Oil holds near $80 after OPEC+ output hike decision Oil prices held near $80 a barrel on Wednesday after OPEC+ producers stuck to an agreed output target rise for February and investors assessed the impact of a spike in COVID-19 cases caused by the Omicron variant. Brent crude futures were up 37 cents, or 0.46%, […]
Oil prices steady as Omicron caution lingers Oil prices were steady on Wednesday as fears of tight supply were offset by COVID-19 concerns after Singapore suspended quarantine-free travel and Australia renewed its vaccination push due to a surge in Omicron variant cases. U.S. West Texas Intermediate (WTI) crude futures were unchanged at $71.12 a barrel […]
OPEC+ Under Pressure As Oil Prices Plunge Again Black Friday’s price collapse shook the oil market, destroying the bullish sentiment that had been building throughout the month. While prices partially recovered on Monday, they plunged again on Tuesday morning as uncertainty intensified. Concerns over the rapid spread of the Omicron variant have bolstered fears of […]
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 […]
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 […]
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 […]
Charts suggest oil prices may peak soon, Cramer says Oil may be near its peak if historical patterns hold true, CNBC’s Jim Cramer said Tuesday. The commodity climbed to new multi-year highs Tuesday amid supply shortages and strong demand. Brent crude futures settled above $86 and U.S. benchmark West Texas Intermediate crude futures settled above $84, each the highest since 2014. […]
Oil falls as China considers intervention to ease coal crunch Oil prices fell on Wednesday after the Chinese government stepped up efforts to tame record high coal prices and ensure coal mines operate at full capacity as Beijing moved to ease a power shortage. Brent crude futures fell 85 cents, or 1%, to $84.23 a […]
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 […]
