• Forex
  • Investments
  • Loyalty program
  • Promotions and contests
  • Analysis
  • Getting started
  • About us

Oil market roiled by Biden remarks

Crude futures bounced back from local lows to local highs on Wednesday, August 11. The Brent price rose 1.1% to $71.32/bbl, while WTI closed 1.25% higher at $69. 12/bbl.

The key upside driver was touch rhetoric from the US State Department targeting Iran over an alleged drone attack against an Israeli tanker. However, no follow-up statements about a possible tightening of sanctions against Iran were made, as a result of which oil prices pulled back.

Oil prices have been on a downward trajectory this morning after US President Joe Biden publicly called on OPEC+ to accelerate rolling back oil production cuts. In the upshot, by the time of writing, Brent was off 0.5%, while WTI price was trading 0.54% lower. Our Brent price forecast for today is in the range of $70.8-71.7/bbl.

Latest reviews

Everyone has the chance to make a profit

You don't need to trade on your own to make a profit. Make a profit by entrusting your funds to experienced traders!

Register

There's a better website for you

A new exciting website with services that better suit your location has recently launched!

Sign up here to collect your 30% Welcome Bonus.