Oil prices hit a 5-week low on Tuesday due to US economic concerns, debt ceiling, and Fed's hike expectations. Major oil producers also reported mixed earnings, with Morgan Stanley cutting its Q3 forecast for Brent.
On the back of unexpected OPEC+ production cuts, Oil and related stocks have gained renewed momentum this week.
From SVB’s emergency purchase to supply issues caused by Iraq and Turkey, this article lists the factors that have driven Oil prices upward on Monday.
In response to growing expectations that the U.S. Federal Reserve will continue raising interest rates, drops on the Oil markets and Asian Indices were observed Tuesday morning.
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