On Wednesday, global crude oil prices increased by more than 1% due to continued supply concerns. Analysts, on the other hand, indicated that expectations of a rate hike by the US Federal Reserve’s Federal Open Market Committee restricted advances.

At 12:15 p.m., the November Brent contract on the Intercontinental Exchange was trading at $91.63 a barrel, up 1.11% from the previous close, while West Texas Intermediate (WTI) futures were up 1% to $84.78 per barrel. Supply concerns have been exacerbated by the geopolitical tensions between Russia and the West, as well as uncertainties over the Iran nuclear accord.


A senior US official said on Tuesday that the US does not expect a breakthrough in the revival of the 2015 Iran nuclear deal at the upcoming UN General Assembly, adding that the US is prepared for a mutual “compliance-for-compliance return.” Iran is a major oil producer, and if the deal is reached and sanctions are lifted, the country will be able to contribute to the global oil market, which has been suffering from supply shortages.

“NYMEX crude trades mixed near $84/bbl as market players remain non-committal ahead of Fed decision and inventory report,” said Ravindra Rao, head of commodity research at Kotak Securities. “Fed is expected to maintain an aggressive stance, but it has already been factored and pushed US dollar higher and commodities lower.” He also said that the US inventory report is expected to be mixed, with a modest rise in US crude oil stocks but a decline in

“Crude may stay directionless ahead of these events,” Rao noted, “but we may see modest gains if the Fed fails to surprise and the EIA data meets expectations.”

After Putin orders of partial mobilization

After Russian President Vladimir Putin ordered a partial mobilization, gold prices soared today, while oil prices rose. Gold futures on the MCX increased from six-month lows to 49,451 per 10 gram, while silver rose 1% to 56875 per kg. US bond yields surged in response to safe-haven demand. In global markets, West Texas Intermediate rose as high as 3.2% to $87 a barrel, while Brent futures rose 3% to $93.4 a barrel.

Continue to read more latest news

 229 total views,  1 views today