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  Oil Prices Surge as OPEC+ Exports Dip in August. Introduction In a dynamic twist of events, oil prices witnessed an upward surge on Monday as global supplies tightened due to a reduction in exports from key players Saudi Arabia and Russia. This unexpected turn has managed to assuage lingering concerns about a potential decline in demand, a worry that persisted despite the backdrop of elevated interest rates. This article delves into the driving forces behind the oil price increase, examines the technical factors at play, and provides insights into how this scenario could impact trading decisions. Fundamental Overview Demand Meets Supply: An Unforeseen Shift By 0649 GMT, the Brent crude oil price surged by an impressive 61 cents, settling at $85.41 per barrel. Concurrently, the U.S. West Texas Intermediate (WTI) crude oil observed a noteworthy gain of 63 cents, landing at $81.88 per barrel. Notably, attention turns to the upcoming expiration of the September WTI contract, coincidi...

  Oil Prices Surge as US Inventories Indicates Robust Demand. Introduction In the latest market update, oil prices witnessed a significant increase due to robust demand, as indicated by data from US inventories. This surge has pushed oil prices close to their highest levels since April. Let’s delve into the fundamental overview and technical analysis of Brent crude oil and explore the factors contributing to this upward trend. Fundamental Overview Crude And Gasoline Inventories Drive Up Oil Prices On Wednesday, oil prices experienced an uptick following a report on crude and gasoline inventories, which showcased strong demand in the United States. At 0949 GMT, October Brent crude futures saw a rise of 44 cents, or 0.5%, per barrel, while September West Texas Intermediate crude for the US increased by 48 cents, or 0.6%, per barrel. Surprising Drawdown In US Crude Oil Stockpiles According to the American Petroleum Institute (API) data, US crude oil stockpiles plummeted by a staggerin...