Crude oil prices are showing signs of breaking out to the upside as U.S. oil production falls for the second month in a row despite the following: expectations for an increase, OPEC record compliance to oil production cuts and because of a harder line on Iran by the Trump Administration.
Crude oil prices are trying to figure out the potential risk to the market because of the fallout from President Donald Trump’s travel ban and another rise in the U.S. oil rig count. This comes as the trade puts on it biggest net long oil position in history as OPEC production cuts are exceeding market expectations.
It may be the year of the Fire Rooster on the Chinese calendar, but for China and the rest of the Asian block, it is going to be the year or decade of crude oil. Oil prices hit a three-week high as the market focused on rising oil demand expectations and dwindling global oil inventories. While U.S. oil demand slipped a bit for seasonal reasons, a report that India's oil demand will soar gave the bulls some more reasons to be bullish.
British Prime Minister Theresa May will stress the value of free trade and her support for the Iran nuclear deal when she meets U.S. President Donald Trump later this week, her spokeswoman said on Monday.
Oil prices fell 1.5 percent to steady at around $53 a barrel on Friday after the biggest weekly rally since 2009 following OPEC's decision this week to cut crude output in order to rein in a global glut.
Russia plans to use its post-Soviet era record high November oil production as its baseline when it cuts output under this week's deal with OPEC, Deputy Energy Minister Kirill Molodtsov said on Friday.
WTI Crude staged a savage rebound during trading on Wednesday with prices clipping $49 following the shocking OPEC production cut deal which eased some concerns over the excessive oversupply in the markets.
Oil prices jumped more than 8 % on Wednesday to a five-week high as some of the world's largest oil producers agreed to curb oil output for the first time since 2008 in a last-ditch bid to support prices.
Stand up or go home. The oil market is giddy as we go into the final stretch in what may be the most important OPEC meeting in recent history. The Cartel today will not only decide on a deal to restrain production, but there also may be a vote on the cartel's future relevance.