• 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 8 minutes The Coal Industry May Never Recover From The Pandemic
  • 11 minutes China Raids Bank and Investor Accounts
  • 3 hours Why Wind is pitiful for most regions on earth
  • 2 hours Is OilPrice a cover for Green Propganda
  • 1 day During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 13 hours In a Nutshell...
  • 2 hours Sources confirm Trump to sign two new Executive orders.
  • 1 day Joe Biden to black radio host, " If you don't vote for me you ain't black". That's our Democratic Party nominee ?
  • 2 days Happy 4th of July!
  • 2 days Putin Paid Militants to Kill US Troops
  • 2 days Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 3 days Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 3 days Victor Davis Hansen on Biden's mental acuity " . . unfit to serve". With 1 out of 5 Democrats admitting it. How many Dem's believe it but will not admit it?
  • 5 hours Coronavirus hype biggest political hoax in history
  • 2 days Apology Accepted!
Why Power Companies Can’t Ditch Coal Just Yet

Why Power Companies Can’t Ditch Coal Just Yet

The electric industry’s decarbonization program…

Debt Destroys A Shale Giant

Debt Destroys A Shale Giant

Chesapeake has finally succumb to…

Editorial Dept

Editorial Dept

More Info

Premium Content

Oil Erases Gains As OPEC Decides Against Deeper Cuts

U.S. West Texas Intermediate crude oil futures are in a position to close lower for the week after giving back all of its earlier gains. The week began with buyers setting a bullish tone amid speculation OPEC and its allies would extend or even increase their output cuts, however, prices turned south mid-week as reports began to swirl that President Trump was considering easing sanctions against Iran, a move that would lead to increased supply.

Essentially, the bullish sentiment at the start of the week was fueled by optimism over supply. The bearishness at the end of the week is being fed by a pessimistic outlook for demand.

Bullish Factors

The bullish factors this week were Saudi Arabia’s appointment of a new oil minister, OPEC and its allies’ pledge to continue to cut output by 1.2 million barrels per day, a bigger than expected drawdown in U.S. crude oil inventories and optimism over a potential breakthrough in the U.S.-China trade dispute.

Saudi’s Appoint New Energy Minister

What’s exciting the bullish traders this week is the appointment of Saudi Arabia’s king of his son, Prince Abdulaziz bin Salman, as energy minister on Sunday.

Prince Abdulaziz is not new to the oil game. He’s been a long-time member of the Saudi delegation to OPEC so he is familiar with its operations. On Sunday he said the pillars of Saudi Arabia’s policy would not change and a global deal to cut oil production by 1.2 million…





Leave a comment

Leave a comment




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