Oil is down 10 percent after reaching its high last month. Crude oil was trading at $60 per barrel yesterday, with its main influences being the production cut as well as the weakening dollar. A reporter for CNBC stated, “However, I believe this is nothing more than a temporary recovery. Anticipated interest rate hikes this …
Oil gains after the biggest decline over a one week period in over two years. Reuters reports, “Brent crude futures LCOc1 were up nearly 2 percent, or 92 cents, at $63.71 a barrel by 1442 GMT, while U.S. West Texas Intermediate futures CLc1 rose $1.10 to $60.30. A weaker dollar helped to boost oil by …
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 …
After a rough week, oil returns to a steady position. Despite the drop in recent inventories, the U.S. output was so high that it established an offset. Nasdaq reports, “Brent crude futures edged down 11 cents to $66.75 a barrel by 0951 GMT, while U.S. West Texas Intermediate (WTI) crude futures eased 12 cents to …
Oil production peaked at over 10 million barrels a day this past November. This was the first time since 1970 that the United States has seen barrel production this strong. CNBC reported, “Unlike 1970, U.S. oil production in 2018 is on an upswing, and U.S. shale and other producers are expected to add more than …
Crescent Petroleum’s CEO, Majid Jafar recently spoke at the World Economic Forum where he shared his thoughts on oil prices in the upcoming year. As reported by CNBC, Jafar stated that “…over the next few years, because of the huge under investment we have had over the last few years, the concern is as global growth continues …