• 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
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 hours Solving The Space Problem For America’s Solar Industry
  • 9 hours Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 3 hours How Far Have We Really Gotten With Alternative Energy
  • 3 days Investment in renewables tanking
  • 7 days If hydrogen is the answer, you're asking the wrong question
  • 7 days "Mexico Plans to Become an Export Hub With US-Drilled Natural Gas" - Bloomberg - (See image)

Breaking News:

U.S. Solar Installations Jump 47% In Q1

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




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