WTI hit $87.00 for the first time since September 2014 on Wednesday. It was attributed to a momentary interruption of an Iraqi-Turkish oil pipeline that boosted the most recent gains. But broader themes of tighter-than-expected market conditions and growing geopolitical concerns also keep oil underpinned. Oil prices climbed to new multi-year highs on Wednesday and […]
Tag: OPEC
WTI pulls back to the $85.00 level after hitting new multi-year highs near $86.00
After hitting multi-year highs near $86.00 a barrel, WTI has since pulled back to trade around $85.00. Market commentators have attributed the rising geopolitical tensions in the Middle East to the latest bullish momentum. Goldman Sachs calls for oil (Brent) to reach $100 per barrel in the second half of 2022. After hitting multi-year highs […]
Reuters: Analysts do not rule out even $ 100 for oil
Oil prices will continue to record gains in 2022 after the rally of 2021 by 50%, as analysts estimate, even exceeding the level of $ 100 a barrel due to production capacity shortages and limited investment in the sector, transmits Reuters. Although the coronavirus’s micron mutation has driven cases far above the 2021 high, analysts […]
Oil: Brent stable at $ 80, following OPEC + decisions
Oil is relatively stable on Wednesday, following the decision of OPEC and its allies in the wider OPEC + to increase production normally in February, at a time when US crude stockpiles are falling for another week. Futures in London are around $ 80 a barrel, in the wake of the decision of the OPEC […]
OPEC +: Agreement to increase production by 400,000 barrels / day in February
OPEC and its allies (OPEC +) decided to further boost their production at their meeting today, despite forecasts for tighter conditions in world markets in the coming months. OPEC + gave the green light for another production increase of 400,000 barrels per day in February, four sources told Reuters. OPEC + has decided to gradually […]
USD / CAD Consolidates Near 1.2750, Watching US / OPEP+ Data For New Momentum
USD / CAD drew new buying on Tuesday amid modest USD strength. High US bond yields continued to act as a tailwind for the dollar. Bullish oil prices supported the loonie and limited pre-OPEC + gains. The pair USD / CAD It reversed an intraday slide and again approached the upper end of its daily […]
WTI falls to week-long lows below $ 75.00 with traders worried about rising Omicron, OPEC + and US production.
WTI recently fell below $ 75.00 to week-long lows as traders worry about rising Omicron infections and a possible spike in hospitalizations. Increased production from OPEC + and the US also weakens the bullish situation, with OPEC + expected to accept higher production this week. Hence, the 50 DMA may continue to act as a […]
Russia: Oil production is recovering after the fall of 2020
Russia’s annual oil production increased by more than 2% last year, thanks to the easing of production cuts by OPEC after a reduction caused by the pandemic in 2020, as data showed on Sunday, Reuters reported. Russia’s oil and gas condensate production rose to 10.52 million barrels a day last year, according to energy ministry […]
WTI drops to weekly lows at $ 75.50
WTI has fallen back to $ 75.50 and is currently trading just above the weekly lows set earlier in the session. Low liquidity and year-end profit taking have led to choppy trading conditions for oil prices on the last day of the year. Nonetheless, WTI is projected to post massive annual gains of over 55%. […]
Oil profits in 2021 exceed 50%
For the biggest annual gains of the last 12 years, oil prices are heading for an impressive rally for 2021 fueled by the recovery of the world economy after the 2020 recession due to the coronavirus pandemic. In particular, Brent is heading for a total profit of 53% in 2021, while WTI is heading for […]