• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 10 days Does Toyota Know Something That We Don’t?
  • 4 days America should go after China but it should be done in a wise way.
  • 10 days World could get rid of Putin and Russia but nobody is bold enough
  • 26 mins "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 12 days China is using Chinese Names of Cities on their Border with Russia.
  • 1 hour The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 1 day Even Shell Agrees with Climate Change!
  • 2 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 12 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 13 days Putin and Xi Bet on the Global South
Red Sea Disruptions Spark Oil Tanker Shortfall

Red Sea Disruptions Spark Oil Tanker Shortfall

Disruptions in the Red Sea…

A Signal of Strong Short Term Demand in Oil Markets

A Signal of Strong Short Term Demand in Oil Markets

A significant development this week…

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