• 5 minutes Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Starvation, horror in Venezuela
  • 2 hours WTI @ 67.50, charts show $62.50 next
  • 11 hours Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 7 mins Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 59 mins Venezuela set to raise gasoline prices to international levels.
  • 12 hours Mike Shellman's musings on "Cartoon of the Week"
  • 7 hours WTI @ 69.33 headed for $70s - $80s end of August
  • 41 mins The Discount Airline Model Is Coming for Europe’s Railways
  • 16 hours Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 1 hour Pakistan: "Heart" Of Terrorism and Global Threat
  • 23 hours Corporations Are Buying More Renewables Than Ever
  • 11 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 23 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 12 hours Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 13 hours France Will Close All Coal Fired Power Stations By 2021

Breaking News:

SEC Tesla Probe Not New: Report

Alt Text

Turkey Turmoil Drags Oil Down

While Turkey might not be…

Alt Text

Saudi Arabia And Iran Reignite The Oil Price War

As U.S. sanctions on Tehran…

Alt Text

Oil Prices Hit 7-Week Low As Trade War Heats Up

Oil prices traded close to…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Trending Discussions

Rumors of OPEC-Russia Coordination Send Oil Prices Surging

Rumors of OPEC-Russia Coordination Send Oil Prices Surging

Oil prices surged by midday on Wednesday on comments from Russian officials hinting at possible coordination with OPEC on production cuts in an effort to arrest the decline in prices.

The day didn’t start off on such a positive note. The EIA reported a massive increase in oil storage levels – a jump of 8.4 million barrels last week. Inventories are at their highest levels in at least 80 years. That pushed oil prices down in early trading on Wednesday.

But by noon on the East Coast of the U.S., oil prices surged on news that the chief of Transneft – a Russian state-owned oil pipeline company – said that OPEC and Russia would meet to discuss possible production cuts. The news also helped push global stock markets into the green, as oil prices and stocks have recently started trading in a tight correlation with one another. Related:  Only Recession Can Prevent An Oil Price Spike

Nevertheless, the news about potential Russia-OPEC cooperation should be taken with a grain of salt. Both sides have flirted with the idea for quite some time without making any progress on concrete action. Also, despite the comments from Transneft, top government officials have denied such conversations are taking place.

For now though, the markets are happy to take the rumors at face value. By midday, WTI was up nearly 3 percent to $32.34 per barrel, and Brent was up 3.5 percent to $32.94.

By Charles Kennedy of Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment
  • kamakiri on January 27 2016 said:
    "The EIA reported a massive increase in oil storage levels – a jump of 8.4 million barrels last week. Inventories are at their highest levels in at least 80 years. That pushed oil prices down in early trading on Wednesday."

    False. The market reaction to the inventory numbers caused a spike UP today. Rose about $1 AFTER the report was out.

Leave a comment




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