Crude oil rose more than one percent in Monday's session to seven-year highs reached in the previous session. Oil prices are on track due to supply concerns and political tension in Eastern Europe and the Middle East. This week they are expected to reach $90 per barrel.
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Crude Oil Headed for a Third Straight Week of Gains
Oil started the year on a high and is already heading for a third consecutive week of gains, at a time when some OPEC+ members are facing some constraints, such as Kazakhstan or Libya. Today, West Texas Intermediate is up 0.39% to $79.77. On the other hand, Brent crude from the North Sea...
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OPEC+ to place 400,000 barrels of oil starting next month
The Organization of the Petroleum Exporting Countries (OPEC) has decided to stick to its plan of putting more than 400,000 barrels of crude oil per day on the market, Reuters reports, citing a joint OPEC+ technical report. It is known that the price of benchmark oil dropped more than 10% at the end of last November to...
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Oil remains indifferent after OPEC meeting decision
Oil trailed slightly higher after Reuters announced that OPEC+ decided to maintain its current production increase of 400,000 barrels per day, but the gains were quickly erased. Statements from yesterday's technical meeting showed that the cartel does not see a big impact from the Omicron variant, as...
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OPEC+ meets to discuss oil production policy
The Organization of the Petroleum Exporting Countries (OPEC), Russia and allies (OPEC+) will discuss oil production policy on Tuesday with the aim of increasing supply against an increasingly worrisome backdrop of the spread of the omicron variant of covid-19. Sources close to the process indicate that OPEC+ may consolidate the idea...
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Oil returns to gains after sinking more than 5%
Oil is back to gains this Tuesday, after sinking over 5% in the previous session. The oil market is now recovering from losses as investors are still assessing the outlook for demand given the rapid transmission of the omicron variant. North Sea Brent crude is now appreciating...
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OPEC+ forecasts oil surplus next year
The Organization of the Petroleum Exporting Countries and its allies (OPEC+) predicts that next year there will be an oversupply of oil, estimating that the highest rates will occur from January through March. According to the base case scenario, which takes into account the latest decisions of OPEC+ (OPEC and 10 allied countries)...
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US may give up oil reserves to curb rising energy prices
The United States may announce today a loan of its emergency crude oil reserves as part of an agreement with major Asian energy consumers. The so-called "swap" of the U.S. Strategic Petroleum Reserve (SPR)" is expected to be announced in a coordinated action among several countries. The measure aims to reduce the prices of...
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OPEC+ may increase oil supply in case of demand
United Arab Emirates (UAE) Energy Minister Suhail al-Mazrouei this Monday advanced the possibility that the Organization of Petroleum Exporting Countries and its allies (OPEC+) will increase oil supply in line with demand in the market. The official assumed that the UAE has the capacity to supply additional volumes of oil to the market...
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Oil rises to over $85 a barrel
The price of Brent oil today surpassed the $85 per barrel threshold for the first time since October 2018. With this, a deficit is expected in the coming months due to rising gas and coal prices. Oil prices have registered highs in recent weeks, as gas prices...