Today, the oil market enters a new week with brand new decisions being reached over the weekend by OPEC+. The group of 24 oil-producing nations and their ministers agreed on Sunday to boost oil supply starting in August, in hopes of putting a damper on oil prices that recently reached 2 ½ year highs. This […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
