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Oil held gains near the highest since 2018 amid a global energy crunch that’s set to increase demand for crude, while stockpiles are falling from the U.S. to China. View the full article
U.S. crude futures closed modestly higher after OPEC+’s relatively harmonious decision to gradually raise supply and a bullish U.S. oil inventory report. View the full article
Oil climbed above $70 a barrel in New York after three weeks of gains as investors tracked the slow restoration of supplies in the Gulf of Mexico and the outlook for demand and inventories over the fourth quarter. View the full article
Oil rebounded after a U.S. government report showed rapidly declining inventories and record-high fuel demand in the midst of the peak summer travel season. View the full article
Oil gained after a U.S. industry report showed another decline in inventories of crude and gasoline, signaling a tightening market. View the full article
Oil jumped amid indications of a rapidly tightening market after a U.S. government report showed a bigger-than-expected decline in crude stockpiles. View the full article
This year's oil rally has paved the way for the alliance to unleash some barrels, with OPEC Secretary-General Mohammad Barkindo saying on Tuesday that both the wider economic outlook and oil-market fundamentals continue to improve. View the full article
Oil advanced amid speculation that OPEC and its allies may not add as much supply to the market as previously planned if the U.S. releases crude reserves in coordination with other nations. View the full article
Oil climbed amid broader market gains on reports that early cases of the omicron Covid-19 variant have been fairly mild, easing concern about a possible blow to demand. View the full article
Oil has gotten stuck in recent weeks, as traders look for more signs of a recovery in consumption from the Covid-19 pandemic. Trading volumes fell below their 15-day average every day last week as the market awaits a breakout. In the meantime, the OPEC+ alliance agreed to add more barrels from May. View the full article
Bahrain needs crude prices above $88 a barrel to balance its budget this year, according to the International Monetary Fund, the highest breakeven price in the six-member Gulf Cooperation Council and far above current levels around $75. View the full article
Oil prices climbed as the International Energy Agency warned of a deepening supply crunch. View the full article
In spite of the rise in oil price, defying the forecasts that said otherwise, Saudis have been urging the members of the OPEC to be cautious.
We do not know for sure whether the Saudis knew the dip in price this week in advance – by instinct or from a model that the rest of the analysts are not aware of.
Up until this week, Saudi Arabia got it calculations right and they deserve the credit for it: their strategy worked perfectly well and OPEC members could breathe a long, collective s
Having risen steadily – and somewhat alarmingly – for more than a week, Brent crude price has slightly gone down for most of the day on Tuesday.
Major oil producers in the OPEC, meanwhile, still think the price of the crude oil is in the right range as far as their economic issues are concerned, thanks to the output cut.
The minnows in the organization, however, do not see it that way and reluctantly agree with cuts; they want to sell as much oil as possible and earn revenues as a matt
Oil price that has been rising for the past few weeks, judging by the above chart, shows signs of becoming static – finally.
Neither the cut in output by the OPEC+ nor the significant drop in crude oil stockpiles moved the price up, buckling the widely-anticipated trend.
Do the investors know something that is not depicted by these charts that we do not know? It remains to be seen.
Of course, the Coronavirus infections show no sign of abating; there is no heighted alarm among the
The next monthly meeting of the OPEC+ on March 4, is going to be crucial for the oil price in particular and the economies of the world regardless of their strength in general.
At present, the factors which are always in favour of steady oil price are active and in full swing: the inventory draws are significant; China has been importing crude oil at an increased pace and so has India; Covid-19 vaccines bring in new hope for controlling the pandemic.
In this context, OPEC+ can play the
The unity of Arab nations with Saudi Arabia at its nucleus appears to be helping the latter in its determination to cut the crude oil output to compensate for the loss of revenues during the past few months.
Both Iraq and Libya confirmed that they will cut down the output for January and February, mimicking what Saudis did: not only did Saudi Arabia cut the oil output by 1 million barrels per day, but also raised the crude oil price for Asia, something that didn’t go down very well with the
West Texas Intermediate for June delivery tumbled 1.4%, while global benchmark Brent also declined. Stock markets fell on inflation fears, while the dollar climbed, hampering prices. There was also an increase in U.S. crude stockpiles last week, the American Petroleum Institute reported. View the full article
Oil extended losses after Saudi Arabia slashed crude prices for Asian buyers, raising the prospect of fierce competition among sellers as the resurgence of Covid-19 continues to cloud the demand outlook. View the full article
West Texas Intermediate slipped 0.6% following a 2.1% decline on Wednesday, when U.S. government data showed the first increase in crude stockpiles in a month. In India, coronavirus cases have topped 300,000 a day, the biggest jump globally, endangering consumption. View the full article
Futures in London earlier surged above $71 a barrel, the highest since January 2020, before retreating to trade little changed. The assault on a storage tank farm at Ras Tanura on Sunday was intercepted, Saudi Arabia said, and oil output appeared to be unaffected. View the full article
Futures in New York slipped 0.9% on Tuesday for a third straight session of losses, following a surge earlier this month to intraday levels last seen in 2018. Though there are indications of growing demand in some parts of the world, other regions -- notably Europe -- are lagging. View the full article
Oil sank for a third consecutive day as Chinese economic data disappointed and the spread of the delta coronavirus variant hurt prospects for global demand. View the full article
Futures dropped back below $69 a barrel on Tuesday, mirroring wider markets where the dollar rose and U.S. equity futures pared gains as the recent surge in various assets brought on inflation concerns. View the full article
Oil futures dropped back below $69 a barrel on Tuesday, mirroring wider markets where the dollar rose and U.S. equity futures pared gains as the recent surge in various assets brought on inflation concerns. View the full article
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About this blog
I started this blog to express what I sense about the highs and lows of the oil realm, while cautiously analysing historical data, taking into account the geo-political development at the time of recording them.
I got into this field, having been a passive observer of fluctuations of crude oil prices and their global consequences for years.
Then, when on the day of Great Oil Crash in April, 2020, I made a decision to make my own blog, with the motto, ‘analysing data that really matters’.
Having come from an academic background in mathematics and physics, I analyse data using my own tools, created with JavaScript and Python, taking my decision on board while making decisions.
