Crude Oil Prices, Pricing, News, Monitor
Chemanalyst01 Aug, 2023Business
During the second quarter, the overall Crude oil market in the US contracted as compared to the first quarter, which was highly influenced by the volatile market sentiment and changing demand. During the first two weeks of April, Crude oil prices had increased by 3.38% due to induced market sentiments despite having announcement of production cuts by OPEC+ countries. As per the data, the Industrial Production Total Index in the US rose from 102.6 (March) to 103.1 (April) amid economic activities to improve. Afterward, a tight labor market and raised FD rate hampered the demand for Crude oil to remain low throughout the quarter, due to which overall prices decreased after witnessing multiple fluctuations. A significant drop of 11.3% was observed from April to June.
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