Oil prices rose slightly on Friday after four straight sessions of declines but were on track for their steepest weekly decline since late June due to market expectations that the OPEC+ group could hike output further despite oversupply concerns.
Oil faces steep weekly losses as OPEC+ weighs 500K bpd hike, while natural gas consolidates near $3.43 with buyers defending higher lows.
Bearish crude oil outlook builds as supply fears, technical breakdowns, and soft U.S. demand weigh heavily on futures prices.
Francisco Blanch, head of commodities and derivatives research at Bank of America, discusses the power demand from artificial intelligence data centers which have sent wholesale electricity prices to record highs. "Oil is about a third of the energy we consume.
WTI crude oil faces bearish pressure, natural gas builds bullish momentum, and the US Dollar Index stays range-bound with a downside bias.
Crude oil prices remain under pressure as OPEC+ production hikes and weak oil demand cloud the outlook, with key technical support barely holding.
Oil prices steadied in early trade on Wednesday after two consecutive days of losses as investors weighed potential OPEC+ plans for a larger output hike next month against the prospect of shrinking inventories in the U.S.
Exxon is the latest large oil company to announce job cuts as the industry continues to adapt to lower oil prices.
The crude oil market continues to see a lot of support below current levels, but at this point, the biggest thing to keep in mind is that we are still in a range, as there are a lot of external noises out there to cause the range to continue.
Benchmark oil prices have slumped this year as the OPEC+ cartel bids to win back market share.
OPEC+ is planning an output hike in November, according to early reports. CNBC's Dan Murphy has more.
Macro Oil extended gains into late September, but the risk-reward is getting tighter. The Dallas Fed's Q3 Energy Survey—covering 139 firms (93 E&Ps, 46 services) from September 10–18—shows rising cost pressure (F&D up to 22.0; LOE up to 36.9) and broad caution, with roughly four in five firms delaying investment