Oil prices rose 2% on Friday and posted weekly gains as traders awaited an OPEC+ decision on supply agreements for the second quarter. “The expectation that OPEC+ is going to continue with their voluntary production cuts well into the second quarter of 2024 is the main focus on the market,” said Andrew Lipow, president of […]

Oil prices were lower today as US inflation data implied a softening of the US economy. “The economic data, which is mixed, is helping to argue for interest rate cuts for the Fed, which is supportive of oil demand,” said John Kilduff, partner with Again Capital LLC. “At the same time, those cuts are going […]

Oil prices were mostly flat today after the Fed held firm on its decision to hold off in rate cuts in the near future. U.S. crude inventories rose by 4.2 million barrels last week, surpassing analysts’ expectations of 2.74 million. Stockpiles have risen for five consecutive weeks due to unplanned refinery outages following a winter […]

Oil prices were higher today, rising about $1/bbl as OPEC+ is contemplating extending voluntary output cuts. Sources are telling Reuters OPEC+ could keep the additional cuts in place until the end of the year. “We are going to see some tight supplies down the road,” said Dennis Kissler, senior vice president of trading at BOK […]

Oil prices were higher today but underlying concerns remain, especially in the diesel market. A slump in U.S. refining activity and disruptions to global trade have tightened diesel supplies in recent weeks, dampening historically high U.S. diesel exports to Europe this month. U.S. diesel cracks briefly surged to a four-month high of more than $48 […]

Oil prices were lower today closing out the week down despite indications of healthy fuel demand and supply concerns stemming from the Middle East tensions. Federal Reserve policymakers should delay U.S. interest rate cuts by at least another couple of months, Fed Governor Christopher Waller said on Thursday, which could slow economic growth and curb […]

Oil prices were higher today buoyed by hostilities in the Red Sea. Yemen’s Iran-aligned Houthis will escalate their attacks on ships in the Red Sea and other waters and have introduced “submarine weapons,” the group’s leader said on Thursday, as it keeps up attacks on shipping. On Thursday, the premium for front-month WTI crude futures […]