Oil prices rose slightly on Friday amid reports that Iran was planning a retaliatory strike on Israel from Iraq, though record U.S. oil production limited gains. Brent crude increased by 29 cents, or 0.4%, to settle at $73.10 a barrel, while WTI crude rose 23 cents, or 0.3%, to $69.49. Despite early-session gains of over $2, both benchmarks ended the week lower, with Brent down 4% and WTI down 3%. SEB Research analyst Ole Hvalbye commented that any response from Iran may likely be “restrained… primarily intended as a demonstration of strength.”

U.S. production continues to surge, with Exxon Mobil and Chevron reporting record outputs and U.S. production hitting an all-time high of 13.5 million barrels per day, according to the EIA. Further supporting prices, OPEC+ may delay a planned December production increase, with a decision potentially expected next week.

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mars
  • Where: Renaissance Schaumburg Convention Center Hotel
  • Attending: Curtis Chandler (239.405.3365), David Cohen (954-729-4774), Brian Baker (239)297-4519
  • Conference Website
mars
  • Where: La Quinta Resort & Club, La Quinta, California
  • Attending: Curtis Chandler (239.405.3365)
  • Conference Website
opis
  • Where: Charlotte Harbor, Florida
  • Attending: David Cohen (954-729-4774), Brian Baker (239)297-4519
  • Conference Website