U.S. Oil Prices Continue to Surge, Breaking Seven-Year Record As demand for energy continues to skyrocket due to the post-COVID recovery, U.S. oil prices have hit $80-a-barrel for the first time in nearly seven years. On Monday, crude oil closed at $80.52 a barrel. The last time oil finished above $80 was October 31, 2014. While seasonal fluctuations in […]
Hyperinflation Could Send Oil Prices Above $180 Last year, shortly after the World Health Organization (WHO) declared Covid-19 a global pandemic, governments everywhere unveiled massive monetary and fiscal stimuli (over $15T globally) in a bid to forestall the economic fallout of the pandemic. The U.S. federal government stepped in with a broad array of measures, pumping about […]
Here comes $90 oil The V-shaped recovery in the oil patch continues to take even the biggest bulls on Wall Street by surprise. Goldman Sachs ramped up its already optimistic forecast on Sunday, calling for Brent crude to hit $90 a barrel by the end of the year. That’s up from its previous call for […]
Oil prices lifted on expectations for another drop in U.S. crude inventories Oil futures rose Wednesday, finding support after industry data showed a large drop in U.S. crude inventories. “Prices were additionally lent buoyancy by the decline in U.S. crude oil stocks reported yesterday by the [American Petroleum Institute], even though this was due primarily […]
Oil prices climb after drawdown in U.S. stocks Oil prices climbed $1 on Wednesday after industry data showed a larger-than-expected drawdown in U.S. crude inventories and on expectations demand will rise as vaccination roll-outs widen. Brent oil rose $1.08, or 1.5%, to $74.68 a barrel by 1226 GMT, while U.S. West Texas Intermediate (WTI) crude […]
Crude Oil Prices Halt Overnight Losses Due To Supply Squeeze With U.S. producers, oil prices rose at their midweek trading sessions, reducing overnight losses. Hurricane Ida hit the Gulf of Mexico nine days ago, leaving operations crippled. After losing 1.4% on Tuesday following the Labor Day holiday, U.S. West Texas Intermediate crude futures are up […]
Oil price firms before OPEC+ policy meeting Oil prices rose on Wednesday before an OPEC+ meeting at which the producer club is expected to stick to a plan to add 400,000 barrels per day (bpd) each month to the end of December. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively […]
Oil steadies near $71 after two-day rally Oil prices steadied near $71 a barrel, taking a breather after a strong rally in recent days as Mexico was set to resume crude production following a major outage. Brent crude was up 14 cents, or 0.2%, to $71.19 a barrel by 1028 GMT, reversing earlier losses. U.S. […]
Oil prices Rise Wednesday as Data Shows a Drop in U.S. Crude Inventories Oil futures rose Wednesday, after industry data showed a draw in U.S. crude inventories, looking to snap a four-day losing streak. This comes from the official reading on supply levels from the Energy Department’s Energy Information Administration (EIA). The EIA is expected […]
Oil Prices Fall 1% As White House Presses OPEC+ to Boost Output Oil futures retreated Wednesday after news reports said the Biden administration would press the Organization of the Petroleum Exporting Countries and its allies to further boost output. “We are engaging with relevant OPEC+ members on the importance of competitive markets in setting prices,” […]
