Oil prices fell today in a volatile session. OPEC+ producers unexpectedly announced they would delay the upcoming meeting on production cuts, raising questions about global crude supplies. The meeting was postponed from Nov. 26th to Nov 30th. U.S. crude oil inventories rose by 8.7MM/bbls last week on higher imports. The U.S. dollar bounced back from […]
Oil prices were mostly flat for the day. Prices pared losses late, with one more session before the U.S. Thanksgiving holiday on Thursday, which typically yields lower trading volumes in oil. “Going into the long weekend the market would rather be a little bit long than short,” said Andrew Lipow, president of Lipow Oil Associates. […]
Oil had a stronger session today boyed by expected OPEC+ production cuts. Both benchmarks have plunged for four straight weeks, but started to rebound on Friday, settling 4% higher on profit-taking and after three OPEC+ sources told Reuters that the producer group is set to consider whether to make additional supply cuts when it meets […]
Oil jumped 4% after a week-long selloff, on the back of short covering and U.S. sanctions on some Russian oil shippers but fell for a fourth week in a row. West Texas Intermediate crude rose $2.99 per barrel today, (+4.1%) to close at $75.89 per barrel. Brent crude futures settled up $US3.19 per barrel (4.1%) […]
Oil prices slumped today to four month lows dropping around 5% on the day. Investors remain worried about global oil demand exacerbated by weak data from the US and Asia. Both contracts also traded deeper into contago. “The mood is negative, the charts are negative,” said Phil Flynn, an analyst at Price Futures Group. “It’s […]
Oil prices tumbled today on the EIA report showing a larger than expected rise of crude inventories. Crude stocks rose by 3.6MM/bbls last week far exceeding expectations of a 1.8MM/bbl jump. “U.S. supply activity is headwind for the market, and U.S. is a problem for OPEC+,” said John Kilduff, partner at Again Capital LLC in […]
Oil prices were flat for the day after rising earlier in the session. In early trade, both crude benchmarks rose by over $1 a barrel after the International Energy Agency (IEA) boosted its demand growth forecasts and the U.S. dollar fell on data showing inflation was slowing in the world’s biggest economy. Uncertainty over tomorrow’s […]
Oil prices rose again today as OPECs monthly market eased worries about waning demand. “The OPEC monthly oil market report appeared to push back against demand concerns, referencing overblown negative sentiment around Chinese demand while raising demand growth forecasts for this year and leaving them unchanged for next,” Craig Erlam, senior market analyst at OANDA, […]
Oil prices were higher today gaining about 2% as Iraq voiced its support for OPEC+’s oil cuts ahead of the meeting a couple weeks from now. This caused some speculators to cover massive short positions. “This was the perfect technical storm. We came into this week with an almost record short position and now we’re […]
Oil prices were stronger today after falling off for the last couple sessions. Market fundamentals dominated trader sentiments through much of Thursday as fears of Middle East supply disruptions have eased, said Jim Burkhard, vice president and head of research for oil markets at S&P Global Commodity Insights. “The onset of the Israel-Hamas war does […]