Oil prices took a hit overnight on fears of a second wave of Covid-19. Reports of a jump in cases in Florida, Texas, and Arizona and a sharp 5.7 million barrels increase in crude supply to a record overshadowed signs of rebounding U.S. oil demand
The API reports showed that U.S. oil inventories spiked by 8.42 million barrels of crude.
Iraq's new Minister of Oil says his country's fully committed to the decisions taken at the OPEC meeting.
Has $40.00 a barrel oil ever felt so good?
Saudi Arabia and Russia are putting pressure on OPEC scofflaws threatening not to have a June 5 meeting to talk about production cut
A potential extension of the OPEC+ production cuts, as well as recovering oil demand, sent Brent crude back above $40.00 for the first time since the Russia-Saudi Arabia production war broke out.
Oil prices are on the rise again as it appears that OPEC and Russia are poised to extend production cuts.
Tension surrounds the globe with riots in major U.S. cities and increasing strain between the U.S. and China. Despite this turmoil, energy markets are holding better than one might expect.
Demand is rising, and production is falling, but China might be the fly in the oil market ointment. Oil prices are giving back their demand growth inspired gains as the market is concerned about rising tensions between the U.S. and China
The oil price comeback is in jeopardy after it appeared that Russia was waffling on extending oil production cuts past June or maybe they agreed to increase cuts with Saudi Arabia.