Oil prices are turning lower this morning, following news that OPEC may finally be near an agreement to increase production for the remainder of the year. Saudi Arabia and the UAE have been at odds for the past two weeks, derailing members’ consensus to increase output by 400 kbpd each month between now and December. […]
After a long string of oil price gains, oil prices fell this week as the OPEC meeting last week crumbled. Although the group was voting on increasing production – and thus no vote means less production, which should cause higher prices – the market reaction has been bearish. Traders fear that the UAE and other […]
For a third day straight, oil prices have fallen since OPEC failed to reach a production increase agreement earlier this week. This morning crude opened at $72.17, diesel at $2.0849, and gasoline at $2.2049. Analysts suggest an agreement to raise production may be out of the question for the near-term, as Saudi Arabia and the […]
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 […]
WTI crude closed higher yesterday on EIA inventory news that was more bullish than what the API reported. The API expected a large build in crude, but the EIA reported a small draw. Products had a seasonally expected increase as refiners build stocks in preparation for the spring and higher future demand. Crude is trading […]
Crude closed down slightly yesterday. It is continuing to lose ground in early trading this morning. Pessimistic news coming out of the OPEC+ meeting is putting downward pressure on the market. The OPEC+ meeting scheduled for today has been pushed back to Thursday due to disagreements among members regarding continuing supply cuts next month. OPEC+ […]
WTI crude closed slightly higher yesterday on the hopes of OPEC+ balancing the market and the continuation of the rally from coronavirus vaccine news. This morning, however, the market is feeling downward pressure from mounting coronavirus infections and deaths and rumors of the UAE considering leaving OPEC. The US has surpassed a grim milestone of […]
Oil Rally Cools as Iranian Strike Causes No U.S. Casualties Oil’s rally faded as the U.S said Iranian airstrikes on military bases in Iraq didn’t cause any casualties, reinforcing speculation that Tehran is opting for limited retaliation over the killing of a top general. Futures in London initially surged more than 5% as the Islamic […]
Friday saw some bumpy trading action for oil markets, with oil prices slipping in the morning before rising again heading into the close. Weakened trade sentiments are weighing on oil this morning. Crude oil is currently trading at $56.45, down 79 cents from Friday’s close. Fuel prices are sinking lower as well after small losses […]
