efficentupup wrote a post · Feb 21, 2023 15:50

Oil Inches Higher On U.S. President’s Day

Crude oil prices are gaining at the start of the week as sentiment shifts to the supply and demand picture after being weighed down last week by U.S. inflation data.
On Monday at 1:50 p.m. EST, Brent crude was trading up 1.31% at $84.09 per barrel, up $1.09 on the day, while WTI was up 1.11% at $77.19, up 85 cents per barrel on the day. Volumes were subdued in Monday trading due to Presidents’ Day in the United States, a market holiday.

Last week saw oil prices close 4% lower, but the outlook has somewhat improved, with the International Energy Agency (IEA) and OPEC both raising their 2023 demand outlooks due to expectations of a Chinese recovery. Also pushing prices higher is a continued focus on Russia, which announced a 500,000 bpd production cut for March, with many believing further cuts could be in the works.
Writing for the UAE’s National News, analyst Robin Mills warns that Russia’s oil sector could be in trouble due to sanctions and the Kremlin’s moves to squeeze more cash out of the industry, both of which could slow investment and have a devastating effect on the industry. $SPDR S&P 500 ETF (SPY.US)$ $S&P 500 Index (.SPX.US)$ $Camber Energy (CEI.US)$ $Imperial Petroleum (IMPP.US)$ $Exxon Mobil (XOM.US)$ $Chevron (CVX.US)$ $Occidental Petroleum (OXY.US)$

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efficentupup

True and timely

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