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Oil prices have been on a downward trend, with Russia's flagship Urals crude prices falling below the $60 per barrel price cap set by the Group of Seven. Reports indicate that hedge funds have taken over the market, leading to a bear market and a sharp relief rally in oil and gas equities. OPEC is facing challenges in supporting prices, with hedge funds slashing their bets on oil to the most bearish position since June. Concerns about supply and demand, as well as the impact of sanctions and weaker Brent, have contributed to the oil market's volatility.
5 things that happened this week: Oil fell below $77 during the week, then rebounded to $81 Why the fall? Higher supply from Russia, US, Guyana, North Sea Weak demand from US, China Why the rebound? Bets that OPEC+ will move to boost prices 1/5 https://t.co/gfUAsCrmyb https://t.co/Q7C8JcBku8
Our analysis of Russia’s shadow fleet and ways to make the oil price cap work. https://t.co/zUoiExCNue
Hedge funds slashed their bets on oil to the most bearish position since June, an obstacle for OPEC’s efforts to support prices as it prepares for its next meeting https://t.co/pHSqvbISFO
Hedge funds slashed their bets on oil to the most bearish position since June, an obstacle for OPEC’s efforts to support prices as it prepares for its next meeting https://t.co/eS915XApoC
Don’t be fooled by Friday’s sharp relief rally in oil and gas equities. The picture is still bleak for crude supply and demand. https://t.co/erFTfZxjuP
Don’t be fooled by Friday’s sharp relief rally in oil and gas equities. The picture is still bleak for crude supply and demand. https://t.co/u57KIUE8EJ
Oil prices surge after falling below key threshold as report says Saudi Arabia plans to extend production cuts into 2024 https://t.co/Idthm6tIEx
Oil Prices Head for 4th Week of Losses. A Rebound May Be Coming. https://t.co/r4cwL3K6q9
The drop in oil prices is good news for the war on inflation, but don't expect an overnight change https://t.co/vAERynvpOm
What's behind oil's big plunge and the risks ahead https://t.co/4yx2YqkVld
Russia's Urals oil from Baltic ports falls below $60 cap amid sanctions https://t.co/6ZVj3QQajq https://t.co/57oRFkH7VF
Oil Collapses Into Bear Market https://t.co/eu79lWW40q
Oil Collapses Into Bear Market as Robust Supply Pressures OPEC+ - BBG https://t.co/mcgYg7IZzF
Oil Collapses Into Bear Market as Robust Supply Pressures OPEC+ https://t.co/yRxVDyKPX3
🔴 URALS OIL PRICES FALL AMID RISE IN FREIGHT RATES AFTER US SANCTIONS AND WEAKER BRENT - TRADERS.
🔴 RUSSIAN URALS OIL PRICES FALL BELOW PRICE CAP FOR FIRST TIME SINCE JULY - TRADERS.
-- Oil's bear market -- Rate cut bets build -- Stocks and bonds jump -- XI's good week -- Alibaba slumps https://t.co/WS4KRHFqfm
-- Oil's bear market -- Rate cut bets build -- Stocks and bonds jump -- XI's good week -- Alibaba slumps https://t.co/Ul31vbVKU9
⚠️ Oil perks up after sharp week-long selloff on supply, demand concerns Full Story → https://t.co/ddppjmGmZa Oil prices edged higher on Friday, a day after sinking 5% to a four month-low on growing worries about burgeoning non-OPEC supply and cooling demand. https://t.co/wKo0Rvsw3Z
Oil prices continue to fall. They’re now at four month lows. Reports suggest that hedge funds have taken over the market and are fighting the fundamentals. OPEC meet next Sunday. They need to shake the speculators out of the market. It will be interesting to watch. 🛢️ https://t.co/4tpbA9S90v
Oil heads for a fourth weekly loss after sinking into a bear market https://t.co/0IQFCEzYp4
Oil’s mini rout is pushing Russia’s flagship Urals crude prices back down toward a $60 a barrel price cap level set by the Group of Seven https://t.co/rDBy5eBLNL
Oil’s mini rout is pushing Russia’s flagship Urals crude prices back down toward a $60 a barrel price cap level set by the Group of Seven https://t.co/1cSiBVFqX9
Oil Prices Creep Up but On Pace for Fourth-Straight Week of Declines https://t.co/3jfGtWswmE