President Biden Faces Few Options To Lower Oil Prices Without OPEC President Biden has limited options to counter OPEC-plus ignoring White House pleas to produce more oil and soften the price rally. Some strategies, like releasing oil from strategic reserves, could even backfire and further lift prices. The administration says all options are on the […]
This morning, oil prices decreased on new expectations of increasing energy supplies, as natural gas and coal producers respond to rising energy prices the winter. With the UN ending their climate talks in Scotland and COVID-19 cases rising around the country, the market is shaken up. WTI crude fell over $0.96, or just over 1%. […]
Monday brought along headlines that OPEC+ declined the calls for help from the United States. The U.S. reached out to ask for assistance to curb rising prices, but to no surprise OPEC+ remained strong in their current decision for output. With oil prices hitting over $80 per barrel, consumers are demanding answers – and the […]
Oil prices are trading lower this morning as fears of rising inflation continue to hit the market. In October, inflation was the highest it had ever been in 31 years. Now, the Biden administration is facing more trouble ahead as they try to navigate this problem along with other major issues the White House is […]
Oil prices slip ahead of U.S. inventory report Oil prices slipped after early gains on Wednesday, though a potential drop in U.S. crude stocks and tighter supplies capped losses. Brent crude futures were at $84.56 a barrel by 1101 GMT, down 22 cents, or 0.3%, after touching a session high of $85.50. U.S. West Texas […]
This morning, oil prices rose nearing $84 a barrel in response to the United States lifting some travel restrictions as the economy continues to recover, all while supply remains tight. Today crude oil opened at $82.16, diesel at $2.4740, and gasoline at $2.3295. As reported yesterday, the White House continues to monitor the situation with […]
This morning, oil prices rose after a White House statement on oil after dropping nearly 2% last week. With the US speaking out about the issue with higher oil prices, this is a positive sign for economic growth as the world moves into a period where oil prices will be tested with winter on the […]
Bank of America has raised their forecast again, saying Brent crude could hit $120 bu the end of June. This exceeds the majority of other major bank forecasts. Goldman Sachs recently updated their forecast as well, noting upside risk to their $90/bbl oil forecast. Goldman reported that up to 1 million barrels per day of […]
This morning, oil prices rose over 2% ahead of the awaited OPEC+ meeting scheduled for later today. The expectation is that OPEC+ will continue its slow output increases, even though many world powers are calling for more. Today crude oil opened at $80.18, diesel at $2.4171, and gasoline at $2.3320. While most meetings address multiple […]
Oil down after API data shows U.S. inventory build-up Oil prices fell on Wednesday as industry data pointed to a big build in crude oil and distillate stocks in the United States, the world’s largest oil consumer, and as pressure mounted on OPEC to increase supply. Brent crude futures were down $2.20, or 2.6%, at […]
