• 1 hour Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 2 hours Oil Gains Spur Growth In Canada’s Oil Cities
  • 3 hours China To Take 5% Of Rosneft’s Output In New Deal
  • 3 hours UAE Oil Giant Seeks Partnership For Possible IPO
  • 4 hours Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 5 hours VW Fails To Secure Critical Commodity For EVs
  • 6 hours Enbridge Pipeline Expansion Finally Approved
  • 7 hours Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 8 hours OPEC Oil Deal Compliance Falls To 86%
  • 23 hours U.S. Oil Production To Increase in November As Rig Count Falls
  • 1 day Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 1 day Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 1 day EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 1 day Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 1 day Aramco Says No Plans To Shelve IPO
  • 4 days Trump Passes Iran Nuclear Deal Back to Congress
  • 4 days Texas Shutters More Coal-Fired Plants
  • 4 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 4 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 4 days Chevron Quits Australian Deepwater Oil Exploration
  • 5 days Europe Braces For End Of Iran Nuclear Deal
  • 5 days Renewable Energy Startup Powering Native American Protest Camp
  • 5 days Husky Energy Set To Restart Pipeline
  • 5 days Russia, Morocco Sign String Of Energy And Military Deals
  • 5 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 5 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 5 days India Needs Help To Boost Oil Production
  • 5 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 5 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 5 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 5 days District Judge Rules Dakota Access Can Continue Operating
  • 6 days Surprise Oil Inventory Build Shocks Markets
  • 6 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 6 days Syria’s Kurds Aim To Control Oil-Rich Areas
  • 6 days Chinese Teapots Create $5B JV To Compete With State Firms
  • 6 days Oil M&A Deals Set To Rise
  • 6 days South Sudan Tightens Oil Industry Security
  • 7 days Over 1 Million Bpd Remain Offline In Gulf Of Mexico
  • 7 days Turkmenistan To Spend $93-Billion On Oil And Gas Sector
  • 7 days Indian Hydrocarbon Projects Get $300 Billion Boost Over 10 Years
Can India Overtake China In The EV Revolution?

Can India Overtake China In The EV Revolution?

India wants to drastically increase…

The New Challenger To Lithium Batteries

The New Challenger To Lithium Batteries

The lithium-ion battery is head…

Brent Slightly Up Over Unexpected OPEC-Russia Meet

Oil has risen 2 percent since this morning on speculation ahead of a meeting tomorrow in Doha among ministers from Saudi Arabia, Russia, Qatar and Venezuela.

After-hours Brent crude trading today gained more than 60 cents, rising to more than $34 per barrel by 2:30 p.m. EST.

U.S. futures gained about 30 cents by the close of trade at 1 p.m. EST.

Much of the price speculation comes because the meeting was unannounced and some believe this means there could be a production slash deal in the works.

The meeting will be attended by Russian Energy Minister Alexander Novak and Saudi Arabia’s oil minister, Ali al-Naimi.

Related: Why Today’s Oil Bust Pales In Comparison To The 80’s

“The back channel talks, which Qatar is brokering, had been in place for a while,” Amrita Sen, chief oil analyst at Energy Aspects Ltd. in London, told Bloomberg. “These are still very early days and nothing concrete has been agreed, but there is a growing sense that countries could be more flexible, although Riyadh would insist that everyone else contribute to the cut.”

Earlier on Monday, crude oil prices had gained somewhat on a statement by UAE Energy Minister Suhail bin Mohammed al-Mazrouei suggesting that OPEC was potentially willing to discuss a production cut. On Monday morning, light, sweet crude future for March delivery wase up 39 cents, or 1.4 percent, on the New York Mercantile Exchange, reaching $29.83 per barrel.

Related: ISIS Forced To Cut Wages As Oil Revenues Tank

Brent crude for April delivery was up 31 cents, or 0.9Q percent, on London’s ICE Futures exchange, reaching $33.67 per barrel after falling below $30 on Thursday.

The comes after crude futures made their largest one-day percentage gain since 2009 last Friday, up 12 percent.

The surprise Doha meeting has now pushed prices up to their impressive Friday gains, but one negative sentiment tomorrow will send them back down.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News