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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 is recovering weakly after falling by 6%

October, 29 2024
watermark Economic news

Oil prices are showing volatility, balancing between geopolitical tensions and doubts about the future prospects of demand.


Today, on October 29, the quotes are trying to recover from yesterday's 6% drop. Brent futures rose 0.62% to $71.88 per barrel, while U.S. WTI rose 0.65% to $68.26.


The US plan to purchase 3 million barrels of oil in the strategic reserve provided some support to the quotes. However, concerns about weaker global demand growth in the coming years continue to constrain the growth of quotations.


Despite the fact that the escalation of the conflict in the Middle East has not yet been observed, high tensions in the region remain. Iran promises retaliatory actions against the Israeli strike, and the United States warns Tehran of the consequences of further aggression.


At the same time, the market's focus is gradually shifting to fundamental factors. Analysts express concerns that the growth of global oil demand in the future may be below forecasts.


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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.