WTI remains close to Thursday’s high of $117.50 despite inflows of risk aversion from Wall Street following strong US jobs data. OPEC+’s announcement of a faster pace of production quota increases in July and August has not turned the bulls off. WTI futures one month remained close to Thursday’s highs, despite US stock markets trading […]
Tag: OPEC
Oil up despite OPEC + decisions
LAST UPDATE 18:00 Oil is on the rise as markets appear to doubt whether the extra output decided by OPEC + yesterday could offset supply from Russia and meet growing demand from China amid easing restrictions on the coronavirus. In particular, the American WTI trades with profits 1.3% or $ 1.5 and sees its price […]
Stabilizing trends in oil
Oil stabilized on Friday as markets assimilated yesterday’s OPEC + decision to increase production, questioning whether the extra production could make up for lost supply from Russia and meet growing demand from China, in by relaxing the restrictions on coronavirus. West Texas Intermediate fell 29 cents to $ 116.58 a barrel, while Brent fell 15 […]
OPEC + plan to replace Russian production – Oil is falling
Oil is falling close to $ 113 a barrel after reports that Saudi Arabia is ready to pump more oil if Russian production falls sharply due to sanctions for the country’s invasion of Ukraine. West Texas Intermediate futures fell more than 3% to balance a little later. The Financial Times reported that Saudi Arabia had […]
OPEC + says important for Russia Lavrov – No deportation issue raised, says Agency
Cooperation with the OPEC + team remains important for Russia, said today the Minister of Foreign Affairs of the country Sergey Lavrov, from Saudi Arabia. According to Reuters, speaking during the last part of his visit to the Middle East, Lavrov said in a press conference that “the principles of our cooperation on this basis […]
WSJ: OPEC is considering suspending Russia’s participation in the oil deal
Some OPEC members are considering suspending Russia’s participation in the oil deal that ended the OPEC + scheme last year, as Western sanctions, and in particular the European Union’s partial embargo on Russian oil, begin to affect Moscow’s ability to increase its production, as reported by the Wall Street Journal, citing representatives of OPEC. Russia’s […]
On May 31, 2022, the allowances will be paid by OPEC
On May 31, 2022, the benefits will be paid by the Organization for Welfare Benefits and Social Solidarity (OPEC). As mentioned in an announcement of the Organization, the total amount paid amounts to 399,414,466 euros and concerns 1,502,385 beneficiaries. Specifically, the following benefits will be paid: – Housing allowance: Beneficiaries 285,259 – 34,536,896 euros – […]
WTI trades around $110, eyeing the $115 level
WTI has managed to rise around $110 and looks to test last week’s highs. Traders cite a combination of factors including US demand, EU and Russian sanctions, and OPEC+ production issues as supporting factors. On Thursday, oil prices broke out of a three-day consolidation pattern, and WTI futures of the first month they jumped to […]
WTI operates within familiar ranges, around $110
Oil prices are slightly lower on Monday despite the weakness of the US dollar and the strength of global equity markets. WTI remains within recent ranges, near $110, as traders weigh developments on China’s Covid-19 and the EU’s Russian oil embargo, as well as demand. oil prices stabilized within recent ranges on Monday, amid a […]
WTI rebounds from the DMAs of 21 and 50, and recovers the zone of $108
WTI has rallied back to the $108.00 zone from a previous test of its 21 and 50 DMAs around $105. Oil is being supported amid strong global demand (China lockdown easing) and ongoing supply concerns. Oil is holding up despite choppy stock market conditions. After falling below $105 a barrel earlier in the session and […]