Market updates and forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Oil continues to rise in price after 4%-growth last week


March, 18 2024
watermark Economic news

On Monday morning, oil prices continued to rise, despite a slight downward correction in last Friday's trading. In general, the oil market rose by about 4% last week, and analysts are confident that this is only the beginning of the rally of «black gold».


The current price of Brent oil is $85.88 per barrel. North American WTI crude is trading at $81.12. 


The main drivers of growth were reports of a decrease in oil reserves in the United States for the first time in seven weeks, as well as geopolitical instability in the Middle East, drone attacks on Russian refineries and continued restrictions on oil production by OPEC+ countries.


In addition, the International Energy Agency raised its forecast for oil demand for 2024 by 200 thousand barrels per day, to 103.2 million b/d. This led to a revision of expectations regarding the balance of supply and demand in the global oil market: instead of the previously predicted small surplus, a deficit of about 300 thousand b/d is now expected, subject to continued current production restrictions from OPEC+.


Feedback

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.