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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 accelerates growth amid favorable demand forecasts

August, 24 2021
watermark Economic news

On Tuesday, oil prices continued to rise thanks to upbeat demand forecasts. During the day, Brent quotes rose to $70 per barrel. The price of WTI crude oil rose to $67.25 per barrel.


Demand forecasts are improving amid the suspension of production at one of the drilling rigs in Mexico and full US approval of the coronavirus vaccine developed by Pfizer and BioNTech.


On Sunday, a fire broke out on an oil platform off the coast of Mexico, as a result of which production was suspended in the amount of 421 thousand barrels per day, or about a quarter of the country's total production.


Additional support for the «black gold» is provided by the approval of the US Food and Drug Administration (FDA) for the use of the coronavirus vaccine for people over 16 years of age. Authorities hope the news will further boost vaccination adoption.


This week, oil market participants are awaiting data on fuel reserves in the United States. Analysts predict a decrease in oil and gasoline reserves, as well as an increase in distillate stocks.


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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.