FIS API Blog
OPEC and its allies edged closer to a consensus on extending production cuts to prop up the oil market, even as wrangling continued for a third day about whether to bring forward their next meeting. Russia and several other OPEC+ nations favor extending the group’s current output curbs by one month. The cuts …
Continue reading “Oil market gripped by ‘rabid optimism’ for now at least”
Brent crude has doubled in price over the past six weeks, pulling back from the brink and the unprecedented step of negative US crude prices. With Chinese demand increasing and the new OPEC cuts, with the extension being discussed right now, it has managed to drag prices to just under $40. Meanwhile queues …
Continue reading “Full tankers idle as crude scrapes back near $40”
Brent crude was unchanged at $37.84 a barrel, in the first day of trading in the contract with August as the front month. WTI crude futures for July delivery were at $35.53 a barrel, up 4 cents, or 0.1%, by 0629 GMT. OPEC+ is set to discuss a short extension of its current output cuts, …
Continue reading “Oil tries again to accentuate the positives”
One thing that has confusingly held true up to now was that, against all the trends of many other commodities and market, iron ore kept on rising. It has been the black sheep of the markets, standing there, teeth gritted, weathering the storm that had swept away many other markets. However, just as other markets …
The predicted rise in US stock levels have dragged down markets further this morning, continuing losses and putting prices ever closer to the $30 mark again. Data from U.S. industry group API predicts crude stocks rose by 8.7 million barrels in the week to May 22, compared with analysts’ expectations for a draw of …
OPEC+ is responding to the oil market’s collapse with an urgency never seen before. The alliance’s program of production cutbacks this month is well on the way to trimming 9.7 million barrels of daily crude output – roughly 10% of global supplies, according to tanker-tracking data, interviews with physical crude traders and refiners, and assessments …
Continue reading “OPEC+ battles to cut, investors bet to buy”
