• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 14 hours Satellite Moons to Replace Streetlamps?!
  • 1 day US top CEO's are spending their own money on the midterm elections
  • 8 hours EU to Splash Billions on Battery Factories
  • 11 hours U.S. Shale Oil Debt: Deep the Denial
  • 19 hours The Balkans Are Coming Apart at the Seams Again
  • 4 hours Owning stocks long-term low risk?
  • 1 day OPEC Is Struggling To Deliver On Increased Output Pledge
  • 7 hours The Dirt on Clean Electric Cars
  • 1 day Uber IPO Proposals Value Company at $120 Billion
  • 21 hours 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 1 day A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 2 days U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 2 hours The end of "King Coal" in the Wales
Alt Text

What’s Next For Oil Prices?

Oil markets will continue to…

Alt Text

Oil Experts Divided As Iran Sanctions Loom

The world’s top oil trading…

Alt Text

Goldman Sachs: This Is The Next Big Risk For Oil

Goldman Sachs commodities expert Jeffrey…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

We’re Close To Forming A Major Bottom For Oil

All eyes will be on Friday’s close this week in the May Crude Oil futures market because of the breaking news on Thursday regarding the anticipated OPEC production freeze meeting on March 20 in Moscow. Speculative buyers drove the market higher during the week in anticipation of such meeting, and these same traders could take the market down if the meeting becomes a non-event.

Supply rose again last week according to the U.S. Energy Information Administration, but traders decided to ignore this news, instead shifting their focus on the possible meeting. The theme this week for traders appeared to be “focus on the future and not on the past”. The future is a possible production freeze and lower U.S. production. The past is oversupply caused by excessive production from OPEC and the U.S. producers.

Crude oil prices had settled into a sideways-to-lower range earlier in the week on demand concerns from China, but news of a potential meeting to discuss a production freeze between OPEC and Non-OPEC countries triggered a massive recovery.

The meeting, led by Saudi Arabia and Russia, was expected to be a discussion about a global pact on freezing production, however, doubts about the meeting were cast late in the week because Iran had yet to say whether it would participate in such a deal. In February, Iran said it would ramp up production to try to get back to pre-sanction levels as quickly as possible and that the production freeze plan was a…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





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