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 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 …
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 …
Military forces in Iraq are preparing an attempt to gain control of an oil route located near the Iran border. The border has historically been used to transport oil throughout the Hamrin mountain range. A Reuters article reported, “Trucking crude oil to Iran was agreed under a swap agreement announced in December by the two …
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 …
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 …
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 …