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Prices “should be much lower based on supply,” Trump said in a tweet, after Saudi Energy Minister Khalid Al-Falih said producers need to cut about 1 million barrels a day from October production levels. “Trump’s message was intended to keep OPEC in check” after the group signaled they may agree to cut production, Makiko Tsugata, a senior analyst at Mizuho Securities Co., said by phone from Tokyo. “There is not a lot of time left before the OPEC meeting in December, and the group may not be able to build consensus by then.
The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets. FUNDAMENTALS * Malaysian palm oil futures pared some losses on Monday during the second half of ...
Oil markets largely ignored record Chinese crude oil import data, driven by U.S. sanctions on Iran and falling legacy production in domestic fields
___ Amazon HQ favorites: Similar basics but different vibes The communities said to be favored for new bases for Amazon are both riverfront stretches of major metro areas with ample transportation and ...
You go to the trouble of organizing a big get-together in Abu Dhabi to help shore up oil prices, complete with press conferences and the usual nod-and-a-wink guidance. President Donald Trump rebuts it with a tweet. More importantly, it comes after oil prices have already dropped by about $15 a barrel, almost a fifth, over the past month or so to around $70.
U.S. oil futures settled below $60 a barrel on Monday for the first time since February, marking a record 11 straight session declines. Rising global crude production and U.S. President Donald Trump's decision to issue waivers, allowing eight nations to continue importing Iranian oil despite U.S. sanctions on Tehran, have fed concerns over a potential global supply glut. The price declines follow weekend discussions by major oil producers over a potential production cut and a tweet from Trump Monday in which he said he hopes the Organization of the Petroleum Exporting Countries does not cut oil output as prices should be lower based on supply. December West Texas Intermediate oil lost 26 cents, or 0.4%, to settle at $59.93 a barrel on the New York Mercantile Exchange.
“The differentials are holding to modestly improving but the global prices are sliding,” Kevin Birn, a director on the North American crude oil markets team at IHS Markit, said in a phone interview. Oil sands producers including Canadian Natural Resource Ltd., Devon Energy Corp., Cenovus Energy Inc. and Athabasca Oil Corp. have announced curtailments that may total 140,000 barrels a day or more, after a localized glut sent heavy Western Canada Select crude plunging to a $50 discount to West Texas Intermediate futures, the widest in Bloomberg data going back a decade.
Producers need to cut about 1 million barrels a day from October production levels, Saudi Energy Minister Khalid Al-Falih said in Abu Dhabi on Monday. The kingdom will reduce shipments by about half that amount next month, making its second policy U-turn after a summer surge in prices was followed by a swift collapse into a bear market this month. “This announcement of at least Saudi Arabia reducing probably will firm the price,” BP Chief Executive Officer Bob Dudley said in a Bloomberg television interview.
WASHINGTON (Reuters) - U.S. President Donald Trump on Monday said he hoped there would be no oil output reductions, after Saudi Arabia said OPEC was considering cutting oil supply next year, citing softening ...
U.S. oil futures turned lower in Monday dealings, reversing course after discussions among major oil producers over a potential reduction in crude output had pulled prices higher. A lower settlement for the U.S. benchmark would mark its eleventh in a row and longest streak of session declines on record for a front-month futures contract. Oil prices had turned lower before U.S. President Donald Trump said in a tweet that he hopes Saudi Arabia and OPEC won't cut oil production and said oil prices should be much lower based on supply. December West Texas Intermediate oil was down 14 cents, or 0.2%, to trade at $60.05 a barrel on the New York Mercantile Exchange.
Trump warns OPEC against cutting oil production: 'Prices should be much lower based on supply'|| 105569182
Brent and West Texas Intermediate futures have bounced 1.2% on Monday, to $71 and $61 per barrel, respectively. Much attention has been focused on the sharp decline in crude prices, inciting concerns about what that might be signaling about macroeconomic growth, but prices coming down might have more to do with reversion to the mean than indication of a coming crisis, writes Parag Thatte, a Deutsche Bank strategist. “...Beginning in April, oil prices began rising as the market focused on diminished supply first from Venezuela and then Iran as the U.S. pulled out of the nuclear deal,” he writes.