• 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
  • 31 mins Biden admits he has been tested for Cognitive Decline several times. Didn't show any proof of test results.
  • 2 hours Putin Forever: Russians Given Money As Vote That Could Extend Putin's Rule Draws To A Close
  • 15 mins 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 ?
  • 19 hours Apology Accepted!
  • 38 mins Tesla Model 3 police cars pay for themselves faster than expected, says police chief
  • 35 mins Putin Paid Militants to Kill US Troops
  • 21 hours U.S. natural gas at major disadvantage in Europe and China.
  • 5 hours Why Oil could hit $100
  • 6 hours The Political Genius of Donald Trump
  • 22 hours Biden came out of his basement today (Thursday) and said , "we have 120 Million deaths from Covid 19.
  • 1 day CoVid in Spain, 9 months before China
  • 1 day 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
  • 1 day The world is headed for big problems - interview with very smart economist
Big Oil’s Nightmare Is Coming True

Big Oil’s Nightmare Is Coming True

Royal Dutch Shell has followed…

U.S. Shale Struggles For Survival

U.S. Shale Struggles For Survival

U.S. shale drilling activity has…

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