WTI: Crude oil prices are impacted by a dimming demand outlook.
Despite limiting its highest daily gains in a week, WTI crude oil remains in a flat trend. US government representatives have stated that they are prepared to release 15 million barrels of oil from SPR.
In contrast to repurchasing shares and paying dividends, according to Biden, oil firms should increase output and lower gasoline costs.
He said, “My message to the American energy companies is this: You should not be using your profits to buy back stock or for dividends. Not now. Not while a war is raging,” Biden said. “You should be using these record-breaking profits to increase production and refining.”
Since the beginning of the year, the White House has released approximately 165 million barrels of petroleum from the reserve, out of a total estimated to be over 180 million.
This means the demand is diminishing.
However, if price manages to trade, break and close above 86.55 the setups would be invalidated making the bulls take charge.
In contrast to repurchasing shares and paying dividends, according to Biden, oil firms should increase output and lower gasoline costs.
He said, “My message to the American energy companies is this: You should not be using your profits to buy back stock or for dividends. Not now. Not while a war is raging,” Biden said. “You should be using these record-breaking profits to increase production and refining.”
Since the beginning of the year, the White House has released approximately 165 million barrels of petroleum from the reserve, out of a total estimated to be over 180 million.
This means the demand is diminishing.
However, if price manages to trade, break and close above 86.55 the setups would be invalidated making the bulls take charge.
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