Brazil, Argentina, and Nigeria are pumping oil. Why the big push now when OPEC+ has to restrain spare capacity?
The oil market continues to see a lot of noisy trading, but at the point it looks like we are going to do whatever we can to rally, and grind to the upside as summer typically does just that. With the war gone, we can return to normal trading.
Crude oil slips after rejection at $67.44 pivot as OPEC+ eyes a 411,000 bpd hike. Traders weigh US tariffs, Fed policy, and China slowdown on demand.
Chevron and TotalEnergies are competing in Libya's first energy exploration tender since the 2011 conflict, the country's state-run oil firm said. Eni and Exxon Mobil are also among the 37 companies that have lodged interest, with contracts due to be signed with successful bidders by the end of 2025.
WTI crude oil rebounds from the long-term support at $66, while natural gas remains in a bullish trend above the $3 support level.
Total oil futures and options lots traded on the Intercontinental Exchange (ICE) hit record highs in the second quarter, as U.S. President Donald Trump waged a trade war and geopolitical conflicts in the Middle East escalated.
The crude oil markets continue to look a lot like a market that is trying to break higher, as we have seen a lot of volatility, followed by just sitting on top of previous resistance. At this point, it looks like the buyers are at least getting a bit more
Crude oil holds 200-day MA as traders eye $67.44 with an expected EIA draw, OPEC+ supply plans, dollar softness, and China demand shaping outlook.
Oil prices remain range-bound as traders digest OPEC+ supply, U.S. inventory data, and upcoming nonfarm payrolls amid a weaker dollar.
Oil futures were little changed on Wednesday as investors are wary ahead of a meeting of major producers this week to determine output levels for August.
A portfolio manager pointed out a “unique” market development that could already be helping to tighten global crude inventories, even as major oil producers look to boost output for a fifth straight month.
Oil and gas face pressure as OPEC+ plans 411K bpd output hike in August. Bearish technicals and tariff fears raise downside risks for WTI and Brent.