USD/CAD trims some of its intraday gains, although the decline remains muted. Rising oil prices underpin the loonie and act as a headwind amid a modest USD pullback. Aggressive Fed rate hike bets favor USD bulls and should support the pair. The pair USD/CAD is supported by Friday’s bounce from the 1.3075 area and starts […]
Tag: OPEC
OPEC+: Sees risk of bigger surplus in 2022
The oil market is expected to see a larger-than-expected surplus this year, OPEC+ said in a report released today, as a rally in energy prices and global monetary policy tightening put downward pressure on demand. In particular, OPEC’s Joint Technical Committee warned in a report that demand, which is expected to increase by 3.1 million […]
USD/CAD pulls back from multi-week highs and heads towards 1.3000
A combination of factors causes some intraday selling around USD/CAD on Monday. Rising oil prices underpin the loonie and put pressure on amid a sharp dollar pullback. Aggressive Fed rate hike bets should limit USD losses and support the pair. The pair USD/CAD cuts its initial gains to the 1.3075 area, ie the highest level […]
Oil prices increase by 1%
Oil prices rose 1% as expectations that OPEC would cut output if needed to support prices, combined with the conflict in Libya and rising demand amid rising gas prices in Europe, helped offset the bleak growth outlook in the US. U.S. WTI futures were up 45 cents, or 0.48 percent, at $93.51 a barrel, extending […]
Oil prices will continue to rise as Saudi Arabia considers cutting oil output – Commerzbank
Oil prices have risen sharply this week following verbal intervention from Saudi Arabia. Commerzbank economists they believe that the price recovery will continue. Saudi Arabia lends verbal support to oil “The energy minister of OPEC’s largest producer described cutting oil production as a possible way to bring oil prices back in line with fundamentals, speaking […]
Emirates joins Saudi Arabia in possible oil production cuts
The United Arab Emirates aligns with Saudi Arabia’s thinking on crude oil markets and supports its recent comments, a source with knowledge of the matter told Reuters today. OPEC’s de facto leader, Saudi Arabia, on Monday signaled the possibility of introducing production cuts to balance an oil market it described as “schizophrenic”. Possible OPEC+ production […]
OPEC: ‘Sees’ production cut if Iran returns to markets
The OPEC production cuts are not immediate, OPEC sources told Reuters, adding that the cuts are expected to coincide with Iran’s return to global markets if Tehran reaches a deal with the West over its nuclear program. OPEC has hinted it is ready to cut production if the deal on Iran’s nuclear program clears the […]
Saudi Energy Minister: Oil Decoupling From Fundamentals May Force OPEC To Act
In response to written questions from Bloomberg News, the Saudi Arabian Minister of EnergyPrince Abdulaziz bin Salman said OPEC and its allies (OPEC+) may be forced to cut oil production as physical and futures markets drift further and further away from fundamentals. Featured Statements “The paper and physical markets are increasingly disconnected.” “Futures prices do […]
OPEC: We want to expand cooperation with Russia
OPEC wants to ensure that Russia continues to participate in the organization’s oil production deals beyond 2022, new OPEC secretary-general Haitham al-Ghais told Reuters. Despite international sanctions expected to be imposed on Russian oil by the end of the year, the country is likely to remain part of the cooperation signed between OPEC+ members in […]
WTI fluctuates around $87.80 due to US reserves and the Iran nuclear deal
WTI trims part of its losses on Tuesday, rising 0.80% in the American session. US EIA stockpiles shed 7.06 million barrels last week, fueling a jump in oil prices. China’s slower-than-expected growth rate and the Iran nuclear deal held back the rise in oil prices. Western Texas Intermediate (WTI) prices They ranged in a meager […]