Oil prices are jumping higher again on Friday after the small 0.75% decline from Thursday. The move comes as commodities are soaring again fueled by geopolitical tensions and despite the fact that the US Dollar is stretching higher for a fourth
WTI trades back above $85 after whipsawing around it this week. Oil price rises near 1% despite EIA calls for a negative outlook on Oil demand. The US Dollar Index surges close to 106.00 and sets forth a fresh five-month high. straight day in a row this week.
on Thursday said it is watching summer demand very closely as it would not be able to handle any unforeseen uptick in demand. Furthermore in the IEA report from this Friday: more than 3 million barrels per day will be added coming from non- inflow Oil prices remain elevated with tensions in the Middle East nearing a new dynamic. After Iran vowed to retaliate against Israel or any US asset in the region, tensions are getting high as such an attack could drag the whole region back into a long drawn-out dispute with the risk of Oil delivery disruptions.
, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa. How does inventory data impact the price of WTI Oil The weekly Oil inventory reports published by the American Petroleum Institute and the Energy Information Agency impact the price of WTI Oil.
decides to lower quotas, it can tighten supply, pushing up Oil prices. When
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