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Concerns about demand have become the main market tone. Brent crude oil fell to a six-month low at one point, while US oil fell more than 4% during trading hours.
Despite the significant escalation of geopolitical tensions in the Middle East this week, which once briefly pushed up crude oil prices, the concern about economic recession has become the main market sentiment, and investors are worried about the demand for crude oil. Oil prices fell sharply on Friday, falling for four consecutive weeks, marking the longest decline since December last year.
Oil: Recent Price Action Is Associated With Global Macro Flows – TDS
The Biden administration is seeking additional funds to bolster the petroleum reserves. The energy department only has 1.2 billion US dollars left in its account to purchase crude oil products.
The US Department of Energy has been slowly replenishing its global strategy petroleum reserves, which have decreased to an unprecedented low since the Russia-Ukraine conflict, reaching the lowest level in forty years.
Wall Street determines: Trump's bearish on oil prices.
Goldman Sachs and Citigroup both believe that Trump's tariff policy may bearish for oil prices. Goldman Sachs said that if tariffs severely affect the global economy, oil prices may fall by $11 to $19 per barrel next year.
Anton Oilfield Services (03337) spent 11.2609 million Hong Kong dollars on July 26 to repurchase 19.096 million shares.
Anton Oilfield Services (03337) announced that on July 26, 2024, the company invested 1,126 million...
Anton oilfield services (03337) purchased 7.008 million shares for approximately HKD3.9441 million on July 25th.
Anton Oilfield Services (03337) announced to buy back 7... for approximately HKD 3.9441 million on July 25, 2024.
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