• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Wind droughts
  • 2 days "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 50 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 1 day "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 1 day Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 8 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 1 day The Federal Reserve and Money...Aspects which are not widely known
  • 5 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 1 day "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 1 day "Dodgy Demand Data? The Oil Price Collapse Conspiracy" by Alex Kimani
  • 8 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 9 days Goldman Betting on Cryptocurrencies
  • 12 days Сryptocurrency predictions

Crude Oil Prices Set To Finish Week With Major Gain

Crude oil prices are set to finish the week on a high note, with WTI rising more than $10 per barrel this week as OPEC+ agreed to slash its production targets for November by 2 million barrels per day.

The November contract WTI prices rose to $92.35 (+4.43%) on Friday afternoon, despite the better-than-expected Friday jobs report that will most certainly translate into even higher inflation, and as such, further Fed rate hiking.

The recent rate hikes have helped to keep oil prices in check at a time when U.S. crude inventories are below the five-year average despite a million barrels of SPR being released daily from the nation’s Strategic Petroleum Reserves.

The Labor Department’s job monthly jobs report showed that the United States added 263,000 jobs, with the unemployment rate falling to 3.5%--lower than the anticipated 3.7%.

The DJIA fell 2.17% today.

While OPEC+ moved to slash production by 2 million bpd starting next month, the realized production losses will likely be closer to 1 million bpd because many OPEC+ members are currently producing below the new targets anyway. But even a 1 million bpd increase at a time when SPR releases are soon expected to end is substantial and has the power to raise prices.

Brent crude prices were trading up on Friday by $3.72 per barrel, to $98.14.

Gasoline prices in the U.S. also rose on Friday, averaging $3.891 per gallon across the nation, up 9.4 cents on the week and 12.7 cents month over month. A year ago today, gasoline prices in the United States were $3.244 per gallon. The hike in the price of WTI, EIA reports of increased gasoline demand last week, falling gasoline inventories, and refinery outages across the United States are all behind the rising gasoline prices.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

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