OPEC

During the pre-market trading session on Monday, Shell PLC (NYSE:SHELL) and Occidental Petroleum Corp (NYSE:OXY) climbed 1.75% and 1.41%, respectively, whereas Exxon Mobil Corp (NYSE:XOM) and Chevron Corp (NYSE:CVX) climbed 0.88% and 0.85%, each oil prices witnessed more than 3% surge on Monday....

If you have been around the energy markets long enough, you know crude oil has a flair for the dramatic. When it sells off, it does not just trickle down; it falls off a cliff. The rebound is vicious, fast and usually overdue when it finally wakes up. The trick, as always, is understanding the...

Brent crude prices rose over the $65-per-barrel level on Monday before retreating slightly, supported by changing geopolitical currents and guarded optimism in the equity markets. The rally in Brent crude, triggered by renewed US-Iran diplomacy and a partial lull in trade war hostilities, brought...

After having cut its oil forecasts twice in less than a week, analysts at Goldman Sachs cut their annual forecasts for Brent and West Texas Intermediate Crude for 2025 and 2026 yet again, warning of a worst-case scenario involving a tariff-driven global recession and higher supply by the OPEC+...

The Organization of Petroleum Exporting Countries (OPEC) has once again revised its oil demand growth forecasts for 2024, marking the fourth consecutive month of downward adjustments. This move reflects the ongoing economic slowdown in China, a key player in the global oil market. What Happened:...

Oil prices continue to rise on Wednesday, adding to gains driven by potential supply disruptions in the Middle East and fresh warnings out of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+. What To Know: Prince Abdulaziz bin Salman, the oil minister of Saudi...

Former President Donald Trump accused the Organization of the Petroleum Exporting Countries (OPEC) of deliberately driving down oil prices to benefit Vice President Kamala Harris, warning that her potential presidency could be a “disaster” for the U.S. What Happened: Trump took to his...

Crude oil prices declined for the fifth consecutive session on Tuesday, with West Texas Intermediate (WTI) light crude, tracked by the United States Oil Fund (NYSE:USO), closing at $73.32. This marks the lowest level since Feb. 7, 2024. The recent decline in oil prices is primarily due to...

Oil prices surged during the first quarter of 2024 as the supply/demand outlook tightened and global geopolitical concerns intensified, pushing both U.S. and European benchmark crude futures to five month highs. Over the first three months of the year, Nymex West Texas Intermediate, the U.S....

Ukraine drone attacks are increasingly targeting Russian infrastructure, and at the top of the list are oil and refining installations. Could this have a knock-on impact on gasoline prices in the U.S.? In the last two days, two Russian fuel depots have been damaged — one critically — in separate...

Natural gas prices surged on Monday after EQT Corporation (NYSE:EQT), the largest U.S. producer, announced it was cutting output in response to low prices. U.S. natural gas futures jumped 5.6% to $1.938, while exchange traded funds that track gas prices were also higher. The United States Natural...

Oil has rebounded nicely this year and yet OPEC+ is leaning toward keeping supply curbs in place, a report said on Sunday. What Happened: OPEC+ members have agreed to extend production cuts until the end of the second quarter, Bloomberg reported, citing sources. The 22-nation, oil-producing...

Oil prices rose on Tuesday pushing up average gasoline prices at the pump on concerns supply could be disrupted as Iran tested a ballistic missile in the Gulf of Oman, while demand hopes were led by OPEC raising its economic forecasts. Nymex WTI, the U.S. benchmark crude oil futures contract, was...

Oil prices fell by more than 1% on Thursday after Angola said it was to exit the Organization of the Petroleum Exporting Countries (OPEC), raising concerns the African nation will not stick to quotas set by the cartel. Brent crude, the European benchmark oil futures contract, fell 1.1%, to $78.80 a...

The COP28 Presidency released a proposed climate deal text on Wednesday, emphasizing a significant shift from fossil fuels to combat climate change. What Happened: Reuters reports that this development marks a first in the COP summit’s three-decade history, proposing “transitioning...