• 3 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 5 minutes Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 9 minutes This Battery Uses Up CO2 to Create Energy
  • 12 minutes Shale Oil Fiasco
  • 2 hours Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 2 days Indonesia Stands Up to China. Will Japan Help?
  • 15 hours We're freezing! Isn't it great? The carbon tax must be working!
  • 1 day US (provocations and tech containment) and Chinese ( restraint and long game) strategies in hegemony conflict
  • 14 hours Beijing Must Face Reality That Taiwan is Independent
  • 3 hours Let’s take a Historical walk around the Rig
  • 2 hours Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 2 days Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 33 mins Trump has changed into a World Leader
  • 1 day Might be Time for NG Producers to Find New Career
  • 2 days Anti-Macron Protesters Cut Power Lines, Oil Refineries Already Joined Transport Workers as France Anti-Macron Strikes Hit France Hard
  • 3 days Phase One trade deal, for China it is all about technology war
Alt Text

Is Iran Preparing To Send Oil Back To $100?

Brent oil prices have failed…

Alt Text

China Virus Fears Send Oil Prices Even Lower

Oil prices were down early…

Alt Text

Oil Tanks As Trump Claims Iran Is Standing Down

Oil prices fell on Wednesday…

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 Snap Winning Streak

Despite signs of continued tightness in supply, oil prices dropped early on Monday on some profit taking and a Russian minister suggesting that Russia and OPEC could abandon the production cut deal.

At 10:09 a.m. EDT on Monday, WTI Crude was down 0.77 percent at $63.40 and Brent Crude was trading down 0.61 percent at $71.11.

Last week was the sixth straight week of gains amid tightening supplies due to OPEC and Russia’s production cuts, the collapse of Venezuelan production, and fighting in Libya which could disrupt the African nation’s oil industry again.

Libya’s oil production is still under threat from renewed fighting between warring armed groups, and the situation could become as bad as it was during the 2011 civil war, the National Oil Corporation’s chairman, Mustafa Sanalla, told the Financial Times in an interview last week.

At the start of this week, supply continues to be the focus of the market, but oil futures were “marginally lower early Monday in Asia despite the region’s stock markets opening stronger as some profit-taking set in, with prices closing just under fresh five-month highs last week,” Vanda Insights said.

While tighter supply caps oil price declines, during the weekend, Russia’s Finance Minister Anton Siluanov gave traders food for thought after he was quoted as saying by the Russian TASS news agency that OPEC and Russia could decide to abandon the deal to fight for market share, but this could send oil prices tumbling to $40 a barrel. There isn’t any decision yet, Siluanov said, noting that he doesn’t know if OPEC could be on board with ditching the deal.

Saudi Arabia, OPEC’s largest producer and de facto leader, has been signaling that it would do whatever it takes to rebalance the market (and support oil prices), and followed through its commitment to cut much deeper than pledged in the pact, as OPEC’s March production dipped to a four-year low.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage




Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play