oil prices

Once again in the spotlight, Brent crude oil prices, are at their highest levels this year. This is largely due to anticipated further reductions in oil output from major exporting countries. In a surprising move, Saudi Arabia has hinted at even more significant production cutbacks in the near...

The Biden administration is engaged in talks with Venezuela, exploring the possibility of a temporary lifting of crippling sanctions in exchange for a commitment to hold fair elections next year. Preliminary discussions have commenced, with senior officials from both the U.S. and Venezuela involved...

Saudi Arabia has indicated that it might further reduce its oil production. This comes as the country continues its voluntary agreement with Russia to limit oil supply for another month. This decision is made despite the recent increase in crude oil prices, which could potentially reignite...

Crude oil has gained five weeks in a row, almost undetected by investors who are completely focused on the stock market surge fueled by AI stocks and the significant reduction in inflation. Such a winning stretch has not occurred in the oil market in over a year and a half, with the most...

Saudi Energy Minister, Prince Abdulaziz bin Salman, warned oil speculators to exercise extreme caution in order to avoid being squeezed by the OPEC+ as was the case in April when the cartel enacted an unexpected supply cut. “I keep advising them that they will be ouching, they did ouch...

U.S. oil company stocks are rallying in Wednesday's session, with the Energy Select Sector SPDR Fund (ARCA: XLE) up 2%, fueled by a 3.4% increase in WTI crude oil prices as a result of a confluence of positive headlines over the past few weeks. On Monday, the U.S. Department of Energy announced...

Despite the sharp declines experienced by oil prices in recent weeks, Goldman Sachs (NYSE: GS) reiterated its forecast for Brent prices of $95 by December 2023 and $100 for April 2024. Supply deficits are expected to surge in the second half of the year, the firm predicts. The...

Gold prices rose on Monday as the dollar declined slightly with investors bracing for the release of the consumer price inflation data on Tuesday that will pave the way for the Federal Reserve's future monetary policy. What Happened: Spot gold was trading 0.36% higher near the $2,023 per ounce...

Concerns of slowing demand and expectations of further interest rate hikes have dragged the price of oil back to square one from the highs it attained earlier this month following the surprise production cut announcement by OPEC+. What Happened: Oil prices fell nearly 4% on Wednesday, extending the...

Fatih Barol, executive director of the International Energy Association (IEA), is cautioning OPEC countries that efforts to raise oil prices could have a detrimental effect on global growth and risks accelerating the transition to renewable energy. "They have to be very careful,...

Oil prices climbed in Wednesday's session, with a barrel of WTI crude reaching $82.50, after the Bureau of Labor Statistics reported lower-than-expected inflation in March and following remarks by the U.S. Energy Secretary Jennifer Granholm, who expressed intentions to return...

Treasury Secretary Janet Yellen reportedly said the surprise OPEC+ oil production cut is an “unconstructive act” that will add uncertainty to the global growth outlook and burden consumers when inflation remains high. What Happened: “I think it’s a regrettable action that...

Oil prices soared during Monday morning in Asian trade after The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, trimmed oil production by 1.16 million barrels per day beginning May, in a surprising move. What Happened: Saudi Arabia will voluntarily cut output by...

On today's (Oct. 5) episode of the "Stock Market Movers," host Mitch Hoch spoke to Louis Cordone, senior vice president of data strategy at AST, about the overall market sentiment. Stock Market Movers is all about covering the top stock market headlines on the day! Watch the...

The market is yet to turn the corner, with one risk after another stifling a potential recovery from its protracted weakness. Tesla Inc. (NASDAQ: TSLA) was in the spotlight over the weekend as stakeholders digested the electric vehicle maker’s quarterly deliveries and its AI Day presentations....