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Tag: OPEC

WTI falls back towards $110

WTI falls back towards $110 WTI falls back towards 0

WTI has fallen back towards $110, with oil prices weighed down by declining macro risk sentiment. However, declines may be attractive to potential buyers as the lockdown in Shanghai eases and Russian/OPEC production suffers. Oil prices fell in late trading despite a larger-than-expected decline according to weekly data from the US EIA. On Wednesday, constructive […]

OPEC: Rural Home Account Programs for the year 2022

OPEC: Rural Home Account Programs for the year 2022 OPEC: Rural Home Account Programs for the year 2022

The Welfare Benefits and Social Solidarity Organization (OPEC) is implementing the programs of the Rural Home Account (LAE) for the year 2022, with emphasis on social tourism and children’s camps. According to a relevant announcement, the Agricultural Home is again this year on the side of the farmers, the peasant mother and the child, through […]

WTI rises towards late March highs at $116.50

WTI rises towards late March highs at $116.50 WTI rises towards late March highs at 6.50

WTI has continued to rise on Tuesday, reaching $115.50, up some $17 from last week’s lows below $100. Easing China lockdown fears coupled with Russia/OPEC+ production issues and risk appetite inflows are supporting prices on Tuesday. The bulls are looking for a test of the late March highs at $116.50. oil prices have maintained and […]

WTI recovers for the third day at $109.50 amid risk flows, though still lower for the week

WTI recovers for the third day at $109.50 amid risk flows, though still lower for the week WTI recovers for the third day at 9.50 amid risk flows, though still lower for the week

WTI has risen for the third day in a row at $109.50 and is targeting recent highs at $111.50. Risk appetite flows and EU/Russia gas trade concerns are supporting WTI for now, though it remains lower on the week. But global growth concerns and the ongoing China lockdown remain a drag, making a break above […]

OPEC Secretary General: Oil should not be used as a ‘weapon’

OPEC Secretary General: Oil should not be used as a ‘weapon’ OPEC Secretary General: Oil should not be used as a ‘weapon’

The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) and the President of Venezuela on Thursday called on world leaders not to use oil as a political “weapon”. Mohamed Barcido and Nicolas Maduro discussed at the Miraflores presidential palace in Caracas for about an hour and a half and agreed that oil should […]

WTI bounces higher, trades at the $106.50 zone despite disappointing macro data

WTI bounces higher, trades at the $106.50 zone despite disappointing macro data WTI bounces higher, trades at the 6.50 zone despite disappointing macro data

Oil prices are currently trading higher, although it has been a rocky day so far. WTI has risen back to $106.50 from previous lows of $102.50. Traders are weighing geopolitical tensions against a bearish macro backdrop. oil prices are currently trading higher, although it has been a choppy day so far. Previous month WTI futures […]

OPEC: Revised down its forecast for demand

OPEC: Revised down its forecast for demand OPEC: Revised down its forecast for demand

OPEC has revised down its forecast for rising oil demand this year for the second month in a row, citing the impact of the war in Ukraine, the inflation rally and the spread of the coronavirus in China, according to Reuters. In its monthly market report released today, OPEC says demand will increase by 3.36 […]

WTI falls around $4.0 to $106.50 amid risk aversion flows

WTI falls around $4.0 to $106.50 amid risk aversion flows WTI falls around .0 to 6.50 amid risk aversion flows

WTI has fallen almost $4.0 a barrel to $106.50 on Monday amid risk aversion flows and demand problems in China. But technicians say that WTI remains in a short-term uptrend for now. Heavy losses in the global equity space as investors remain concerned about central bank tightening, soaring inflation and slowing global growth weighed on […]

WTI set to end the week higher around $110

WTI set to end the week higher around $110 WTI set to end the week higher around 0

Oil looks set to end the week higher, with WTI poised to end the week near $110. Anticipation of an imminent deal on an EU embargo on Russian oil is cited as support. Growth concerns, China lockdown risks and torrid conditions in equity markets are preventing WTI from breaking above $110 for now. World oil […]

US: Senate committee votes against anti-oil monopoly, escalating pressure on OPEC

US: Senate committee votes against anti-oil monopoly, escalating pressure on OPEC US: Senate committee votes against anti-oil monopoly, escalating pressure on OPEC

A Senate committee passed a bill Thursday that could expose OPEC and its allies to lawsuits over synergies for raising oil prices. Senators promote the bill (No Oil Producing or Exporting Cartels -NOPEC). Among them are Republican Chuck Grassley and Democrat Amy Klobuchar. This bill was approved by a vote (17-4) of the Senate Justice […]