Brent climbed above $40 for the first time in 3 months on hopes of extended production cuts The world’s biggest oil producers are expected to meet as early as Thursday, according to Reuters which cited sources as saying OPEC+ members may bring forward a meeting originally scheduled for June 9-10. While Russia and other members […]
On Tuesday, WTI Crude jumped higher on news that Saudi Arabia and Russia reached a preliminary agreement to extend the current supply quotas for another month before tapering back cuts. A bullish API inventory report also helped to lift markets. Crude is down in trading this morning after yesterday brought prices to their highest levels […]
Yesterday, WTI crude ended flat with positive sentiment regarding production cuts capped by rising trade tensions between the US and China over security legislation in Hong Kong. Crude is trading near three-month highs this morning on expectations that OPEC+ will extend production cuts to bring down inventories. Saudi Arabia is in favor of extending current […]
Last week, WTI Crude finished with its fifth straight week of weekly gains. It finished up $1.78 on Friday to close out the week. Crude markets are feeling downward pressure this morning as investors consider demand threats from unrest in the US and deteriorating US-China relations. Also being weighed is the possible continuation of OPEC+ […]
On Wednesday, WTI Crude finished sharply lower on the news from Russia stating that they wish to increase production in July in accordance with the original OPEC+ plans for tapering off production cuts. In early trading today, prices are flat, but API inventory news of a surprise build in crude is putting downward pressure on […]
On Tuesday, WTI Crude was supported by the market’s growing confidence in OPEC+’s ability to bring the market into balance. Markets closed yesterday with gains near 2% after data showed an uptick in demand as more cars get back on the road. In early trading this morning, the market is giving back some of yesterday’s […]
Oil Resumes Rally with Prices Doubling Over Last Five Days Futures in New York rose above $25 a barrel after earlier breaking above their 50-day moving average for the first time since January. Russian oil production was down 16% in the first five days of May, Interfax reported, while Plains All American Pipeline LP sees […]
The oil price wars have begun. Prices are down by the largest amount since the 1991 Gulf War, and agencies are racing to reconsider their price forecasts for the year. The stock market halted trading immediately after reopening due to massive losses. What’s going on? On Friday, Russia fired the first shot of the war. […]
Yesterday, oil started the session over2% lower after OPEC officials scrapped plans for an emergency meeting in February. OPEC+ plans to keep to its scheduled meeting coming up in March. Russia is still considering the further cuts of 600 kbpd suggested by Saudi Arabia. Russia’s Energy Minister Alexander Novak and his Saudi Arabian counterpart Prince […]
Last week crude closed the week higher on the potential for deeper OPEC+ cuts and Chinese economic stimulus due to the coronavirus. In early trading this morning the market is giving back some of last week’s gains as markets asses the crude demand decline from the coronavirus versus the stimulus measures being rolled out to […]
