Oil Prices Continue To Rise

The oil market experienced a more than 1% rise last week, adding on to previous gains. Saudi commented that they’d rather have a market somewhat undersupplied than end the OPEC deal and withhold production. Traders said, “Prices rose on the back of ongoing weakness in the U.S. dollar against other leading currencies, further supported by …

Oil At Risk Of Plunging Further

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 Rises 2% As Market Stabilizes

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 …

High U.S Output Steadies Oil

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 …

U.S. Oil Output Expected To Surpass Saudi Arabia

Rivaling Russia for the title of leader in oil production, the United States is expected to surpass Saudi Arabia in output, a country who has long been one of the world’s biggest producers of crude. According to The Wall Street Journal, “Boosted by a resurgent shale industry, U.S. crude production will likely climb above 10 …