• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 days The United States produced more crude oil than any nation, at any time.
  • 9 days e-truck insanity
  • 5 days How Far Have We Really Gotten With Alternative Energy
  • 8 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 8 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 8 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 9 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 9 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 13 days Bankruptcy in the Industry
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Expect Choppy Oil Markets Ahead Of The OPEC Meeting

U.S. West Texas Intermediate crude oil futures are trading higher early Friday, putting the market in a position to close higher for the week. While this chart pattern isn’t enough to change the main trend to up, it is a sign that the buying is greater than the selling at current price levels.

Crude oil prices have been supported this week by supply issues in Venezuela, where state-owned oil firm PDVSA is struggling to clear a backlog of around 24 million barrels of crude waiting to be shipped to customers.

The situation got so bad earlier in the week that the government threatened force majeure that would have effectively cancelled all future delivery contracts. This would have reduced supply in the open market and driven prices higher.

Despite the developing strength in the market, which is likely the result of aggressive short-covering, there are still the major issues of increasing U.S. production and the possibility of increased output from OPEC and other major non-OPEC producers.

OPEC and Russia are due to meet at the organization’s headquarters in Vienna on June 22 to discuss production policy.

Fundamental Analysis

Crude oil was also underpinned late Tuesday by the American Petroleum Institute’s weekly inventories report that showed a larger-than-expected drawdown.

However, prices dropped sharply from intraday highs on Wednesday after the U.S. Energy Information Administration reported another rise in U.S.…




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News