🛢Oil price continues to go higher

Crude oil quickly resumed upward momentum, although until recently the price was near $100.00 per barrel. Brent currently trades above $ 115 and is up 1.5% today. The expiring contract trades above $120.00, which indicates that the physical market is very tight.

An OPEC meeting was held today, but no decision was made as Saudi Arabia is waiting for Biden's arrival. Some analysts expect that this visit may lead to production increases. However, the market is concerned that the OPEC countries will not be able to significantly increase production. In the past Saudi Arabia only twice managed to keep production above 11 mbd, while the UAE produced more than the August target of 3.17 mbd only 5 times in history.

In addition, China is easing its covid restrictions, which suggests a possible higher oil demand and economic recovery, at least during the summer season. It is worth mentioning that the DOE double report will be published today, as last week's data has not been presented due to technical problems. Therefore, at 3:30 pm BST one can expect an increase in price volatility.

Brent above $ 115. Price is still below recent highs, but the oil market is very tight, as evidenced by backwardation and a very low number of open positions on contracts. Source: xStation5

17 July 2026, 7:01 PM

Daily Summary: A sell-off with a spin-off

17 July 2026, 6:17 PM

Iran Escalation: What to Watch and What to Expect

17 July 2026, 12:56 PM

What's next for Brent crude❓Traffic in the Strait of Hormuz at its lowest level in three weeks🚢

17 July 2026, 6:55 AM

Morninga Wrap: Wall Street Under Pressure. AI Loses Momentum, Netflix Disappoints, and the Persian Gulf Erupts

Commodities

Cookie name	Description
SERVERID
userBranchSymbol	Expiration date 1 day
test_cookie	Expiration date 1 hour
adobe_unique_id	Expiration date 364 days
__hssc	Expiration date 1 hour
SESSID	Expiration date 1 day
__cf_bm	Expiration date 1 hour
intercom-id-iojaybix	Expiration date 270 days
intercom-session-iojaybix	Expiration date 6 days
xtbCookiesSettings	Expiration date 364 days
TS5b68a4e1027
countryIsoCode
xtbLanguageSettings	Expiration date 364 days
userPreviousBranchSymbol	Expiration date 364 days
intercom-device-id-iojaybix	Expiration date 270 days
__cfruid
_cfuvid

Cookie name	Description
_gid	Expiration date 1 day
_gat_UA-98728395-1	Expiration date 1 hour
_gat_UA-121192761-1	Expiration date 1 hour
_gcl_au	Expiration date 89 days
_ga_CBPL72L2EC	Expiration date 729 days
_ga	Expiration date 729 days
__hstc	Expiration date 179 days
__hssrc
_vwo_uuid_v2	Expiration date 365 days
_ga_TC79BEJ20L	Expiration date 729 days
_vwo_uuid	Expiration date 365 days
_vwo_ds	Expiration date 29 days
_vwo_sn	Expiration date 1 hour
_vis_opt_s	Expiration date 99 days
_vis_opt_test_cookie
af_id	Expiration date 394 days
afUserId	Expiration date 730 days
AF_SYNC	Expiration date 6 days
AnalyticsSyncHistory	Expiration date 29 days

Cookie name	Description
MUID	Expiration date 389 days
_omappvp	Expiration date 3998 days
_omappvs	Expiration date 1 hour
_uetsid	Expiration date 1 day
_uetvid	Expiration date 389 days
_fbp	Expiration date 89 days
fr	Expiration date 89 days
_ttp	Expiration date 89 days
_tt_enable_cookie	Expiration date 89 days
hubspotutk	Expiration date 179 days
IDE	Expiration date 389 days
YSC
VISITOR_INFO1_LIVE	Expiration date 179 days
li_sugr	Expiration date 89 days
guest_id_marketing	Expiration date 729 days
guest_id_ads	Expiration date 729 days
guest_id	Expiration date 729 days
muc_ads	Expiration date 729 days
VISITOR_PRIVACY_METADATA	Expiration date 179 days
MSPTC	Expiration date 389 days

Cookie name	Description
bcookie	Expiration date 364 days
lidc	Expiration date 1 day
UserMatchHistory	Expiration date 29 days
bscookie	Expiration date 364 days
li_gc	Expiration date 179 days
personalization_id	Expiration date 729 days