US President Donald Trump has blamed the Organization of the Petroleum Exporting Countries (OPEC) for high crude prices and called on it to boost output to bring down fuel costs before the US Congressional elections on 6 November.
Saudi Arabia
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.
Crude Oil Imports may be Cut as Price Forecast Put at $100 a Barrel
With Brent crude already jumping to an almost four-year high on Monday, that’s exactly the kind of price surge President Donald Trump has been seeking to prevent by pressuring the Organization of Petroleum Exporting Countries to raise production. Yet the cartel and its allies gave mixed signals at a meeting in Algiers on Sunday, ultimately showing little sign they would heed U.S. demands to rapidly push down crude prices.
A Bearish September For Crude Oil – Gold Silver Reports
The recent gains in WTI and Brent were a treat for investors and a boon for oil bulls. The original catalyst for this most recent rally was a bullish inventory report, with the EIA announcing that inventories at Cushing, Oklahoma, had declined by 5.8 million barrels.
Is Saudi Arabia—The World’s Largest Oil Producer—Accurately Reporting its Oil Production?
Gold Silver Reports (GSR) – Saudi Arabia has pressed independent energy analysts to alter their estimates of its oil production, people familiar with the matter said, a move that could put it in conflict with other members of the fractious Organization of Petroleum Exporting Countries.
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.
OPEC Nears Deal on Oil-Supply Boost After Saudi-Iran Talks
Gold Silver Reports (GSR) – Iranian Oil Minister Bijan Namdar Zanganeh said he had a good meeting with his Saudi counterpart in Vienna on Friday and he wasn’t feeling pessimistic about the possibility for a compromise — a reversal of his position on Thursday night. After a tumultuous few weeks that have whipsawed crude markets, his comments suggested oil consumers from the U.S. to India and China could soon find some relief from high prices.