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.
Iran and Iraq are resisting pressure from Saudi Arabia to curtail oil production, making it hard for the Organization of the Petroleum Exporting Countries to reach a global output-limiting deal when it meets on Wednesday.
OPEC has a "technical deal" that could be solidified at a technical meeting this week in Vienna. All the major players are saying they are optimistic that a deal will be reached barring any last-minute blow ups. Saudi Arabia, Russia, Iraq and Iran all say that a production deal is within reach and it is possible that even the skeptics are starting to believe it.
Crude oil prices plummet as OPEC bickers and the dollar rallies, but today the story that will grab attention is an explosion in the Colonial pipeline that will lead to higher gas prices and possible spot shortages along the East Coast. The explosion is on the same pipeline that was shut down a couple of months ago due to a pipeline leak.
Can the deal to cut production come back from the dead and, also, is Donald Trump’s campaign back from the dead? OPEC failed to deliver an agreement to cut production in Vienna but vowed to keep talking. This comes against a backdrop of the shocking re-opening of the FBI investigation of the democratic nominee Hillary Clinton...
Crude oil prices rebounded on reports that OPEC and non-OPEC nations will announce a deal this weekend to reduce oil output by 4%. This caused oil to climb back above $50 per barrel but failed to stay there as the dollar continued its epic strength and some concerns about the health of the global economy.
While the Energy Information Admintation reports another drop in crude stocks, doubts about a OPEC/non-OPEC accord was met with skepticism. Traders assumed this would be the end of the OPEC/non-OPEC deal; but not so fast.
Crude oil prices are looking for direction after Iraq said it should be exempt from oil production cuts. Iraqi oil minister Jabar Ali al-Luaibi said Iraq should be exempt from any production cut because of the wars it has fought since the 1980s has not allowed them to achieve their oil production destiny.