Daily News

Oil edges higher ahead of supply data, OPEC production decision

Oil prices traded slightly higher Wednesday after seesawing for much of this week ahead of the much-anticipated OPEC meeting and amid Washington and Beijing’s ongoing trade threats. West Texas Intermediate crude for July delivery CLN8, +1.23%  added 4 cents, or less than 0.1%, to $65.13 a barrel. The U.S. benchmark crude contract shed 1.2% Tuesday, […]

Goldman: Expect Another Bull Run In Oil

The expected increase in oil production will not leave the market in a situation of oversupply, and in fact, barring no further action, the world could still be short of oil over the next year. There is no shortage of pitfalls for the bull run, with Trump’s expanding trade war, weaker demand and a potential […]

Iran rebuffs Trump’s call for OPEC to increase oil output

Iran lashed out Tuesday against U.S. President Donald Trump’s call on OPEC to increase oil production and limit global energy prices, saying the cartel “is not an American organization.” The OPEC oil ministers began arriving in Vienna on Tuesday ahead of their official meeting Friday, when they will also confer with Russia, a non-OPEC country […]

U.S. economy less exposed to oil price shocks

The price of oil is vulnerable to spikes from geopolitical events, though the U.S. economy seems only modestly at risk, an economist at the Dallas Fed said. The U.S. economy is expanding at a rate above 2 percent, jobless rates are at historic lows, and wages are improving, though some metrics indicate wages aren’t keeping […]

Wood Mac: Expect moderate action from OPEC

Expect some sort of Goldilocks scenario from OPEC on future supplies, though talks under way in Vienna are increasingly contentious, a consultant group said. Ministers from the Organization of Petroleum Exporting Countries arrived this week in Vienna for their regular meeting. At issue this week is a global market in relative balance between supply and […]

Shale giant says Permian oil faces shut ins on pipe shortage

The biggest U.S. shale region will have to shut wells within four months because there aren’t enough pipelines to get the oil to customers, the head of one of the industry’s largest producers said. The worsening bottleneck in the Permian region that straddles west Texas and New Mexico offers an unexpected fillip to OPEC and […]

Trump erases Obama-era offshore rules

Executive action from the U.S. president eases offshore energy planning burdens, an industry group said, though critics said it was a war on oceans. President Donald Trump signed an executive order Tuesday that supports access to marine data and encourages interaction among stakeholders in ocean, coastal, and Great Lakes waters of the United States. The […]

Will OPEC Relax Output Curbs? Oil Stocks in Focus

On Jun 22, a congregation of OPEC (Oil and Petroleum Exporting Countries) countries and non- OPEC allies will assemble in Vienna to take a decision regarding an 18-month old agreement to curb output in order to support global oil prices. Notably, Saudi Arabia and Russia are extremely eager to dissolve the production barrier. However, some […]

OPEC questions, Libyan tensions push oil prices higher

Middle East tensions, heightened by militant activity in OPEC-member Libya, and guesses over what’s next for the producer group sent oil prices higher Monday. The price for Brent crude oil dropped nearly 4 percent on Friday after the Chinese response to U.S. trade decisions. The downturn came amid warnings from the International Monetary Fund that […]

US Shale Oil Production to Rise 141,000 Barrels a Day in July

Between July of 2017 and July of 2018, U.S. crude oil production from seven major shale regions is forecast to rise by 1.7 million barrels of oil per day to 7.34 million barrels a day. The month-over-month increase from June to July is expected to total 141,000 barrels a day. The forecast was published Monday […]