• 3 minutes Australian power prices go insane
  • 7 minutes Wind droughts
  • 11 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 35 mins Is Europe heading for winter of discontent with extensive gas shortages?
  • 11 mins Hopes Are Dashed For International Oil Companies In North Iraq
  • 32 mins "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 1 day 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 2 days Changing Gazprom ADRs to Russian shares
  • 1 day Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
EIA Inventory Report Pushes Oil Prices Higher

EIA Inventory Report Pushes Oil Prices Higher

A bullish inventory report from…

Oil Could Fall to $90 If Inflation Persists

Oil Could Fall to $90 If Inflation Persists

Crude oil prices could fall…

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 Prices Rally Back Above $100

  • Oil prices have climbed back above $100 as hopes of a production boost dwindle.
  • Oil was still down for the week after heavy selloffs in the previous sessions.

Oil prices rose by 2% early on Friday, with Brent rebounding to above $100 per barrel at the end of a very volatile week, amid reports that President Joe Biden’s visit to Saudi Arabia today will not result in a public announcement of an imminent production increase.

As of 9:50 a.m. ET on Friday, WTI Crude was up 1.94% at $97.65, and Brent Crude was back above the $100 per barrel mark, at $101.17, up by 2.03%, erasing some of the weekly loss in the selloffs earlier this week.  

Oil was supported on Friday by reports that the U.S. doesn’t expect the Saudis to immediately raise oil supply to the market—or even to announce a planned production increase.

There will be no public announcements about an oil supply rise during or after President Biden’s visit to Saudi Arabia, Bloomberg reported on Friday, quoting sources with knowledge of the matter. The U.S. doesn’t expect the Saudis to raise production immediately, a U.S. official told Reuters.

Oil was still down for the week after heavy selloffs in the previous sessions, fueled by new COVID measures in China, higher-than-expected U.S. inflation, and overall market concerns that the aggressive rate hikes from the Fed and other central banks would lead to a recession.

A bearish U.S. inventory report on Wednesday also contributed to the drop in oil prices in the middle of the week. Inventories increased in the U.S. for the week to July 8, with builds in both crude and gasoline stockpiles and a drop in implied gasoline demand to 8.06 million barrels per day (bpd), which is the lowest level seen for this time of the year in at least a decade.

A strong U.S. dollar has also weighed on oil prices this week.

At one point on Thursday, oil prices were trading at the lowest levels since the end of February, just before the Russian invasion of Ukraine.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Mamdouh Salameh on July 15 2022 said:
    This has nothing to do with dwindling hopes of Saudi Arabia and OPEC+ boosting production since the global oil market has been aware of this fact for a long time and everything to do with the fact that the fundamentals of the global oil market are still robust.

    The recent dip in oil prices was a temporary pause triggered by global oil traders' profit taking and recession concerns.

    However, the market is coming to realize that in the current abnormal circumstances, a recession will neither cause a demand destruction nor lead to a decline in prices because of the tightness of the market, shortages and a fast-shrinking global spare oil production capacity including OPEC+’s.

    That is why I am projecting that oil prices will soon resume their surge with Brent crude touching $120 a barrel before the end of the year.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

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