Oil prices perked up last week, buoyed by both OPEC developments and Hurricane Sally. That is despite BP’s pessimistic 2020 edition of its annual outlook that suggests we have already seen peak oil demand. Oil prices reclaimed lost ground, with West Texas Intermediate topping more than $41 per barrel. Nigel Bell, Readers Bureau, Contributor Edited by Jesus Chan Do you […]
The Organization of the Petroleum Exporting Countries (OPEC) and allied nations have agreed to extend production cut of nearly 10 million barrels of oil a day through the end of July. The intergovernmental Organization is seeking to boost energy prices hard-hit by the pandemic. Ministers of the body and outside nations like Russia met via video conference to adopt the […]
Global equity markets and government debt yields took a downward path last week amidst growing concerns about the impact of the coronavirus. This move comes against strong job growth in the U.S. economy. Stocks on Wall Street tumbled from record highs and the safe-haven Japanese yen rose as investors weighed how much the virus is likely to disrupt supply chains […]
Oil traded below $52 per barrel in New York, just striking distance from where it trended a week ago after OPEC and its allies announced output cuts, as traders weighed incremental U.S. shale growth against softer demand for 2019. West Texas Intermediate for January delivery fell $1.02 to $51.56 per barrel on the New York Mercantile Exchange Friday morning. Readers […]
Oil prices fell further on Thursday as swelling inventories depressed sentiment despite widespread expectations that the Organization of Petroleum Exporting Countries (OPEC) and Russia will agree on some form of production cut next week. Brent futures fell 98 cents, or 1.7 percent, to $58.53 a barrel. U.S. crude dropped $1.16, or 2.2 percent, to $50.29 a barrel. Both contracts were on […]
“We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices! We will remember. The OPEC monopoly must get prices down now!” Trump wrote on Twitter. However, at a recent meeting OPEC’s leader Saudi Arabia and its biggest oil-producer ally outside […]
“Looks like OPEC is at it again. With record amounts of oil all over the place, including the fully loaded ships at sea. Oil prices are artificially Very High! No good and will not be accepted!” Trump said on Twitter. The foregoing tweet by the U.S. President Donald Trump was enough to shake down the price of oil which has […]
