• 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 In a Nutshell...
  • 5 hours 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 ?
  • 1 hour Is OilPrice a cover for Green Propganda
  • 5 hours Putin Paid Militants to Kill US Troops
  • 1 hour Why Wind is pitiful for most regions on earth
  • 2 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?
  • 2 days Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 21 hours Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 22 hours Happy 4th of July!
  • 3 hours Joe Biden to black radio host, " If you don't vote for me you ain't black". That's our Democratic Party nominee ?
  • 20 hours Apology Accepted!
  • 2 days The Political Genius of Donald Trump
  • 3 days Per most popular Indian websites it was Indian troops not Chinese troops breach of LAC that caused the clashes. If you know any Indian media that claim to the contrary please provide the link
Big Oil’s Nightmare Is Coming True

Big Oil’s Nightmare Is Coming True

Royal Dutch Shell has followed…

How To Take Advantage Of The Energy Stock Selloff

How To Take Advantage Of The Energy Stock Selloff

Anything related to oil and…

Europe's Leaked Hydrogen Strategy Is Very Ambitious

Europe's Leaked Hydrogen Strategy Is Very Ambitious

The hydrogen hype is quickly…

Editorial Dept

Editorial Dept

More Info

Premium Content

Oil Falls As Markets Price In Additional Supply

U.S. West Texas Intermediate and international-benchmark Brent crude oil futures are trading lower on Friday amid speculation that OPEC and its allies will soon raise production to offset a decline in exports from Iran following a move by the United States earlier in the week to halt all exports from the rogue nation.

OPEC and its allies including Russia have been tightening supply since January 1. This has been the primary driver of the more than four month rally. Supply tightened further when the U.S. imposed sanctions against Venezuela.

Earlier this week, the U.S. ended the waivers on exporting Iranian oil it had granted to eight major buyers. This spiked prices sharply higher to levels not seen in six months. At the time, analysts were saying that this would remove about 1 million barrels per day from crude oil from the market.

Since that initial spike to the upside, traders have had to deal with heightened volatility. However, the news has affected WTI and Brent differently.

WTI has been retreating since Wednesday’s U.S. Energy Information Administration’s weekly inventories report showed a bigger-than-expected build. Brent, on the other hand, had been rallying until Thursday. The move was fueled by the news that Germany, Poland and Slovakia had suspended imports of Russian oil via a major pipeline, citing poor quality. According to reports, the move cut parts of Europe off from a major supply route.

Since the initial thrust to…





Leave a comment

Leave a comment




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