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,” […]
Being the world’s second largest oil consumer, China is drawing attention as its factory activity continues to draw the wrong attention. Fears that the economic recovery in Asia is taking steps backward mean that this will undoubtedly affect supply and demand moving forward. Factory activity in China fell heavily in July to numbers not seen […]
Oil Prices Fall as Delta Variant Spread Weighs Oil prices fell on Wednesday as the spread of the coronavirus Delta variant in top consuming countries outweighed Mideast geopolitical tensions and a fall in U.S. inventories. Brent crude oil futures were down 67 cents, or 0.9%, to $71.74 a barrel by 11:44 GMT. U.S. West Texas […]
WTI crude saw a huge drop yesterday, shedding $2.70 (-3.6%). Today, oil prices continue their selloff, with market participants anxious over climbing COVID cases and the potential of Iranian oil returning to the market. COVID cases are on the rise around the world, with global new cases hitting 623,000 last week. The Delta variant is […]
On Monday, we saw the most significant single-day drop in oil prices in 10 months. Many analysts suggest this has to do with the fear that new coronavirus variants will again bring a pause to travel, in turn heavily impacting fuel demand. Today prices fell again, with crude opening at $66.60. This was the lowest […]
Oil prices are hovering in the low $74 range this morning, not far from their pre-July 4th peak. The International Energy Agency (IEA) released their monthly oil market report, which noted several bullish trends in the short-term. Oil demand rose by 3.2 MMbpd in June, representing a 3.4% increase month-over-month. Moreover, last month’s demand gains […]
This morning prices fell as the world has seen a heavy increase in COVID-19 variant cases. These new strains, along with already tight supply and demand, have started to concern investors. Today crude opened at $74.74, diesel at $2.1527, and gasoline at $2.2869. One of the biggest threats to the market right now is the […]
