• 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
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 10 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 22 hours How Far Have We Really Gotten With Alternative Energy
  • 2 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 2 days Bankruptcy in the Industry
  • 3 days The United States produced more crude oil than any nation, at any time.
The Global Economic System is Reaching Its Limits

The Global Economic System is Reaching Its Limits

The world's economic myths, especially…

Big Oil May Not Support All Trump 2.0 Policies

Big Oil May Not Support All Trump 2.0 Policies

Trump's two primary campaign promises,…

Oil Prices Up As Rumors On OPEC Cut Persist

Crude oil prices gained on Monday morning as optimism prevailed that production cuts would come in response to the oversupplied market.

UAE Energy Minister Suhail bin Mohammed al-Mazrouei said OPEC was willing to talk about cutting output with other exporters.

Light, sweet crude future for March delivery were up 39 cents, or 1.4 percent, on the New York Mercantile Exchange, reaching $29.83 per barrel on Monday morning.

Brent crude for April delivery was up 31 cents, or 0.9Q percent, on London’s ICE Futures exchange, reaching $33.67 per barrel after falling below $30 on Thursday.

Related: UAE Offers India Free Oil To Ease Storage Woes

The comes after crude futures made their largest one-day percentage gain since 2009 last Friday, up 12 percent.

Those gains were also prompted in part by a state from oil services giant Baker Hughes, which said that U.S. energy firms had cut the number of oil rigs for the eighth consecutive week, reaching their lowest levels since January 2010.

The is all about trading on sentiments, and the rally comes after the United Arab Emirates (UAE) announced that the leaders of OPEC countries were ready to cooperate on production cuts.

Related: A Bubble Induced Economy & The Wage Gap

This exact sentiment has been swinging the market on a daily basis for months. While optimism prevailed after UAE’s announcement, skeptics note that Venezuela and Russia have failed in attempts to convince Saudi Arabia and other OPEC majors to agree to production cuts.

The overriding sentiment is that prices will have to rebound eventually in order to rebalance supply and demand.

At the end of the day, these investors who remain convinced that we a recovery is just around the corner are pushing long bets up to their highest point in eight months.

ADVERTISEMENT

By Charles Kennedy 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