Oil prices were lower today but managed to rebound from earlier losses after a report was released claiming that the US and Iran were close to reaching a new nuclear agreement. A spokesperson for the White House National Security Council later called the report “false and misleading”. “If there’s no Iran deal then we’re back […]
Oil prices climbed higher today about 1% reversing some of yesterday’s losses. “Futures seem to be in a ‘tug of war’ with slowing demand for manufacturing, and lighter diesel demand, against expected production cuts coming from OPEC & Saudi,” said Dennis Kissler, senior vice president of trading at BOK Financial.US crude stocks fell by about […]
Oil prices were lower today on worries of sluggish economic growth hurting energy demand. This outweighed the production cuts announced by Saudi Arabia on Monday. The Kingdom also unexpectedly cut its selling price to Asian buyers again. However, the Saudi supply cut is unlikely to achieve a “sustainable price increase” into the high $80s and […]
Oil prices were higher today after the Saudis announced to production cuts of an additional 1MM/bbls
Russia has been a thorn in Saudi Arabia’s side, selling cheap oil and overproducing (Saudis want the price of oil at $80 per barrel or higher)
Weaker jobs data was also bullish as the hope is that the Federal Reserve will pause interest rate hikes
The short sellers have come out to play big time in the last several days and Saudi Arabia’s energy minister is warning them to tread lightly.
The dollar index had some support today from cooling European inflation which was a drag on prices.
The big elephant in the room is the continued drama over the debt ceiling
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