• 4 minutes Your idea of oil/gas prices next ten years
  • 7 minutes WTI Heading for $60
  • 13 minutes Could EVs Become Cheaper than ICE Cars by 2023?
  • 3 hours Pros and Cons of Coal
  • 3 hours Why does US never need to have an oil production cut?
  • 3 hours US continues imports of Russian gas which it insists Europe should stop buying
  • 28 mins Oil Prices
  • 3 days Germany Discusses Lifting Ban on Deporting Syrians
  • 3 hours French Fuel Protests
  • 24 hours Regular Gas dropped to $2.21 per gallon today
  • 18 hours Warren Buffett
  • 22 hours Is California becoming a National Security Risk to the U.S.?
  • 14 hours And Just Like That, Everybody Stopped Talking About $100 Oil
  • 2 days Trump administration slaps sanctions on Saudis over Khashoggi's death
  • 2 days Pence says South China Sea Doesn't Belong To Any One Nation
  • 2 days Commission: U.S. Could Lose Wars With Russia, China
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Oil At A Crossroads Ahead Of Crucial OPEC Meeting

rig

August West Texas Intermediate crude oil futures are in a position to close higher for the week as investors prepare for next week’s OPEC meeting in Vienna on June 22-23. Investors shouldn’t read into this week’s modest gain because the strength was likely generated by short-covering and position-squaring. The relatively low volume over the past two weeks suggests that the major players have taken to the sidelines due to the uncertain outcome of negotiations at the OPEC meeting.

Heading into next week’s meeting, attendees are going to have to address rising U.S. output and uncertainty over the outlook for supply because of economic turmoil in Venezuela and the upcoming sanctions against Iran. However, given the recent limited gains, it looks as if investors have priced in the possibility OPEC and other major producers will agree to higher output.

One major concern is that oil giants Saudi Arabia and Russia are going to push for increased production at next week’s OPEC meeting.

The notion that Saudi Arabia and Russia will push for more output was supported by Russian Energy Minister Alexander Novak who said after talks with Saudi Energy Minister Khalid al-Falih in Moscow that both nations “in principle” supported the gradual exit from the deal that was aimed at trimming the global supply and stabilizing prices.

“We in general support this … but specifics we will discuss with the ministers in a week,”…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions




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