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Are oil prices going up or down? Prices are declining after rising on Friday

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What about brent crude oil prices? Oil prices decline after rising on FridayOil prices are declining today as investors wait for the next OPEC+ meeting.

The market is waiting for the outcome of the next OPEC+ ministerial meeting to be held this week on Wednesday. The coalition is expected to confirm the level of oil production increases in September, despite U.S. calls for a stronger production increase. However, the ministers may also discuss a slight increase in the level, according to analysts at Phillip Securities Research.

Are oil prices going down

Meanwhile, the market continues to worry about the prospects for global economic growth in the future. Many experts predict a recession, which could lead to a drop in demand for oil. Last week, it became known that U.S. GDP fell by 0.9% in the second quarter, while analysts expected growth. The index is falling for the second quarter in a row, which meets the technical definition of a recession.

At the same time, China’s manufacturing activity index, one of the biggest oil consumers, unexpectedly fell below 50 points in July, the mark separating activity growth from decline. The drop was driven by concern among businesses about sporadic outbreaks of coronavirus in some cities in the country, as well as forecasts of a worsening global economic situation.

“Continued worries about slowing economic growth continue to fuel bearish sentiment in the (oil) market,” said FXTManalyst Lukman Otunuga.

Lately oil prices per barrel have been going up. The value of October Brent futures on London’s ICE Futures exchange at 8:27 Moscow time on Monday is $102.92 a barrel, down $1.05 (1.01%) from the previous session’s closing price. At the close of trading on Friday, those contracts grew by $2.14 (2.1%) to $103.97 a barrel. The value of September contracts, which stopped trading on Friday, rose by $2.87 to $110.01 a barrel.

The price of WTI September futures on the New York Mercantile Exchange (NYMEX) had fallen by $1.37 (1.39%) to $97.25 a barrel by that time. By market close on Friday those contracts had risen by $2.20 (2.3%) to $98.62 a barrel. 


Commodities

Price of gold falls on expectations of further US Federal Reserve rate hike

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price of gold falls

Price of gold falls: the price of the precious metal on Monday morning slightly decreased on the prospects of further interest rate hikes by the U.S. Federal Reserve, according to trading data.

The December gold futures price on the New York Comex Exchange is down $2.75, or 0.15%, to $1,788.7 a troy ounce. September silver futures went up 0.24% to $19.89 an ounce.

The precious metals market showed a negative trend on Monday morning, fueled by expectations of further interest rate hikes by the U.S. Federal Reserve after the release of the country’s labor market data.

Thus, the unemployment rate in July fell to 3.5% from the June level of 3.6%, while the number of the employed in non-farm industries increased by 528,000. Analysts had expected the figure to remain at June’s level. The increase in nonfarm payrolls was forecast at 250,000.

“Support from geopolitical tensions “was countered by the resilience of the U.S. dollar after the release of a credible U.S. jobs report and hawkish comments from Fed officials,” Ravindra Rao, vice president of commodities at Kotak Securities, told Bloomberg news agency.

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Commodities

Goldman Sachs oil price forecast 2022: Oil price forecast worsens in Q3 and Q4

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Current Goldman Sachs oil price forecast 2022: Analysts (NYSE:GS) believe another drop in Brent prices has been driven by low liquidity and growing multiple concerns, including the recession, China’s “zero tolerance” coronavirus policy and the country’s real estate sector, the release of strategic reserves in the US and Russia’s production recovery.

“We believe the possibility of higher oil prices remains high, even given all these negative factors, as the market is in a state of greater deficit than we have expected in recent months,” experts said.

Nevertheless, they worsened their forecasts for oil prices in the 3rd and 4th quarters of 2022 – to $110 and $125 per barrel, respectively, from $140 and $130 per barrel. The forecast for 2023 remained unchanged at $125/bbl.

The previous week the price of Brent had fallen by almost 9%; WTI had fallen by almost 10%. At the moment, futures are near the minimum marks for six months.

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Commodities

Why is oil rising in price today after a decline last week

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Why is oil rising in price? The price of October futures on London’s ICE Futures Exchange for Brent amounted to $95.22 per barrel, which was $0.3 (0.32%) above the previous session’s closing price. At the end of previous trading these contracts grew by $0.8 (0.85%) up to $94.92 per barrel.

The price of WTI futures for September at electronic trades on the New York Mercantile Exchange (NYMEX) was $89.26 per barrel at that time, which was $0.25 (0.28%) above the final value of the previous session. By market close on Friday, the cost of these contracts grew by $0.47 (0.5%) up to $89.01 per barrel.

The previous week Brent had dropped almost 9% and WTI had fallen almost 10%. Currently, futures are near six-month lows.

The fall in Brent prices was caused by low liquidity and “a growing wave of concerns,” including the recession. China’s “zero tolerance” policy for the coronavirus, the release of strategic reserves in the U.S. and the recovery of production in Russia, experts wrote to Goldman Sachs (NYSE:GS).

They worsened their oil price forecasts for Q3 and Q4 2022 to $110 and $125 a barrel, respectively, from $140 and $130 a barrel. The 2023 forecast remained unchanged at $125 a barrel.

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