Oil Prices ///
Oil extended losses below $60/bbl on the prospect of easing tensions between the U.S. and OPEC member Iran, and as Gulf of Mexico producers began resuming operations after a storm.
Hurricane Barry shut-in three-quarters of U.S. GOM crude production.
The promise of the Permian is shrinking.
Saudi Arabia is fulfilling its pledge to make deeper cuts in oil output than the OPEC+ agreement on output requires, according to the first indication of the kingdom’s production since the supplier group extended curbs earlier this month.
A week after OPEC agreed to keep oil production restrained until early next year, the group’s first forecasts for 2020 showed it faces an even longer and tougher challenge.
Oil rode a tide of bullish news to its highest price in almost two months as a potential hurricane roiled the Gulf of Mexico and U.S. crude inventories dropped.
Oil held above $57/bbl as rising tension in the Middle East kept investors wary of potential supply disruptions.
Hedge funds are growing more pessimistic about oil prices as sentiment on the global economy sours.
Oil declined as a smaller-than-expected draw in U.S. inventories added bearish sentiment to a market already reeling from gloomy economic news.
Saudi Arabia, OPEC’s dominant producer, will keep doing the heavy lifting as the cartel and its allies were all but forced to extend their effort to counter the U.S. shale boom into a fourth year.
For almost three decades, OPEC has always pumped at least 30% of the world’s crude oil, creating an informal floor for Saudi Arabia and its allies in the cartel.
Russian President Vladimir Putin struck a deal with Saudi Crown Prince Mohammed Bin Salman to extend the OPEC+ agreement at current production levels for the rest of this year and potentially into early 2020.
Oil rose to the highest level in more than three weeks as political tensions between the U.S. and Iran continued to simmer, with President Donald Trump announcing plans for further sanctions against the OPEC member.
President Donald Trump is threatening Iran with additional sanctions on Monday, but there’s not much left for the U.S. to target because most of the Islamic Republic’s economy has been crippled by earlier penalties.
A potential conflict between the U.S. and Iran could be far more disruptive for liquefied natural gas markets than to the world’s crude shipments.
Oil extended its rally after the U.S. said it was preparing new sanctions against Iran, further escalating tensions between the two states.
Russia’s state-controlled oil giant, Rosneft PJSC, is extracting concessions from crisis-ridden Venezuela to enter the offshore natural gas market on the cheap, a potential headache for the U.S. and Europe.
Oil jumped the most this year after Iran shot down a U.S. drone and Donald Trump warned the Persian Gulf nation it made “a very big mistake,” stoking tensions in the epicenter of global crude production.
Oil rose after Iran shot down a U.S. spy drone in its airspace, stoking Middle East tensions further after the attack on two tankers last week.
Oil slipped below $54/bbl after a short-lived spike as anxieties about global trade and a supply glut overshadowed record gasoline consumption in the U.S.