Fri, December 09, 2022

Commodities

Wibest – Spot Gold Prices: US dollar bills and gold bars.

Spot Gold Prices Flatline As Fed Suggests Rate Pause

Spot gold prices steady this Tuesday following the latest sentiment from the United States Federal Reserves. Experts say that 2020 will be a good year for the volatile commodity, adding that 2019 has been rough on traders. Last Friday, the XAU USD pair fell sharply against the positive results from the US Nonfarm Payroll report. …

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Wibest – United States: Iranian flag over an oil pump jack.

Saudi Arabia Defends Shale Production in the United States

Last week during the OPEC meeting in Vienna, Riyadh’s Energy Minister defended the shale production in the United States. Prince Abdulaziz bin Salman brushed off any rivalry between the US and Saudi Arabia and other established producers. The Saudi Arabian prince and official spoke to the press following the announcement of OPEC’s decision on Friday. …

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Oil prices sank 4% as coronavirus surge weighs on demand

Oil and Petroleum Prices Fall Despite OPEC Cuts | Wibest

As OPEC and Saudi Aramco news dominate the headlines, oil and petroleum prices slip for the second day despite cuts. The meeting of the 14-member bloc and its allies is not over, and despite increasing cuts, bulls could not benefit. West Texas Intermediate futures dropped 0.22% or 0.13 points this Friday’s trading sessions. As of …

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Wibest – Oil Petroleum: The OPEC's logo on a brick wall.

Oil Petroleum Prices Drop, OPEC In Focus | Wibest

Oil petroleum futures finally hit a block in their upward run. But prices start to contract this Thursday. Traders are cautiously and patiently waiting for news about OPEC’s decision, which is set to be finalized tomorrow. West Texas Intermediate futures, or WTI crude oil, contracted by 0.48% or 0.28 points this Thursday. WTI crude oil …

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Wibest – Petroleum and oil: Oil barrels, gold bars, and golden coins on top of a keyboard.

Petroleum and Oil Futures Extend Gains, Gold Also Jumps

Commodities jump higher this Wednesday, extending their gains against trade war tensions, the oil inventory report, and OPEC news. Petroleum and oil prices benefit from expectations for an extended deeper cut in tomorrow’s OPEC meeting. The WTI oil contract jumped 0.64% or 0.36 points in today’s trading sessions. WTI crude barrel prices leaped from its …

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Wibest – Oil petroleum: OPEC flag.

Oil Petroleum Holds Gains, Saudi Wants Deeper Cuts

Oil petroleum prices hold their second consecutive gains as Saudi Arabia reinforces hope for deeper cuts. Riyadh wants to give a bright surprise for traders before listing its state-owned oil refinery, Saudi Aramco. WTI crude oil contract rallied 0.43% or 0.24 points this Tuesday’s trading. WTI crude barrels jumped from yesterday’s close of $55.98 to …

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Wibest – Oil and petroleum: Chinese workers inside a factory.

Oil and Petroleum Prices Rally from Upbeat Chinese Data

The positive outcome of the Chinese factory growth report accelerated the rally of oil and petroleum prices today. Experts did not expect growth in the manufacturing sector prior thus the surge in prices. Prices finally recovered after a steep fall, 5%, from the last day of November. Bulls took the opening to bounce back after …

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Wibest – Hyundai: A tanker ship refueling at a port.

Hyundai Oilbank Aims to Boost Sales with VLSFO | Wibest

Hyundai Oilbank is looking to improve its sales in the vessel fuel oil and petroleum department with its new innovations. The South Korean oil company introduced a very low sulfur fuel, or VLSFO, product soon. The company announced the new product on Thursday, November 28. Hyundai’s decision caters to the demand for cleaner energy sources …

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Wibest – Oil and petroleum: Green crude oil barrels.

Oil and Petroleum Prices Dragged by Inventory News

Oil and petroleum futures contract this Thursday as traders digest the US stockpile buildup report. After gaining for two consecutive days, price hikes finally halted today after the EIA’s report. The Energy Information Agency showed an unexpected increase in the week ending on November 22. The oil inventory report said that US oil stocks rose …

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Wibest – Pigs in a pen.

Vietnam Purchases More Pigs Before the Holidays | Wibest

With the Lunar New Year fast approaching, the Vietnamese government acts to fill the void left by the infected pigs. Of course, the Vietnamese people would not want to miss their favorite pork delicacies during the holidays. After the virus ravaged through the Asian market, the local pork jelly and braised pork served during holidays …

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Wibest – Spot Gold Price: Gold bars on top or a US dollar bill.

Spot Gold Price Hikes After Trade War News | Wibest

Spot gold price inches up in today’s trading after the news from the trade war revive gold bulls. In the past sessions, the lack of sureness about the direction of the controversial dispute was confusing traders in sessions. Just in, Chinese state-owned media published that Chinese and US diplomats held another phone call. According to …

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Wibest – South African: Eskom facilities in Johannesburg.

South African Gov’t’s New Plan for Eskom | Wibest

South African Public Enterprises Minister Pravin Gordhan unveiled the government’s new plan for the energy giant Eskom. The new blueprint for the controversial company was presented on Wednesday in front of the country’s Parliament. According to the Minister, the government will push a battery storage plan for major innovations in the sector. Gordhan said that …

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Wibest – Oil and petroleum: Crude oil containers.

Oil and Petroleum Prices Down Against Small Inventory Build

Oil and petroleum contracts went down during this Thursday’s trading after hitting resistance. Despite rallying earlier after the release of the report, prices bounced off their resistance. WTI crude oil contract went down by 0.32% or 0.18 points in today’s trading. WTI crude prices are currently down from $57.01 to $56.83 this Thursday’s sessions. Meanwhile, …

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Wibest – ConocoPhillips: ConocoPhillips main headquarters in Houston, Texas.

ConocoPhillips Pleases the Market and Devices Decade Plans

The multinational energy corporation, ConocoPhillips, unveils a decade-long plan to entice more investors. The company’s CEO announced the new plans yesterday, making headlines along the way. The energy company plans to purchase back about $30 billion worth of its stocks. That is equivalent to about half of the company’s current capitalization in the market. ConocoPhillips …

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