• 4 minute Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 8 minutes Could oil demand collapse rapidly? Yup, sure could.
  • 15 minutes Oil and Trade War
  • 4 hours Oil prices going down
  • 2 hours Could oil demand collapse rapidly? Yup, sure could.
  • 1 hour Migrants: Italy Wants EU Border Agency In Africa, Not At Sea
  • 28 mins Are EVs Safer Than Combustion Engine Vehicles?
  • 8 hours Sabotage at Tesla
  • 2 hours What If Canada Had Wind and Not Oilsands?
  • 16 hours Oil and Trade War
  • 1 hour Sell out now or hold on?
  • 4 hours Trump Hits China With Tariffs On $50 Billion Of Goods
  • 16 hours venezuala oil crisis
  • 18 hours Russia and Saudi Arabia to have a chat on oil during FIFA World Cup - report
  • 16 hours Germany Orders Daimler to Recall 774,000 Diesel Cars in Europe
  • 5 hours The Irrelevance Of BTU Rating - Big Oil's Gimmick To Hoodwink The Public
  • 12 hours The Wonderful U.S. Oil Trade Deficit with Canada
  • 2 hours Nopec Sherman act legislation
  • 4 hours After Three Decade Macedonia End Dispute With Greece, new name: the Republic of Northern Macedonia
Europe Is Awash With Oil Stored On Ships

Europe Is Awash With Oil Stored On Ships

Bullish sentiment in markets makes…

Venezuela Won’t Have Enough Oil To Export By 2019

Venezuela Won’t Have Enough Oil To Export By 2019

GlobalData recently projected that Venezuela’s…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Oil Prices Spiral Down as OPEC Rhetoric Pales

After a week-long flirtation with higher oil prices thanks to vague rhetoric and ambiguous talk from the world’s major producers about an output freeze to January levels, oil was back down this morning.

The rhetoric has now faded and is failing to capture the attention of the market, and the release yesterday of Energy Information Administration (EIA) data showing a build in U.S. crude inventories stymied the climb.

This morning, WTI Crude Futures were down, and we’re looking at a dip below $30 per barrel by the close of trading today. Brent crude was down 1.11% this morning, with WTI down over 4 percent at $29.29.

Related: Russia Looks To Privatize Oil Assets, But Who Will Buy Them?

OPEC rhetoric, plus some wild estimations by the American Petroleum Institute (API) about a dip in crude inventories despite plenty of predictions to the contrary, had contributed to a nice recovery start for oil, but it was to be short-lived.

Yesterday’s report from the EIA showed an increase of 2.1 million barrels in crude inventory last week, news that sent oil prices down by over a dollar yesterday.

The U.S. Energy Information Administration (EIA) has released its weekly crude oil inventory report, showing an increase of 2.1 million barrels last week, sending oil prices down by over a dollar.

Related: Venezuela Raises Fuel Prices By More Than 6,000 Percent

On the OPEC rhetoric front, the market has finally responded to the slim chances of Iran or Iraq joining in calls for an output freeze to January levels.

Nonetheless, the market had continued until late yesterday to bank on vague Iranian statements of support for the Saudi-Russian freeze plan, but no commitment to do so itself. Likewise, lraq, reeling from conflict and facing the most severe economic crisis, has not—and is not likely to—commit.

By James Burgess of Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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