Market Update

The oil market started soft but rallied towards the end of the week, supported by the Federal Reserve’s decision to cut the key interest rate by 0.5% during the FOMC meeting on Wednesday. Tightening U.S. crude supplies and rising geopolitical tensions helped push WTI from $69 to $72 per barrel, while Brent crude gained around…

Another Volatile Week in Prices Oil markets have been on a wild ride over the past two weeks, with prices falling due to global supply concerns despite the cloud of uncertainty looming over geopolitics. Here’s what happened. Rising oil prices, triggered by dovish comments from Jerome Powell, saw WTI Crude jump to $77.60 per barrel…

This week, WTI crude oil prices fluctuated within a range – from $71.46 to $75.01 per bbl – as the market recovered from the start of a wild August. By Friday, the focus was on Federal Reserve Chair Jerome Powell’s statements, in which he hinted at interest rate cuts during his speech at the Jackson Hole…

The week kicked off with a “Manic Monday,” as major indices tumbled in response to the Bank of Japan’s surprise interest rate hike – only the second increase in 17 years. The move led traders who had borrowed yen at low rates to scramble, covering their short positions and setting the tone for the week.…

Price Movements The energy markets saw significant volatility this week. WTI crude started the week near $77 a barrel, dipped to $74 on Tuesday, and then surged to nearly $79 before retreating back to below $77 by week’s end. This pullback came after data revealed the largest drop in US manufacturing activity in eight months,…