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.
The price of crude oil has been caught in one of its most volatile couple of weeks in months after Oragnization of the Petroleum Exporting Countries (OPEC) and rival Russia hinted they may discuss a possible output freeze, as demand slows and a global surplus becomes more entrenched.
Crude oil prices settled down more than 1% today, snapping two consecutive days of gains, on renewed concerns about an oil glut, a stronger dollar and expectations that Nigerian rebels will stop hampering that country's crude output.