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Oil Prices Break $80, Reach 6-Month Highs Despite Israel-Hamas Ceasefire Deal: Why Is Crude Rallying? - United States Oil Fund (ARCA:USO)

Oil prices have reached a six-month high, with Brent Crude at $82.33 per barrel and West Texas Intermediate at $80.36 per barrel, as reported by the United States Oil Fund.
The U.S. Energy Information Administration noted a decline in U.S. Crude oil inventories, falling by 1.961 million barrels, marking the eighth consecutive weekly decline.
New U.S. Sanctions on Russian oil producers and tankers are expected to tighten global crude supplies, according to the International Energy Agency.
Despite a ceasefire deal between Israel and Hamas, traders remain focused on supply disruptions and the impact of sanctions on oil markets.

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El Financiero

Neither Sheinbaum nor AMLO: Why does the price of the oil barrel define how much we pay for gasoline?

One of the most important factors in determining how much you pay for gasoline is the international price of the barrel of crude oil, as about 50 percent of the final price depends on it.There are different types of oil on the market, for example, BRENT is extracted from the North Sea and represents an international benchmark.While West Texas Intermediate (WTI) is obtained in the United States, mainly from Texas, and is a reference price for Nor…

2 months ago·Mexico

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censor.net

Oil prices rise amid shrinking inventories in the US

Oil prices rose during the second session on January 16. The reason is concern about the proposal amid US sanctions against Russia and a more-than-expected reduction in US crude oil inventories.

EMEA Tribune, Breaking News, World News, Latest News, Top Headlines

Oil rises as US inventory declines heighten supply concerns

Oil prices continued to rise after a significant decline in U.S. crude oil stockpiles, adding on to concerns of U.S. sanctions against Russian energy trade.

2 months ago·United States

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Business Daily

Gasoline prices rise as oil hits $80 per barrel

Oil prices have reached approximately $80 per barrel, resulting in a four-cent increase in the national average price for gasoline, now at $3.10 per gallon. In contrast, the cost of electricity at public EV charging stations remains stable at 34 cents per kilowatt hour.Andrew Gross, spokesperson for AAA, explained the situation: "Domestic gasoline demand is low, so why are pump prices creeping higher? Look at the cost of oil," he said. Gross att…

2 months ago·Arizona, United States

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Oil Price

Early-Year Strength In Oil Markets Likely To Continue

The oil price rally that kicked off last week after the Biden administration announced the harshest sanctions yet on Russian oil has carried over into the new week. Brent crude for March delivery rose to above $82 per barrel this afternoon, while WTI crude for February delivery gained topped $80 per barrel. The rise took front-month Brent above the key 200-day moving average (currently $ 78.98/bbl for the continuous front-month contract) for the…

2 months ago·London, United Kingdom

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Benzinga

Oil Prices Break $80, Reach 6-Month Highs Despite Israel-Hamas Ceasefire Deal: Why Is Crude Rallying? - United States Oil Fund (ARCA:USO)

Oil prices soar on concerns over global supply disruptions, ceasefire in Gaza, and declining US crude inventories. Sanctions on Russia and Iran add to bullish sentiment.

2 months ago·New York, United States

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