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Oil expected to maintain a positive path after reaching a two-week high. Market Watch reported, “Oil futures erased a small decline to turn higher Thursday after government data showed an unexpected drop in U.S. crude inventories. The Energy Information Administration said crude stocks fell by 1.6 million barrels. A survey of analysts by The Wall …
The oil market has seen the return of volatility after the last two weeks. Forbes reported, “A 10 percent drop in the Dow Jones Industrial average was met by a 10 percent drop in the price for WTI, as a strengthening dollar, a jump in the U.S. rig count and the preliminary announcement by the …
This is shaping up to be the worst week for oil in about a year, concerning investors already worried about an over grown supply in the U.S. Bloomberg reports, “Futures traded in New York are on track to post a 7.8 percent slump this week as equities tumbled around the world. Adding to the alarm …
The global market plunge has affected nearly every equity, making oil no different. Thus oil has reached its lowest price point in over two months. Bloomberg Market reports, “Crude futures in New York fell a third day, sliding as much as 1.6 percent”. They continued by sharing, “‘Oil prices could not escape the risk-off mood …
The market just experienced their strongest start to the new year in over five years despite the recent dip in oil prices Monday. Bent crude remained above $70/ barrel while West Texas Intermediate held at roughly $66. Two key drivers in this are the weakened dollar and the growth of oil production in general. This …
Qatari Energy Minister Mohammed al-Sada told Reuters that oil markets should reach balance after several years of supply glut some time in the third quarter of 2018. According to the article in Reuters, “al-Sada said the majority of the surplus has been taken away by the market but he still sees excellent opportunities for OPEC …
According to Iraqi Oil Minister Jabar al-Luaibi, the oil market “is heading in the right direction … it will continue to stabilize until the end of the year,” he told reporters on Monday. As reported by Reuters, “The global oil market is stabilizing as crude inventories are falling… but Global oil producers agree that they should continue …
India today put on auction a record exploration acreage for prospecting of oil and gas, from 55 blocks, in the first bid round in eight years. Each block on offer has been carved out by prospective bidders under the open acreage licensing (OAL) of the new Hydrocarbon Exploration and Licensing Policy (HELP), Oil Minister Dharmendra …
Large investment banks are upping their price targets for oil as crude futures hit levels not seen since the early days of a slump in December 2014. According to reporting by CNBC, “The banks says the long-oversupplied oil market is tightening up more quickly than expected as global economic growth fuels demand and output cuts …
The price of oil touched $70 today. The rise may be attributed to a tightening supply from OPEC and Russia. While U.S. supplies have been expanding, they have yet to stop the upward trend. Reuters reports that, “Growing signs of a tightening market after a three-year rout have bolstered confidence among traders and analysts that …