Commodity Market

Oil Price increase

Oil prices increase slightly as Omicron worries ease

Oil prices rose slightly on Tuesday after rebounding by nearly 5% the day before. The news came after as the concerns about the Omicron variant’s influence on fuel demand eased. Also, Iran’s nuclear negotiations encountered obstacles that delayed the restoration of Iran’s crude oil supply. Brent crude oil futures increased by 60 cents, or 0.8%, …

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Oil pipeline against the sunset

Oil price exceeds $71 as Omicron panic slightly eases

Oil prices rose by more than US$1 per barrel on Monday to more than US$71. The hope that the Omicron coronavirus variant may cause the mildest symptoms has boosted higher-risk assets. The prospect of an imminent increase in Iranian oil exports looks unlikely. To alleviate Omicron’s concerns, South Africa reported that the cases there had …

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OPEC

Oil on the rise ahead of OPEC meeting amid Omicron concerns

Major producers debated how to respond to the likelihood of a hit to fuel demand from the Omicron strain of the coronavirus. Hence, oil prices rebounded more than 3% on Wednesday, recouping a big amount of the previous session’s steep losses. Brent oil futures were up $2.46, or 3.6 percent, at $71.69 a barrel at …

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Gold is bullish and it could lead to new record highs

Gold Up, as Omicron’s Concerns Rise Higher

On Tuesday morning, gold was higher in Asia as investors remained apprehensive about the implications of the Omicron COVID-19 variation on the global economic recovery. By 10:24 p.m. ET, gold futures were up 0.29 percent to $1,790.30. (3:24 AM GMT). Omicron has already caused several nations to block their borders, putting the economic recovery in …

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oil

Biden’s Strategy Backfires, Oil in the Hand of Bulls

President Biden’s pledge to pressure oil producers to lower prices has already backfired. The US administration’s attempt to coordinate a strategic petroleum reserve release from key importers to enhance supply did not impress oil markets.  Some experts believe an SPR release will lower oil prices. However, most analysts feel it will only be a transitory …

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