Oil heads for week of losses despite talk of supply cut (reuters.com)

Oil rose on Friday on expectations that OPEC and its allies would agree to cut output next month but prices were still down on the week on concerns that the global market was oversupplied. Ministers from the Organization of the Petroleum Exporting Countries meet on Dec. 6 in Vienna to decide on production policy for the next six months. They have to decide what to do about a growing surplus in world markets. OPEC is widely expected to start trimming output soon, fearing a repeat of the 2014 price rout. Click read more below for additional detail.
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Gas prices plummet amid ‘bewildering’ decline for oil as Thanksgiving travel approaches (usatoday.com)

Gas prices are plunging as the Thanksgiving holiday travel period approaches. A dramatic drop in oil prices over the last several weeks is fueling the decline. Ample global supplies of petroleum, which is refined into gasoline, have played a key role in delivering savings for consumers. The national average was $2.68 per gallon on Wednesday, down 7 cents from a week earlier and 22 cents from a month earlier, according to AAA. Prices are still up 12 cents from a year ago. Click read more below for additional detail.
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Oil prices try to steady after 12th straight drop (Marketwatch.com)

U.S. oil prices wavered early Wednesday as investors continued to wrestle with rising crude supplies against lingering questions about demand. More signs of strong supply data may drive price action as the U.S., Russia and Saudi Arabia are pumping crude at record levels, causing global supply to significantly outrun demand, a monthly update from the International Energy Agency showed Wednesday. IEA also said crude output from the world’s three biggest producers is holding global supply steady, at around 100.7 million barrels a day last month. That’s 2.6 million barrels a day higher than the same period last year. Click read more below for additional detail.
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US shale needs to add another ‘Russia’s worth of crude’ to prevent global oil shortage, IEA warns (cnbc.com)

U.S. shale oil producers would need to add the equivalent of Russia's entire crude oil production within just seven years to head off a global shortage, according to a global energy watchdog. The International Energy Agency (IEA) said Tuesday there will be robust demand growth for oil over the next few years driven by the rise in industry, aviation, and petrochemical needs. The economist said while some have pointed to the ability of U.S. shale oil to make up the difference, that theory would be severely tested as between now and 2025, the U.S would need to add more than 10 million barrels per day. Click read more below for additional detail.
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Oil prices turn higher as Saudi Arabia signals OPEC is closer to an output cut (marketwatch.com)

Oil prices flipped positive on Monday after weeks of losses had plunged the U.S.-traded resource into a bear market and brought international benchmark Brent perilously close to such a distinction. The price recovery came as OPEC and its allies signaled, if weakly, a willingness to again cut production amid hefty global supply. Saudi representatives said Sunday that the kingdom would slash its exports unilaterally next month, as a broader OPEC alliance debated — but didn’t agree to — a collective production cut. Meanwhile, Russia, the world’s largest producer, sent mixed signals on whether it would pull back on supply — after moving in lockstep on such matters with OPEC for more than two years, the Journal reported. Click read more below for additional detail.
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Oil falls below $70 as U.S. crude enters ‘bear market’ (Reuters)

Oil prices fell to multi-month lows on Friday as global supply increased and investors worried about the impact on fuel demand of lower economic growth and trade disputes. Benchmark Brent crude (LCOc1) fell below $70 a barrel for the first time since early April, down more than 18 percent since reaching four-year highs at the beginning of October. "There is no slowing down the bear train," said Stephen Brennock, analyst at London brokerage PVM Oil. "Instead, the energy complex has extended a rout driven by swelling global supplies and a softening demand outlook." Click read more below for additional detail.
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