X

Sign Up To Our Free Newsletter

Join Now

Thanks for subscribing to our free newsletter!

ERROR

  • 3 minutes Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Scientists Warn That Filling The Sahara With Solar Panels Is A Bad Idea
  • 11 minutes United States LNG Exports Reach Third Place
  • 15 minutes Joe Biden's Presidency
  • 3 hours U.S. Presidential Elections Status - Electoral Votes
  • 3 hours Texas Supply Chain Massacre
  • 3 hours America Makes Plans to Produce Needed Rare Earth Minerals Domestically
  • 11 mins Texas forced to have rolling black outs, primarily because of large declines in output from fossil fuel power plants
  • 1 hour Former BP Exec "Biden not in war against oil" . . Really ?
  • 2 days Good Marriage And Bad Divorce: Germany's Merkel Wants Britain and EU To Divorce On Good Terms
  • 2 days Speaker Pelosi, "Tear Down This Wall" . . around Capital Building
Who’s To Blame For The Expensive Energy Bills In Texas?

Who’s To Blame For The Expensive Energy Bills In Texas?

Texas’ deregulated independent system operator…

New Battery Tech Could Make Solar Energy Storage Even Cheaper

New Battery Tech Could Make Solar Energy Storage Even Cheaper

US-based engineers have joined forces…

Editorial Dept

Editorial Dept

More Info

Premium Content

The 2 ‘’Deals’’ That Could Send Oil Soaring

OPEC and its allies including Russia, agreed Friday to deepen output cuts in an effort to trim the global supply and stabilize prices. The move is designed to combat stagnant global economic growth blamed on the U.S.-China trade war. OPEC+ stopped short of pledging action beyond the first quarter of 2020, causing analysts and traders to question the impact of the latest curbs.

According to reports, the cuts will expand the existing agreement by an extra 500,000 barrels per day (bpd) reduction in the first quarter next year, through tighter compliance and some adjustments. OPEC’s current agreement is a supply cut of 1.2 million bpd and the increased amount represents about 1.7% of global oil output.

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman also told reporters that its quota would be an additional 167,000 barrels per day through March 2020. He also said that the kingdom would continue to exceed its quota by 400,000 barrels a day, which means the overall production cut will actually be closer to 2.1 million barrels a day.

Weekly Technical Analysis

Weekly January WTI Crude Oil Technical Analysis

Weekly Swing Chart Technical Analysis

The main trend is up according to the weekly swing chart. A trade through $61.48 will reaffirm the uptrend.

The main trend will change to down on a move through the last swing bottom at $50.69. This is highly unlikely, however, the market is up nine weeks from its last main…





Leave a comment

Leave a comment




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