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Crude Oil Tumbles Despite Huge Drawdown. Slower Growth, Potential Tariffs Cited
The price settled at $70.38, down -$3.73 or about -5% on the day.
Down -$3.73 on the day
The price of crude oil has moved sharply lower in trading today.
The high reached $74.26. The low reached $70.02…
Crude Oil Bounces as OPEC Adopts Underwhelming Production Increase
Gold Silver Reports (GSR) – Crude Oil jumped the most since late 2016 after OPEC adopted a smaller-than-expected production increase. – Futures advanced 4.6 percent in New York on Friday to close above $68 a barrel for the first time this month. Although the OPEC-led group of 24 major oil producers approved a 1 million barrel boost to daily output, several cartel members said the actual increase will only reach 700,000 because some nations are incapable of pumping more crude.
OPEC Reaches Deal to Raise Oil Output From July Onward
OPEC Reaches Deal to Raise Oil Output From July Onward – OPEC Is Said to Have Deal in Principle With Iran for Output Hike – West Texas Intermediate (WTI), futures on NYMEX, finds a temporary support near $62.00 during Wednesday’s Asian session after sliding almost 4.40% in last two trading days. The Oil price gets a provisional relief after the OPEC+ denied speculation regarding the announcement of a multi-fold hike in Oil production in its upcoming meeting on Sunday.
Crude Oil at $100 Is a Possibility Next Coming Year, Bank of America Says
Gold Silver Reports (GSR) – Crude Oil at $100 Is a Possibility Next Coming Year, Bank of America Says – Crude Oil prices could rally to $100 a barrel next year, a level not seen since 2014, as supply risks in Venezuela and Iran strain global markets, according to Bank of America Corp.