Commodities

Commodities

Date : 2022-08-05
Time : 12:00:00
Commodities
  • Oil prices rose on Friday, bouncing off their lowest levels since February in the previous session, as supply shortage concerns were enough to cancel out fears of slackening fuel demand.
  • Brent crude rose 55 cents, or 0.6%, to $94.67 a barrel by 0630 GMT, while U.S. West Texas Intermediate crude was up 65 cents, or 0.8%, at $89.19 a barrel.
  • The global crude oil markets remained firmly in backwardation, where prompt prices are higher than those in future months, indicating tight supplies.
  • Supply concerns are expected to ratchet up closer to winter with the European Union sanctions banning seaborne imports of Russian crude and oil products set to take effect on Dec. 5.
Testimonial Images
Disclaimer

Orient Financial Brokers (OFB) – Licensed & regulated by Securities & Commodities Authority (SCA).

News, data, references and commentaries compiled from Bloomberg, Reuters, Yahoo, CNN, CBS, Market Watch, Fx street etc. Any opinions, news, research, analysis, prices, or other information contained in this report/website is provided as general market commentary, and does not constitute investment advice. Orient Financial Brokers (OFB) will not accept liability for any loss or damage, including without limitation to any loss of profit, which may arise directly or indirectly from use of or reliance on such information. The content in this report/ website is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions. Whilst OFB has taken reasonable care to ensure information provided here is correct, OFB does not offer any warranty as to the accuracy or completeness of such information. None of the information provided on or through the website constitutes individualized investment advice or other professional advice. We recommend user not make any investment decision of any sort on the basis of the information and set out in our website. Orient Financial Brokers (OFB) will not accept liability for any loss or damage, including without limitation to any loss or profit which may arise directly or indirectly from the use of/or reliance on such information.

Orient Financial Brokers Since 1994| Licensed & regulated by Securities & Commodities Authority (SCA)| Dubai – Contact +971-4-8713200 | UAE

Images
shape shape shape shape shape shape shape shape shape shape