Iraq produced 3.94 million barrels per day (bpd) of oil in September, less than its OPEC+ output quota of about 4 million bpd, an Iraqi official said on Saturday, as the country seeks to boost its compliance with the target.
The crude oil market has been noisy this past week, as we have been in the middle of the trading range for the last two years. All things considered, this is a market that will continue to look at this situation as one that is between a supply/demand question, and
The crude oil market continues to see a lot of noisy behavior, as the market will see a lot of external factors as the reason we are moving. This market is often looked at as a situation where we are trying to sort out whether or not the market is
Oil prices have gained more than 10% through Thursday's close since Iran hit Israel with ballistic missiles last week. The rally has eased, however, amid uncertainty over how Israel will respond.
Oil futures declined Friday but remained on track for back-to-back weekly gains as investors weighed the threat of a wider Middle East conflict that could threaten crude flows from the region.
Oil traders monitor the developments in the Middle East.
In order to avoid shocks to the energy sector, the U.S. and other Western nations maximized sanctions over the war with Ukraine without hurting Russia's oil industry.
As violence escalates in the Middle East, traders are scooping up oil-sensitive stocks and options. It's a risky strategy.
Oil eased on Friday after a rally the previous day, but prices remained set for a second straight weekly gain as investors weighed the impact of hurricane damage on U.S. demand against any broad supply disruption if Israel attacks Iranian oil sites.
Concerns and uncertainty about possible Israeli retaliatory attacks on Iran's oil industry means markets will likely continue to see choppy trade going into the weekend, ANZ said.
Oil futures rose Thursday, bouncing after a two-day pullback, with support tied to continued worries over the potential for a more direct confrontation between Israel and Iran that could threaten Middle East crude flows.
WTI crude oil has rebounded from support but remains volatile, while natural gas is declining from the resistance level.