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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 prices continue to decline

July, 09 2024
watermark Economic news

On Tuesday, oil continues to decline in price. Traders are assessing the effects of Hurricane Beryl, which hit the Texas coast on Monday, and are monitoring negotiations between Israel and Hamas.


Expectations that the parties will agree on a ceasefire through the mediation of Qatar and Egypt are putting some pressure on the oil market. Analysts note that such negotiations have failed many times before. 


The current value of Brent is $84.79 per barrel. North American WTI crude collapsed to $81.36. 


The effects of Hurricane Beryl turned out to be less severe than expected. Nevertheless, some energy infrastructure facilities in Texas are still not working due to bad weather.


Traders' attention this week is also focused on the monthly reviews of the OPEC oil market and the International Energy Agency. In addition, the market is waiting for statements by Federal Reserve Chairman Jerome Powell, who will present a semi-annual report on monetary policy to the U.S. Senate Banking Committee today.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.