U.S. Crude Oil Heads for Fourth Straight Weekly Gain on Solid Demand Outlook

Oil market analysts have been forecasting a tighter market in the third quarter as summer fuel demand picks up. UBS is estimating that oil demand will grow by 1.5 million barrels per day this year, above the long-term growth rate of 1.2 million bpd. UBS and JPMorgan expect global benchmark Brent crude to hit $90 per barrel this quarter. August contract: $83.88 per barrel, unchanged. Year to date, U.S. crude oil has gained 17%. September contract: $87.29 per barrel, down 13 cents, or 0.15%. Year to date, the global benchmark is ahead 13%. August contract: $2.58 per gallon, down 0.7%.

CNBCJul 5 20:28

WTI Moves Below $83.50 Amid Expectations of Increased Supply, US NFP Awaited

West Texas Intermediate (WTI) Oil price trades around $83.50 per barrel at the time of writing.

FXStreetJul 5 17:12

Oil Headed for Weekly Gains on Summer Demand, Rate Cut Hopes -- Market Talk

0756 GMT - Oil prices are on track for weekly gains on signs of strong demand over the summer and hopes that the U.S. central bank will cut interest rates soon. Brent crude is up 0.2% at $87.62 a barr

WSJJul 5 15:56

U.S. Oil Growth Is Slowing. What's Next for Prices. -- Barrons.com

Growing U.S. oil production has played an enormous role in the energy market since the pandemic.

Barron'sJul 5 14:30

Midday Crude Oil Analysis: Brent Crude Oil futures prices have fallen, and hurricane intensity has weakened.

Hurricane Beryl has weakened to a Category 2 hurricane with maximum sustained winds of 110 miles per hour. The storm is expected to reach the Yucatan Peninsula in Mexico on July 5th, bringing heavy rain, hurricane force winds, and storm surges.

Golden10 DataJul 5 12:29

Facing Non-Farm Payrolls: the first heavy data of trade in the second half of the year!

Why does the Non-Farm Payroll data tonight once again affect the nerves of global financial markets and traders?

Golden10 DataJul 5 10:46