• 4 minute Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 8 minutes Could oil demand collapse rapidly? Yup, sure could.
  • 15 minutes Oil and Trade War
  • 1 hour Could oil demand collapse rapidly? Yup, sure could.
  • 7 hours Oil prices going down
  • 1 hour Are EVs Safer Than Combustion Engine Vehicles?
  • 4 hours Migrants: Italy Wants EU Border Agency In Africa, Not At Sea
  • 47 mins What If Canada Had Wind and Not Oilsands?
  • 11 hours Sabotage at Tesla
  • 19 hours Oil and Trade War
  • 15 hours The Wonderful U.S. Oil Trade Deficit with Canada
  • 18 hours Germany Orders Daimler to Recall 774,000 Diesel Cars in Europe
  • 7 hours After Three Decade Macedonia End Dispute With Greece, new name: the Republic of Northern Macedonia
  • 4 hours Sell out now or hold on?
  • 6 hours Trump Hits China With Tariffs On $50 Billion Of Goods
  • 5 hours Nopec Sherman act legislation
  • 7 hours The Irrelevance Of BTU Rating - Big Oil's Gimmick To Hoodwink The Public
  • 19 hours venezuala oil crisis
  • 19 hours When will oil demand start declining due to EVs?
Alt Text

Elon Musk Survives Attempted Coup

Tesla CEO Elon Musk survived…

Alt Text

China Plans To Create A $78 Billion Natural Gas Giant

Chinese regulators are looking to…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Oil Awaits OPEC Action As Markets Digest Trump’s Unexpected Win

OPEC

December WTI Crude Oil futures posted a two-sided trade this week as investors reacted to the traditional fundamentals and to the election of Donald Trump as president.

After a one-day reprieve due to a positive reaction to President-elect Donald Trump’s unexpected win in Tuesday’s election, oil prices fell at the end of the week as investors returned their focus to oversupply concerns, and whether OPEC will be able to reach an agreement to curtail production later this month on November 30 in Vienna.

At this time, it’s all about supply. Earlier in the week, the U.S. Energy Information Administration reported a 2.4 million-barrel build in domestic crude inventories to 485 million barrels the week-ending November 4.

OPEC meets in Vienna on November 30 for formal talks on production cuts. It has been trying to come to an agreement with non-member, including Russia, but doubts continue to linger over whether they can come to an agreement.

The tone of the market is still negative and the price action suggests a sideways to lower trend is likely until the OPEC meeting at the end of the month. Conditions could change drastically if there is any hint of a deal in the works to curtail production. Oversold technical conditions may also trigger near-term short-covering rallies.

On the negative front, the International Energy Agency (IEA) said this week the global market will remain in surplus unless OPEC can reach an agreement at its November…

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