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U.S. stocks traded higher midway through trading, with the Nasdaq Composite gaining around 200 points on Tuesday.
Crude oil prices surge as Middle East tensions escalate, pushing futures past $76. Traders eye $80, with OPEC+ supply in focus amid possible disruptions.
Options traders have made record bets that will pay off if Middle East tensions push oil toward $100 a barrel.
Analysts have identified Iran's Gulf Star refinery and Kharg Island export terminal as potential high-impact targets amidst heightened Middle East tensions. Recent updates suggest Iran has evacuated a Very Large Crude Carrier (VLCC) from the Kharg Island oil terminal, indicating preparations for potential attacks.
Oil traders focus on the weak Manufacturing PMI data from China.
Rising geopolitical tensions and OPEC+ supply cuts could push prices higher. Are these the catalysts for a bullish trend?
Oil prices edged higher on Monday on increasing concerns of potential supply disruptions from the Middle East producing region after Israel stepped up attacks on Iranian-backed forces.
Crude continues to see a lot of noisy behavior, as the markets are worrying about the idea of economic growth slowing, or even stopping altogether. With this, the markets are likely to have a lot of volatility over the next few weeks.
In the crude oil markets, we have seen a lot of negative action, and the market is now sitting on top of a major support level, yet again. Can we see some kind of hope going into the next few weeks?
U.S. bnchmark West Texas Intermediate crude is down nearly 6% this week, while global benchmark Brent has pulled back nearly 4%. Oil has fallen on the prospect of rising supplies from OPEC+ combined with soft demand in China.