Reserve Dollar

Reserve

<div class="textg" style="text-align: justify; font-weight: lighter; line-height: 1.3em; font-size: 15px; border-radius: 3px; color: #80909a; padding: 10px; background-color: #F4F6F9; margin-bottom: 15px;">
 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
</div> 
<p class="has-drop-cap">Oil prices rebounded on Monday, with West Texas Intermediate (WTI) and <a href="https://tokenist.com/investing/how-to-trade-futures/" rel="dofollow" class="deco-link">Brent crude futures</a> both posting gains amid rising summer fuel demand and shifting market sentiments. <br><br>As of 10:51 a.m. EDT, the WTI July contract was trading at $76.38 per barrel, up 85 cents or 1.1%, while the Brent August contract rose 81 cents or 1% to $80.44 per barrel. Despite last week’s losses following <a href="https://www.reuters.com/business/energy/oil-prices-climb-opec-reassures-markets-ecb-cuts-interest-rate-2024-06-07/" target="_blank" aria-label="OPEC+'s decision to increase production (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">OPEC+’s decision to increase production</a>, oil prices have seen year-to-date gains of 6.6% and 4.4% for WTI and Brent, respectively.</p> 
<h3 id="oil-prices-rebound">Oil Prices Rebound</h3> 
<p>In addition to the gains in crude oil futures, RBOB Gasoline and Natural Gas contracts also experienced significant upward momentum. The RBOB Gasoline July contract traded at $2.39 per gallon, up 0.67%, with a year-to-date gain of 14%.</p> 
<p>Meanwhile, the Natural Gas July contract surged 5.96% to $3.09 per thousand cubic feet, bringing its year-to-date gain to 22.6%.</p> 
<div class="cta-referral"> 
 <img src="https://tokenist.com/wp-content/themes/thetokenist/assets/img/del/cta-referral-1.png" alt="" class="cta-referral__img" loading="lazy" decoding="async"> 
 <div class="cta-referral__text"> 
  <p>Join our&nbsp;<a href="https://t.me/thetokenist" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">Telegram group&nbsp;and never miss a breaking story.</a></p> 
 </div> 
</div> 
<h3 id="why-oil-prices-are-up-today">Why Oil Prices Are Up Today</h3> 
<p>Goldman Sachs analysts have projected that Brent crude prices will rise to <a href="https://www.reuters.com/markets/commodities/oil-slips-dollars-strength-us-jobs-data-2024-06-10/#:~:text=Goldman%20Sachs%20analysts%20expect%20Brent,a%20barrel%20by%201320%20GMT." target="_blank" aria-label="$86 per barrel (opens in a new tab)" rel="noreferrer noopener nofollow" class="deco-link">$86 per barrel</a> in the third quarter, driven by increased summer transportation and cooling demand. <br><br>They expect the market to face a supply deficit of 1.3 million barrels per day (bpd). The investment bank has set a $75 floor for Brent, citing lower prices promoting demand, and a $90 ceiling due to higher-than-expected inventories and the OPEC+ production decision.</p> 
<p>UBS analysts have observed that long positions in oil have been at their lowest level since 2011, while short positions have been near record highs. The bank considers this market positioning overly pessimistic and anticipates inventories to start falling, with demand increasing by 2-2.5 million bpd through August.<br><br>Investors should be closely monitoring several key events this week, including the upcoming Federal Reserve meeting, inflation data, and oil market reports from OPEC and the International Energy Agency (IEA).</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe> 
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em></p> 
<h3 id="br"><br></h3> 
<p>The post <a rel="nofollow" href="https://tokenist.com/oil-rebounds-gaining-6-6-ytd-investors-eye-fed-meeting-and-opec-reports/">Oil Rebounds, Gaining 6.6% YTD: Investors Eye Fed Meeting and OPEC Reports</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Oil Rebounds, Gaining 6.6% YTD: Investors Eye Fed Meeting and OPEC Reports

Table of Contents

Tokenist

Other articles published on Jun 10, 2024

Top Altcoins To Watch Today – Rollblock (RBLK), Notcoin (NOT), Arweave (AR)

Pepe annihilates Dogecoin and becomes the new king of memecoins cryptos!

DeFi Technologies' Bitcoin Adoption Announced With New 110 BTC Purchased

Crypto Exchange Bitfinex Predicts Bitcoin Peak, Reveals When Altcoin Season Will Begin

Solana (SOL) Price Consolidates Around Crucial Support as Metrics Signal Breakout

DePIN protocol io.net CEO departs 2 days before token launch

Join our free newsletter for daily crypto updates!