Oil prices are shaking off the snowstorm related demand drop in oil products reported by the Energy Information Administration (EIA), and are now focusing on an accommodative Federal Reserve with an eye of another limit up day for Saudi Aramco.
Once again the death of Chinese oil demand has been greatly exaggerated. One must wonder how tight the global oil markets might get if there is indeed a U.S.-China trade deal because already Chinese oil demand is shattering records.
OPEC cuts tweets start coming. Oil prices are waiting on confirmation but if reports are right, the cartel, along with its favorite non-OPEC member Russia, is close to agreeing to an additional 500,000 barrels per day (bpd) production cut
Well OPEC day is here, and the eagerly awaited announcement about their intention on production going forward will be the driving force of the day. Signals are coming from Vienna and the market appears to believe that Saudi Arabia can convince OPEC.
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Crude oil prices have rebounded as OPEC and Russia appear to be agreeing on deeper cuts in production Prices were future supported by the latest DOE report showing that crude oil stocks drew greater than expected.