Oil prices climbed higher throughout the week, and one bank sees it as the start of a broader rally. Goldman Sachs is calling for crude oil prices to rise more than 10% over the next few months as oil demand climbs back to pre-COVID levels and interest rates remain low. In addition, the US’s relative […]
Crude closed up only a penny yesterday but is hitting 11-month highs this morning. The continuation of last weeks’ rally based upon voluntary production cuts from Saudi Arabia and a weaker dollar is helping to lift markets. In addition, the easing of coronavirus restrictions and the ensuing uptick in travel and economic activity along with […]
Crude closed sharply lower on Monday as a new strain of COVID-19 was discovered in the United Kingdom. The new strain is more highly transmissible than current known strains of the virus. In response to the discovery, more than 40 countries have banned arrivals from the UK. The fear of the new strain of the […]
Oil prices are at a standstill this morning, continuing to slide back after reaching the highest crude oil price since early March. Much of the oil rally can be attributed to a falling dollar, so today’s small uptick in dollar strength is putting pressure on oil. Outside of the dollar, though, today’s news seems generally […]
Oil markets are on track to set a multi-month record with a 5-day up streak if current trends hold. With the OPEC+ price war in the rearview mirror, markets are more comfortable bidding up prices despite weak demand. Inventory builds this week are expected to be smaller than recent builds, and demand seems to be […]
Yesterday, crude prices rallied in the afternoon to close the day higher. This rally came about even in the light of bearish inventory news coming from the EIA with the 13th straight week of weekly crude builds. Prices got a jolt from increased US-Iran tensions escalated by a tweet from Trump. In early trading this […]
