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Crude surges as non-OPEC producers agree oil output cut

December 11, 2016 7:57 PM
Crude oil prices surged a huge $3 dollars or 5% higher at the Asian open with Brent briefly trading north of $57 and WTI above $54 a barrel before pulling back slightly. Global stock index futures have correspondingly gapped higher with expectations that energy and other oil-related stocks will rise in tandem with crude prices when the exchanges ope...

It is all about OPEC today

November 30, 2016 7:48 AM
For obvious reasons, all the focus is on the OPEC meeting. As we pointed out the possibility yesterday, oil prices have bounced back very strongly today on renewed hopes that oil ministers will, after all, be able to hammer out a deal later on to limit crude production. Brent was up a good 8% at the time of this writing. No official announcement has...

OPEC preview: will Iran call Saudi’s bluff?

November 29, 2016 1:38 PM
Lots of headlines have come out ahead of tomorrow’s much-anticipated OPEC meeting. They have been largely oil-negative with Iran in particular being very vocal, saying that it won’t reduce its output and at the same time demanding that Saudi Arabia should shoulder most of the responsibility. Iraq, too, wants to be except from production cuts. We hav...

OPEC's decision will likely boost oil prices further in short term

September 29, 2016 7:27 AM
The OPEC surprised the market yesterday and actually managed to agree on a production cut, with details to follow in their November meeting. Up to 800,000 barrels of oil per day will potentially be removed from the oversupplied market which would lower the production target for the cartel to a range between 32.5 and 33.0 mb/d. Oil prices surged some...

Oil higher ahead of OPEC decision

September 28, 2016 12:28 PM
Crude prices jumped in reaction to the latest weekly US crude stockpiles data but then quickly went into reverse gear, before bouncing back once again. Traders were in no mood to take any chances ahead of the conclusion of talks between the OPEC and non-OPEC members in Algeria, especially given how headline-driven prices have become.