• 4 minutes Pompeo: Aramco Attacks Are An "Act Of War" By Iran
  • 7 minutes Who Really Benefits From The "Iran Attacked Saudi Arabia" Narrative?
  • 11 minutes Trump Will Win In 2020
  • 15 minutes Experts review Saudi damage photos. Say Said is need to do a lot of explaining.
  • 13 mins Ethanol is the SAVIOR of the Oil Industry, Convenience Store Industry, Automotive Supply Chain Industry and Much More!
  • 16 hours Saudi State-of-Art Defense System looking the wrong way. MBS must fire Defense Minister. Oh, MBS is Defense Minister. Forget about it.
  • 10 hours Let's shut down dissent like The Conversation in Australia
  • 6 hours One of the fire satellite pictures showed what look like the fire hit outside the main oil complex. Like it hit storage or pipeline facility. Not big deal.
  • 2 hours Instagram Now Banning Photos Of People At Gun Ranges, Claiming They Promote "Violence"
  • 3 hours Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 1 day Saudis Buying Oil From Iraq
  • 6 hours Trump Accidentally Discusses Technology Used In The Border Wall
  • 16 hours Hong Kong protesters appeal to Trump for support.
  • 4 hours Famous Manufacturer of Anti-Ethanol Additives Proves Ethanol's Safety and Benefits
  • 9 hours Collateral Damage: Saudi Disruption Leaves Canada's Biggest Refinery Vulnerable
  • 1 day Donald Trump Proposes Harnessing Liberal Tears To Provide Clean Energy
  • 1 day Saudis Confirm a Cruise Missile from Iranian Origin
Alt Text

The World's Top Oil Basin Is Running Out Of Space

Oil companies are scrambling to…

Alt Text

Bill Gates Says $11 Trillion Anti-Oil Push Isn’t Working

Climate activists screaming at investors…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Bullish Sentiment Is Back In Oil Markets

Crude oil extended a five-day winning streak today as signals from OPEC officials suggest that the oil production cut deal agreed last December could be extended further.

A ministerial reshuffle in Riyadh also helped: on Sunday King Salman appointed his son Abdulaziz the new energy minister of the country, ousting Khalid al-Falih, who had led the Saudi energy ministry since 2016. While the move could have caused anxiety in trading circles, pressuring prices, assurances that Abdulaziz bin Salman would stay on the current course with regard to production seemed to have appeased the market.

Brent crude hit a high of $63.10 yesterday before retreating somewhat today in Asian trade, and West Texas Intermediate peaked at $58.36 on Monday. At the time of writing, Brent was trading at $62.79 a barrel, with WTI at $58.08. Related: The Biggest Tech Play Of The Year Is Flying Under Wall Street’s Radar

The American Petroleum Institute is reporting weekly oil inventory estimates today and if it is in its now habitual surprising mode it could push prices further up. Last week, the API reported an unexpected inventory build, which was rejected by the Energy Information Administration a day later but temporarily added pressure to prices.

OPEC and its partners are meeting on Thursday to discuss the next steps in the supply control deal. While many expect an extension to the cuts, some have gone further, expecting also additional cuts. That’s despite the fact that involuntary production slumps in Venezuela and Iran have failed to have any effect on prices while bringing OPEC’s compliance with the cuts well above 100 percent.

The main headwind for prices, however, remains. The U.S. and China are far from a trade deal despite positive signals from both sides about their willingness to settle their differences. Until this trade war finds a resolution, prices will have a pretty limited space for growth, whatever OPEC+ decides to do.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play