US West Texas Intermediate (WTI) crude oil futures were at $59.00 per barrel at 0014 GMT, down 93 cents, or 1.6 per cent from their last settlement.
OPEC
Crude Oil Marketers Gains As Crude Resumes Decline
The stocks were the best performers on the Nifty 50 Index.
Shares of the Crude oil marketing companies rose in today’s trade after the crude oil resumed declines after a one-day rally.
The Brent crude oil slip 0.86 percent to trade at 69.52 a barrel.
Crude Oil Continues Big Slide Despite Saudi Talk of Supply Cuts
Gold Silver Reports (GSR) – Futures in New York as 0.4% Monday, extending a record decline. Oil was pulled 2.5% lower after the close amid a slide in equities, with President Donald Trump adding pressure with a tweet criticising the Saudi plan.
Crude Prices Up by 1 percent After Saudi Arabia Announces December Supply cut
Crude Oil prices rose by about one percent on Monday after top exporter Saudi Arabia announced a cut in supply for December, seen as a measure to halt a market slump that had seen crude decline by 20 percent since early October.
What Would Happen To USD If Oil Hits $100 A Barrel?
Technical Perspective
The main focus is now on a retest of the year to date high (and 2011 low) around 75.15. Above here and the next technical resistance level will be the 61.8% retracement from 2014 highs around 79.51. To the downside, support is seen along the bullish channel base which, while intact, keeps focus on the further upside.
Trump says OPEC nations ‘Ripping off the world’ on Oil Prices – Neal Bhai
Trump says wants OPEC nations to contribute substantially to military protection from now on
Crude Oil MCX Above ₹ 4733 Under Fresh Buying Zone, Big Target – Neal Bhai Reports
Crude Oil MCX Above ₹ 4733 Under Fresh Buying Zone, Big Target
Crude Oil on MCX settled up 1.73% at 4767 amid reports that Saudi Arabia pumped fewer crude barrels in July, while the U.S. saw a drop in active drilling rigs. Oil prices made a bright start to the session as bulls cheered a drop in Saudi output and signs of tightening U.S. output.
US will be Tough on Iran Sanctions, And that Could Sting Consumers
Gold Silver Reports (GSR) – US will be Tough on Iran Sanctions, And that Could Sting Consumers — A senior State Department official Tuesday said the U.S. is seeking a reduction in Iranian exports to zero and does not intend to grant any waivers for companies or countries seeking exemptions. President Donald Trump pulled the U.S. out of the Iran nuclear deal, which continues to be supported by Iran and the other parties to it: the U.K., Germany, Russia, China, Italy and France.
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 Is Said to Have Deal in Principle With Iran for Output Hike
Gold Silver Reports (GSR) – OPEC has reached an agreement in principle to boost oil production, achieving a last-minute compromise that overcame Iran’s threats to veto any supply hike. The preliminary accord allows for an additional 600,000 barrels a day of oil to flow onto the market, about 0.5 percent of global supply, said a delegate. That reflects a 1 million barrel-a-day adjustment on paper to the production cuts implemented by the Organization of Petroleum Exporting Countries and its allies, the delegate said, asking not to be named because the information is private.