Oil Prices Hit New High as UAE Derails OPEC+ Deal

Oil prices catapulted to new highs this morning before turning lower due to broader financial pressures and a rising US dollar. Last week, the world waited for an OPEC+ deal to increase production later this year – a deal that did not materialize. After three votes, the group cancelled its meeting for Monday, walking away […]

OPEC+ Meets Today, Expected to Hike Output

This morning, crude opened at $73.50, diesel at $2.1314, and gasoline at $2.2409. These prices saw sharp increases this morning as the anticipated OPEC+ meeting draws near. Oil set yet another three-year high, reaching $76.11 this morning. The relentless commodity rally has brought numerous multi-year highs as the world rebounds from the pandemic. Later this […]

Oil Prices Fall Before OPEC+ Meeting

Today oil prices fell slightly after a previous week in which we saw prices climb to their highest in over two years. Crude opened the day at $73.99, diesel at $2.1480, and gasoline at $2.2625. These price droppings come ahead of the much-anticipated OPEC+ meeting later this week that is sure to stir the talking […]

OPEC+ Meets July 1 to Review Iran, Global Demand Trends

This morning, oil prices dropped, a reaction to prices hitting a new two-year high earlier this week. Today crude opened at $73.28, diesel at $2.1606, and gasoline at $2.2684. Lower prices early this morning are showing investors that higher demand, coupled with slow supply increases by OPEC+, could send prices in a positive direction. The […]

Why Everything Is Getting More Expensive – Freight, Fuel, & DEF

It seems like the price of everything is going up recently – goods, labor, fuel, even freight prices. In the post-COVID economy, prices are rocketing higher. Some of the statistics you hear lack meaning: consumer prices rising 5% since the bottom of the world’s worst recession isn’t exactly frightening. But in other cases, the rise […]

Iran Election – A Nuclear Deal Setback?

This morning crude opened up $71.51 while reaching an early morning high of $72.41. Prices this morning remained mostly flat as summer driving demand continues to pick up. Iran, which last week held its presidential election, is also at the top of traders’ minds; the country elected conservative candidate Ebrahim Raisi on Friday. Over the […]

2021 Oil Forecasts Rise as Iran Deal Stalls

Lack of progress on Iranian nuclear negotiations is pushing markets to fresh highs this morning. Iran’s presidential election, which had been seen as a soft deadline for negotiations, is approaching on Friday this week. The front-runner is Ebrahim Raisi, a hard-line conservative with a history of cracking down on political opposition. Iran’s Supreme Leader Ali […]

US Crude Hits Fresh 2.5-Yr Highs as Goldman Calls for $80 Oil

Oil prices reached a fresh high yesterday, spurred higher by demand optimism. Goldman Sachs reiterated its bullish forecast to its customers, stating that Brent crude prices may overshoot their $80/bbl price target. Given where prices are today, that forecast suggests at least another 20 cent per gallon increase in fuel prices before the end of […]

Crude Nears $70/bbl – US-Iran Talks Continue

This morning crude opened at $69.52, the highest in a multi-year period. While crude is floating around $70, it may be a while before it breaches that threshold. With the economy trying to find a strong balance between the rising demand with summer travel picking up, along with higher output from Iran, there are differing […]

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The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

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