• 1 day The Federal Reserve and Money...Aspects which are not widely known
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days Coincidence of EIA Report Delay? - "I had seen it delayed minutes, and a couple of times a few hours, but don’t recall something like this — do others?" asks Javier Blas
  • 7 days "And this is perhaps the most dangerous kind of government there can be."
  • 2 hours European Parliament Members, Cristian Terhes et al, push back against Totalitarian Digital ID and Carbon Tyranny in Europe.
  • 3 days Demonising fossil fuels has caused major grid problem in Australia
  • 2 days "...too many politicians believe things that aren’t true." says Robert Rapier
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 3 days Welcome to Technocracy - The New World Energy Order... "1000s Of Sydney Homes Plunged Into Darkness As Aussie 'Price Cap' Policy Sparks Energy Shortage"
  • 4 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 329 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
  • 6 days ESG Topic - "German Police Raid Deutsche Bank, DWS Over Allegations Of Greenwashing" - ZeroHedge Bloomberg and others
Are Oilfield Service Companies A Buy?

Are Oilfield Service Companies A Buy?

The global boom in oil…

Citi And Barclays Raise Oil Price Forecasts

Citi And Barclays Raise Oil Price Forecasts

Two banks—Citi and Barclay’s—raised their…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Oil Price Plunge Continues Amid OPEC+ Deadlock

Oil prices continued falling early on Wednesday, following the sharp losses incurred the previous day after the market started to assess what the OPEC+ deadlock would mean for immediate oil supply, supply-demand balances, and the future of the alliance.  

As of 12:10 a.m. EDT, WTI Crude prices were down 2.45 percent at $71.57 and Brent Crude was trading down 2.16 percent at $72.92.

Prices plunged on Tuesday, dragged down by uncertainty about global oil supply and a strengthening U.S. dollar in afternoon trade.

“The risk of a no deal raising noncompliance, White House urging a compromise, a rapid spreading virus variant, and a very overbought market all helped trigger the correction which was then fed some additional fuel from a stronger dollar,” Saxo Bank said in a morning note on Wednesday.

“While the longer-term outlook looks bullish, short-term uncertainties may lead to increased volatility, not least considering the time of year where summer vacations swing into full gear, thereby removing liquidity from absent traders,” the bank’s strategy team said.

On Wednesday, oil prices reversed earlier gains and traded lower in morning trade in the U.S. as the U.S. dollar strengthened again. A stronger U.S. currency makes crude buying more expensive for holders of other currencies.

The oil market continues to assess the repercussions of the ongoing OPEC+ impasse on supply at a time when summer demand is rising. The Biden Administration also has also called on OPEC to settle its internal differences and start bringing more oil to markets and relief to crude oil and gasoline prices.

Today, traders will also expect the weekly industry estimate of U.S. crude oil inventories by the American Petroleum Institute (API). Analysts forecast a 3.9 million barrel draw in commercial crude oil inventories for the week ended July 2, according to Reuters.

Meanwhile, “There is still likely to be plenty of noise around what OPEC+ may do in the coming weeks, and so that means volatility is likely to remain,” ING strategists Warren Patterson and Wenyu Yao said on Wednesday.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • naveen sreedevan shitijibes unilever on July 13 2021 said:
    OPEC country Kuwait needs a crude prices of atleast $140 to balance the budget. here is proof.

    The State of Kuwait&#039;s budget for 2020-2021 will have a revenue of KD 14.8 billion (USD 48.7 billion) and an expenditure of KD 22.5 billion (USD 74 billion), while the deficit will be at KD 9.2 billion (USD 30 billion), said the Minister of Finance Mariam Al-Aqeel Tuesday.

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