Analytical Reviews

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

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Oil completes the most successful week since February 2023


October, 04 2024
watermark Economic news

Oil prices on Friday showed the largest weekly increase in more than a year, helped by heightened tensions in the Middle East. The current Brent quote is $78.45 per barrel, WTI is $7450. Both benchmarks showed an increase of 8-8.5% since the beginning of the week.


Traders continue to closely monitor the situation in the Middle East, especially in light of statements by U.S. President Joe Biden. He expressed the opinion that there would be no «total war» in the region, but also confirmed the discussion of the possibility of Israeli strikes on Iranian oil facilities in response to a missile attack from Tehran.


Meanwhile, ports on the east coast of the United States and in the Gulf of Mexico began to return to work after a salary agreement was reached with dockworkers and port operators. This agreement put an end to the largest shutdown in the industry in the last half century.


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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.