Crude Oil

The Organization of the Petroleum Exporting Countries on Wednesday reduced its 2022 forecast for growth in world oil demand for a fourth time since April, stating oil demand will rise by 2.64 million barrels per day (bpd) or 2.7% in the year. This is down 460,000 bpd from its...

U.S. Treasury secretary Janet Yellen has criticized the supply cut decision made by the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, calling it “unhelpful and unwise” for the global economy. What Happened: Yellen, in an...

Oil prices soared over 3% on Monday morning in Asian trade after reports indicated the Organization of the Petroleum Exporting Countries and its allies (OPEC+) are likely to consider an output cut of over a million barrels per day in the fresh trading week. Brent crude...

Investors who bought stocks during the COVID-19 market crash in 2020 have generally experienced some big gains in the last two years. But there is no question some big-name stocks performed better than others since the pandemic bottom. Exxon's Bumpy Road: One company that has been a great...

Warren Buffett’s Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) has been on a buying spree as it loaded up over 5.98 million shares of Occidental Petroleum Corporation (NYSE: OXY) over the last three days valued at over $352 million, according to a regulatory...

Financial instruments move in streaks — daily and weekly ones that lead to monthly ones. The price of the front-month contract for crude oil futures doubled from December 2021 to May 2022, ending November at $53.29 and ending May at $109.01. That was followed by some...

U.S. Treasury Secretary Janet Yellen said on Sunday Americans could witness a rise in gas prices in the winter when the European Union significantly trims Russian oil purchases, reported CNN. Yellen’s statement comes at a time oil prices have cooled significantly from...

Oil fell on Friday dragged by demand concerns, increasing stockpiles, and the likelihood of the Biden administration making a fresh release from emergency reserves. As central banks continue to implement their aggressive rate hikes, demand concerns from China are taking precedence. On Thursday, the...

Oil prices fell in Asia trading on Wednesday, dragged by worries over potential rate hikes by the European Central Bank (ECB) and Federal Reserve this month, as well as extended COVID-led lockdowns in China. European Expectations: The ECB will announce its interest rate...

Oil maintained gains from the previous session on Tuesday morning in Asia trading after the Organization of Petroleum Exporting Countries and allies including Russia (OPEC+) decided on a modest 100,000 barrel-a-day supply cut while adding that the group may do more in the fourth...

The Group of Seven (G7) finance ministers will hold talks this week on permitting global purchases of Russian oil at a capped price, a move the U.S. believes will ease energy market pressures and reduce overall Russian revenues from crude, reported Bloomberg. What Happened: U.S....

China Petroleum and Chemical Corporation (NYSE: SNP), or Sinopec, registered a 10.4% increase in its H1 net profit at 43.53 billion yuan ($6.3 billion), led by higher global crude and gas prices, despite domestic demand remaining sluggish. Sinopec reported revenues of 1.61 million...

Chinese oil giant PetroChina Company Ltd (NYSE: PTR) has posted record profits in the first half of 2022, led by an increase in oil output coupled with a price rise in the commodity over geopolitical tensions. The Print: PetroChina's first-half profit came in at 82.39 billion...

Oil prices fell in Asia trading on Monday following a report about a nuclear agreement revival between Iran and Western countries and on fears of a rate hike in the U.S. coupled with a strong dollar. Landmark Deal: The Iran nuclear deal is “imminent” and an agreement to revive the...

Investors know how volatile the commodities markets can be. When it comes to crude oil futures, it is a whole new ballgame with intraday as well as overnight volatility. For example, based on Monday’s range ($86.82-$92.10), the price fluctuation on one contract is $5,280. That does not...