Oil prices recorded their largest one-day drop in two weeks on Thursday, with expectations building that OPEC will end an output deal that has been in place since the start of 2017 due to concerns about supplies from Venezuela and Iran. The Organization of Petroleum Exporting Countries may decide in June to lift output to make up for reduced supply from Iran and Venezuela and in response to concerns from Washington about a rally in oil prices, OPEC and oil industry sources told Reuters. Click Read More below for additional information.
Oil rallied Wednesday on continued optimism over U.S.-China trade talks and industry data pointing to a fall in domestic inventories, pushing U.S. futures back above $50 a barrel for the first time since mid-December.
More closely watched data from the Energy Information Administration due for release later Wednesday is expected to show crude inventories fell by 1.4 million barrels, according to a survey of analysts by S&P Global Platts, while gasoline stocks are forecast to rise 4.2 million barrels and distillate inventories are expected to show an increase of 4.3 million barrels.
more at: https://www.marketwatch.com/story/oil-pushes-back-above-50-a-barrel-for-first-time-since-mid-december-2019-01-09