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

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 is getting more expensive amid several factors

September, 21 2021
watermark Economic news

On Tuesday, oil prices are showing growth, reaching a daily high at $75.17 per barrel. The current Brent quote is $74.65 per barrel, the price of WTI oil rose to the level of $70.92 (a maximum of $71.47 per barrel).


The main support for prices is provided by signals of a reduction in the supply of fuel in the United States. Utilities around the world are switching to fuel oil due to rising gas and coal prices (since production in the Gulf of Mexico has not yet fully recovered after Hurricane Ida), which will inevitably lead to a decrease in supply.


Market participants are also waiting for the results of the upcoming meeting of the US Federal Reserve, at which the regulator may announce the start dates of monetary policy tightening. And this can reduce the attractiveness of such a risky asset as oil.


In addition, the market may see an increase in demand for oil after the US announced the lifting of the travel ban for vaccinated foreign travelers in early November.


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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.