$RH PetroGas (T13.SG)$$Rex Intl (5WH.SG)$$Dyna-Mac (NO4.SG)$...
Oil prices are falling. Don't buy oil stocks at the moment.
Oil prices fell more than 3% on Wed amid rising inventories and a diplomatic push for a ceasefire between Israel and Hamas.
Brent crude fell to roughly USD84 bpd while WTI crude declined for a third day in a row to trade just below USD80 bpd.
The latest US government data released on Wed shows crude inventories rose by 7.3 million barrels last week, the biggest jump since early Feb.
Meanwhile, expectations of a ceasefire in Gaza have increased amid a renewed push from Egypt to revive talks between Hamas and Israel.
"Futures have been on the defensive on calming Geopolitical issues ... traders are realizing no real barrels are being pulled off the global stage (other than [from] Ukraine attacks on Russia) which so far have been temporary disruptions," said Dennis Kissler, senior vice president at BOK Financial, on Wed in a note to clients.
Ukrainian drone attacks against Russian refineries have sent oil prices higher in the past. The most recent strike occurred within the last 24 hours.
"Even last night's significant drone strike on one of the largest refineries in Russia has not been able to support oil prices. The market appears to be adequately supplied at the moment," Andy Lipow, president of Lipow Oil Associates, told Yahoo Finance on Wed.
OPEC+ is slated to meet next month to determine whether to extend its production cuts into the second half of the year.
Crude's recent decline "is just another reason that OPEC+ at its Jun meeting will continue with its voluntary production cuts," said Lipow.
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SG exchange : My price still 0.18… jialat
bullrider_21OP SG exchange: 0.18 is difficult.
心急吃不了热豆腐 SG exchange:
容光焕发的罗密欧 : Falling every day, diving champion
Azzvia : Master, what price did Rex drop to enter the market?
bullrider_21OP Azzvia: Disciple, maybe can buy around 0.12-0.121.
Azzvia bullrider_21OP: oh, it won’t below 0.12? Expected to have dividends this mth?
bullrider_21OP Azzvia: I don't think so.
Azzvia bullrider_21OP: Noted. Thanks master
bullrider_21OP Azzvia: np disciple.
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