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UCO provides 2x the daily return of an index of futures contracts of WTI crude.

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Oil futures climbed on Wednesday, with U.S. prices settling at their highest in more than three weeks. Prices found support after the Energy Information Administration reported weekly declines in U.S. crude and gasoline inventories, and as recent reports said Iran may be preparing an attack on Saudi Arabia.

U.S. oil futures settle at a more than 3-week high

"I think there's ample supply in the market for us not to have a big impact from China coming back," Citi's global head of commodities research said.

The only way oil prices can reach $120 per barrel is if there are a lot of supply disruptions, says Citi's commodities chief

Crude oil markets initially tried to rally on Wednesday but have remained around the range bound as we are waiting on the Federal Reserve interest rate decision and statement.

Crude Oil Price Forecast – Crude Oil Markets Drift Sideways

Natural gas managed to settle back above the $6.00 level. Gold tested resistance at $1660 ahead of the Fed decision.

WTI Oil Moves Higher As EIA Report Shows That Crude Inventories Declined

Oil futures struggled for direction early Wednesday as investors awaited data on U.S. inventories, after industry data showed a large drop in crude supplies late Tuesday, while the Federal Reserve is due to announce its latest decision on interest rates later in the session.

Oil struggles for direction as investors await supply data and Fed interest rate decision

The greenback could weaken and dollar-denominated crude oil could rise if the Fed announces it is going to slowdown the pace of interest rate hikes.

Oil Price Fundamental Daily Forecast – Volatile Trade Ahead of EIA Inventories Data, Fed Rate Decisions

Oil prices are creeping higher though another big interest-rate increase from the Federal Reserve could crimp global growth and dampen demand for energy.

Oil Prices Rise on Signs Global Energy Demand Is Firm

Oil prices rose in early trade on Wednesday after industry data showed a surprise drop in U.S. crude stockpiles, suggesting demand is holding up despite steep interest rate hikes dampening global growth.

Oil climbs on demand hopes after big drawdown in U.S. crude stocks

Oil prices ended higher on Tuesday to log their first gain in three sessions. “Risks to energy supplies remain elevated after reports that Iran was planning an attack on targets that include Saudi Arabia and Northern Iraq,” said Edward Moya, senior market analyst at OANDA.

Oil prices post first gain in 3 sessions

An unverified report is saying China is considering various reopening scenarios, aiming to relax COVID rules in March, 2023.

Crude Oil Price Update -Hovering Near One-Week High Ahead of API Inventories Report

Oil futures climbed toward session highs on Tuesday after The Wall Street Journal reported that Saudi Arabia shared intelligence with the U.S. warning of a possible Iranian attack on targets in the kingdom. In response to the warning, Saudi Arabia, the U.S. and several other neighboring states raised alert levels for their military forces, the report said.

Oil-price gains intensify on report of possible Iranian attack on Saudi Arabia

The oil sector of the stock market has been the best-performing sector this year, and based on a new forecast for oil demand from OPEC, that could continue, at least over the short term.

OPEC Sees Booming Oil Demand

Crude oil markets have rallied significantly during the day on Tuesday to show signs of resiliency yet again. Ultimately, this is a market that looks as if it wants to go higher.

Crude Oil Price Forecast – Crude Oil Markets Have Strong Tuesday

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The greenback is in the early stages of topping out, which could bode well for dollar-denominated commodities such as crude oil, gold and wheat.

Weakening Dollar Boosting Crude Exports, Central Bank Demand for Gold

Oil futures rose Tuesday, looking to build on an October gain, as the U.S. dollar pulled back and unconfirmed rumors circulated that China may ease COVID curbs.

Oil rises as dollar softens, traders eye China COVID policy

OPEC+ members have "optionality" to raise oil production if demand climbs higher, the bank's head of commodities research Jeff Currie said.

Tightening oil supply will drive crude oil prices to $115 a barrel by April, Goldman Sachs strategist says

DUBAI, United Arab Emirates (AP) — Oil giant Saudi Aramco on Tuesday reported a $42.4 billion profit in the third quarter of this year, a 39% bump buoyed by the higher global energy prices that have filled the kingdom's coffers but helped fuel inflation worldwide.

Saudi Aramco reports $42 billion profit as oil prices climb

High oil prices boosted the national oil company's earnings, helping the kingdom to pay for an ambitious economic transformation plan at home and expand its diplomatic influence in the region.

Saudi Aramco Profit Jumps 39% on High Oil Prices

Record exports in the US combined with speculation ahead of the European Union's embargo of Russian crude oil are also helping to support prices.

Oil Price Fundamental Daily Forecast – Weak Dollar, OPEC+ Cuts Offsetting China Demand Concerns

Oil prices inched lower on Tuesday, extending losses of 1% from the previous session as more extensive COVID-19 curbs in China increased fears of slowing fuel demand in the world's second-largest oil consumer.

Oil prices edge lower as China COVID-19 woes dampen demand

Crude oil markets have fallen initially during the trading session on Monday but did find a little bit of buying pressure to show signs of life again.

Crude Oil Price Forecast – Crude Oil Markets Continue Choppy Behavior

On October 14, the EIA announced the US only had 25 days left of reserve diesel supply as inventories hit a low not seen since 2008.

Oil prices could trade above $120 next year - but extremely low diesel inventories pose an even bigger concern, top energy analyst says

OPEC raised its forecasts for world oil demand in the medium- and longer-term in an annual outlook released on Monday and said $12.1 trillion of investment is needed to meet this demand despite the energy transition. The view from the Organization of the Petroleum Exporting Countries, in its 2022 World Oil Outlook, contrasts with that of other forecasters which see oil demand reaching a plateau before 2030 due to the rise of renewable energy and electric cars.

OPEC raises long-term oil demand view, calls for investment

The cartel called for trillions of dollars worth of investments in the oil industry over the next two decades to meet what it expects to be booming demand for fossil fuels stretching far into the middle of the century.

OPEC Sees Booming Oil Demand Until Middle of Century

Oil futures fell early Monday, feeling pressure after a weak reading on China factory activity and a widening of COVID-19 curbs by the country. Previously beaten-down natural-gas futures, however, were soaring.

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