Latest Articles

    Featured Articles

    Filter By Topic
    Baxia Markets
    By
    September 23, 2021

    Crude Oil Rises On US Stock Draw

    fundamental analysis top header -01

     

    Despite recent economic wobbles in the United States, total gasoline demand has recovered to pre-pandemic levels. Over the last four weeks, product has been delivered at a rate of approximately 21 million barrels per day, which is close to the high of 2019. Last week, US oil stocks declined by 3.5 million barrels to 414 million barrels, the lowest level since October 2018, according to the US Energy Information Administration.

     

    OIL0923

     

    The EIA said that oil facilities in the Gulf of Mexico have resumed production, with weekly output jumping 500,000 BPD to 10.6 million BPD in the most recent week. All four of BP's offshore facilities in the region were brought back online and produced as of Sept. 12 after Hurricane Ida, according to the company. Supporting prices has also been challenging due to OPEC countries' efforts to increase output. Oil has benefited from rising prices in other markets, such as natural gas, as a result of energy market shortages in Europe and Asia.

     

    We love to hear new ideas from traders and want to know what you think! 

     

    If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.

     

    Submit Your Feedback  

     

    Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. 

     

    Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit. 

    Subscribe by Email