Did Oil Markets Overreact To The Saudi Purge?
Saudi Arabia’s powerful crown prince led a massive purge over the weekend, ousting around a dozen royal cousins in a bid to consolidate power. The removal and detentions of so Continue Reading
Oil Hits Two-Year High but Stocks Muted in Wake of Saudi Arrests
However, oil prices gained after the wave of arrests in Saudi Arabia of princes, businessmen and government ministers. Shortly after European markets opened West Texas Intermediate crude oil was up Continue Reading
Oil hits two-year high on Saudi purge, world shares retreat
Oil jumped to its highest in over two years on Monday as Saudi Arabia’s crown prince cemented his power through a crackdown on corruption, while world shares eased a notch Continue Reading
Is $60 Oil Too Tempting For OPEC?
Last week, a Bloomberg energy journalist tweeted from Riyadh, wondering why there are no mass celebrations of the fact that Brent was coming closer to $60 a barrel. Now that Continue Reading
WTI Soars As U.S. Oil Rigs See Biggest Decline Of The Year
Baker Hughes has reported that the number of oil and gas rigs in the United States fell for yet another week, this time dipping 11 rigs —most of which was Continue Reading
Oil Prices Continue to Gain on Investor Optimism
Light, sweet crude for December delivery gained $1.10, or 2%, to $55.64 a barrel on the New York Mercantile Exchange, the highest level since July 2015. Brent, the global benchmark, Continue Reading
U.S. crude touches two-year high after rig count drops
Oil prices rose on Friday, with U.S. crude touching a two-year high, strengthening after U.S. rig data suggested drilling in the United States would throttle back. The latest rig data Continue Reading
Is $60 The New Floor For Oil Prices?
Positive sentiment continues to drive oil markets as the OPEC meeting nears and U.S. oil rigs continue to decline. Oil prices have maintained their gains and are showing signs of Continue Reading
Oil firm on ongoing supply cuts, but analysts warn OPEC must stay the course
Oil markets were firm on Friday, supported by OPEC-led supply cuts which are tightening the market as well as by strong demand, but analysts cautioned that the cuts would need Continue Reading
Oil Steadies After Fall in U.S. Inventory
Brent, the global benchmark, rose 13 cents, or 0.21%, to $60.62 a barrel on ICE Futures Europe. Brent prices broke above $60 a barrel last week for the first time Continue Reading