09AM UTC
Copper Price Forecast for Today - 29-3-2024 Copper price repeated the positive stability ...