Oil Balanced Today

Opposing factors worked against one another to balance the oil market.

Economic News
2018년 7월 24일
Oil Balanced Today

Oil prices today have stabilized. Previously we had an incentive for lower prices of oil due to the trade wars slowing economic development down, leading to less demand for oil. We also had a factor pushing the prices up, namely the disagreement between the United States and Iran mentioned yesterday. As a result, these two opposing factors ended up balancing one another.

The Brent crude reached $73.21, while the American light crude was at $68.34 per barrel.

The situation on the oil market continues to be volatile, however. OPEC member states and Russia are pumping more oil as of recently, and the United States is doing the same, but demand is decreasing globally. Yet if there is renewed pressure from the US on Iran and harsher sanctions against OPEC’s third largest oil exporting member, this could significantly shrink the available oil supply. Right now political factors are the top determinant for oil prices.

SuperForex
News Overview

Economic News

News Overview

SuperForex
2018년 7월 24일
In Anticipation of the Summit

Economic News

In Anticipation of the Summit

SuperForex
2018년 7월 23일
US - Iran Tensions Rising

Economic News

US - Iran Tensions Rising

The leaders of the two countries are exchanging threats.

SuperForex
2018년 7월 23일