Oil prices stabilize as OPEC uncertainty persists
Oil futures rose Wednesday, stabilizing after the previous session’s slide, as investors continued to weigh the implications of a standoff between OPEC members over output. Oil trading has been volatile after talks by the Organization of the Petroleum Exporting Countries and its allies — a group known as OPEC+ — collapsed on Monday, derailing a proposal to ease existing output curbs and allow production to rise by 400,000 barrels a day each month from August through December. Click Here to read more from Market Watch.
Oil touches six-year high after OPEC fails to get deal, then turns negative
Oil jumped to its highest level in six years after talks between OPEC and its oil-producing allies were postponed indefinitely, with the group failing to reach an agreement on production policy for August and beyond. On Tuesday, U.S. oil benchmark West Texas Intermediate crude futures traded as high as $76.98, a price not seen since November 2014. But those gains quickly faded, and the contract for August delivery drifted lower during the session and ultimately settled down 2.38%, or $1.79, at $73.37 per barrel. Click Here to read more from CNBC.
Analyst Says Market Too Optimistic About Demand
Oil market participants may have focused too much on the surging U.S. fuel demand with states re-opening, possibly ignoring the still lurking COVID threats to demand elsewhere, energy analyst Vandana Hari, founder, and chief executive officer of Vanda Insights, told CNBC in a recent interview. The market may be getting ahead of itself because it’s too focused on the bullish demand news out of the United States, according to the analyst. The demand rebound in America “has also set expectations on a slightly different, more optimistic path,” Hari told CNBC. Click Here to read more from Oil Price.
Tropical Storm Elsa hitting Florida’s west coast with heavy rain and dangerous gusts as it nears landfall
Tropical Storm Elsa is battering western Florida with heavy rain and strong gusts as it approaches landfall at its northern Gulf Coast, threatening coastal flooding, wind damage, and power outages across much of the state. Elsa’s center, with sustained winds of 65 mph, was about 35 miles west of Cedar Key on Florida’s northwest coast as of about 8 a.m. ET, the National Hurricane Center said. Click Here to read more from CNN.