Tag: OPEC+ oil production
Oil Slumps 4% as OPEC+ Meeting Delayed
Oil prices fell by 4% following news that Sunday's meeting between OPEC+ producers has been delayed. West Texas Intermediate (WTI) crude futures slumped 4.2% lower to $74.51 a barrel while Brent crude futures declined 4.1% to $79.06 per barrel.
Previously scheduled for Sunday 26 November,...
Oil Industry Leaders Meet in Singapore to Discuss Turbulent Market
Elite leaders in the global oil market are set to convene at the Asia Pacific Petroleum Conference in Singapore on Monday. The conference, organized by S&P Global Commodity Insights, is aimed at discussing the current market climate. Among the speakers are Black Gold Investors...
Oil Headed for Largest Monthly Gain Since Early 2022
Oil is on track to record its largest monthly gain since January 2022 as the market continues to tighten following the latest supply cut announced by OPEC+.
West Texas Intermediate was trading slightly above $80 per barrel on Monday morning, touching its peak in April...
Oil Hits Three-Month High as Supply Tightens
Oil prices rose to a three-month high on Monday as tighter supplies overshadowed concerns of an upcoming interest rate hike from the Federal Reserve later in the week.
West Texas Intermediate surpassed $78 per barrel as the previously-announced oil production cutbacks from OPEC+ began to...
Oil Holds Onto Gains as Russian Crude Declines
Brent oil held onto its gains after rising by around 2% on Tuesday amid signs that Russian crude production may finally be on the decline. According to vessel tracking data, shipments from Russia's western ports in the four weeks ending July 9 fell significantly.
Futures...
Oil Drops as Investors Weigh Opec+ Decision
Oil retreated on Wednesday following a 2% rise the previous day after Saudi Arabia and Russia announced production cuts. Investors are now looking to the 8th OPEC International Seminar in Vienna Wednesday for an indication of whether other members of the cartel will follow...