Crude Oil Price Update, 31 August 2023: Oil Rises on fall in inventory

Crude oil relief rally as banking concerns ease

On Monday, the price of crude oil increased in early trading as concerns over turmoil in the banking sector eased, while comments by Russian President Vladimir Putin over the weekend heightened geopolitical tensions in Europe. Brent crude futures rose by 0.4%, or 33 cents, to $75.32 a barrel at 0040 …

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Brent Crude oil Skyrockets Above 120.00

Brent Crude oil skyrocketed yesterday, hitting levels lastseen in February 2013. The advance broughtthe price temporarily above 120.00, and then wehad a small setback. Overall, the black liquid remains well above the upside support line drawn from the low of December 20th, and thus, we would consider the picture to be as bullish as it can get.

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