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Today’s Trading Edge: Oil remains heavy as supply concerns weigh on prices

Posted by WorldWideMarkets . on Mar 20, 2017 11:23:41 PM

 

Oil prices initially rallied in NY after OPEC support for continuing their supply cut agreement into second half of year is reportedly increasing.  They also noted that they would require non-OPEC participation to extend agreement.  The markets ignored the prospect of a possible extension of supply cuts as concerns remain strong on growing US oil output and high inventories. 

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Topics: US Crude oil, crude oil, WTI, $OIL

Today’s Trading Edge: Oil has best rally in a month on weak dollar and  despite big weekly build

Posted by WorldWideMarkets . on Jan 12, 2017 2:22:17 AM

Oil prices rose 2.8% in New York despite the US Energy Information Administration report that highlighted crude stockpiles rose +4.1 million barrels, more than the eyed +0.5 million analysts’ consensus.  The markets ignored the supply overhang and focused on the rise in distillate demand. 

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Topics: USOIL, West Texas Intermediate crude oil, $OIL

Today’s Trading Edge: Oil surges to a 16-month high after oil producers deliver on an output agreement

Posted by WorldWideMarkets . on Dec 12, 2016 3:09:36 AM

Oil prices surged to a 16-month high as WTI rallied over 5% to $54.51 after OPEC and non-OPEC producers make biggest move in 6 years to reduce supply.  Saudi Arabia additionally signaling deeper cuts also helped accelerate the rally. 

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Topics: US Oil, WTI, West Texas Intermediate crude oil, $OIL

Today’s Trading Edge: Oil rallies to a 3-week high as expectations grow for OPEC to deliver a deal to limit output

Posted by WorldWideMarkets . on Nov 21, 2016 11:42:47 PM

 

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Topics: US Oil, USOIL, West Texas Intermediate crude oil, $OIL

Today’s Trading Edge: Oil remains heavy as concerns grow over OPEC deal

Posted by WorldWideMarkets . on Nov 1, 2016 12:26:49 AM

Oil prices dropped to a 5-week low on Monday as doubts grow OPEC will be able to deliver on its proposed planned production cut.  An increasing list of OPEC and non-OPEC members are also seeking exemption from the proposed cut.  Last week Russia and Iraq joined the list of which includes Iran, Libya and Nigeria. Now Azerbaijan, Brazil, Kazakhstan, Mexico, and Oman stated they will not commit action until OPEC members reached an agreement themselves. 

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Topics: commodities, USOIL, $OIL, OPEC

 

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