On Thursday, May 23, the world witnessed another downturn in oil prices, with global markets reacting nervously to U.S. economic indicators and a rising dollar. The New York Mercantile Exchange saw West Texas Intermediate (WTI) for July fall by 0.90% to $76.87 a barrel. Meanwhile, Brent for August dropped 0.65% to $81.11 on the Intercontinental […]
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Oil Prices Surge Amid Middle East Tensions and OPEC+ Speculations
Oil prices closed higher on Tuesday, May 28, 2024, following holidays in London and New York. Geopolitical tensions in the Middle East, particularly Israel’s actions in Gaza, have increased risk premiums for oil. Market participants are closely watching the upcoming OPEC+ meeting this weekend, which is expected to discuss further production cuts. On the New […]
