Frequent fluctuations in oil prices have made many people think about ways to buy and sell oil and potentially make some profit for themselves. But does that mean that you need to buy and hoard oil barrels to be able to sell them when the prices rise? Well, no, since you can be trading oil via futures trading, which allows traders to buy and sel...
The Organization of Petroleum Exporting Countries or OPEC meet this week on November 30 in Vienna, Austria for the 173rd OPEC meeting. The event will see Russia, the largest non-OPEC nation joining hands with Saudi Arabia in deciding about extending the production cuts. OPEC first agreed to curbing production in 2016, marking the first oil cu...
Oil traders are on the sidelines as the markets edge closer to the November 30th OPEC meeting. Oil ministers of the OPEC member nations will meet in Vienna next Wednesday, November 30, 2016, where a deal to cut oil production is high on the agenda in a bid to stabilize oil prices. It would also formalize the informal agreement to limit productio...
Saudi's Minister of Energy and Industry, Khalid Al-Falih. Image via World Economic Forum Crude oil futures contracts rallied to a fresh yearly high yesterday closing at $51.42 a barrel. The gains came for a second consecutive day after the API's inventory report showed a surprise draw of 3.8 million. Analysts had expected to see a build of 2.1 ...
Crude oil prices posted three straight weeks of gains reversing off the lows near $43.40 and thus marking the completion of the head and shoulders pattern that the readers were first alerted to back in August. The current rally in oil prices is well supported by the fundamentals. The EIA's weekly crude oil inventory report showed 5 weeks consec...
Last week’s decisions by some of the major central banks saw the status quo being maintained. Garnering more than the usual share of attention were the BoJ and the FOMC. While the BoJ’s policy changes perplexed markets briefly, the FOMC’s decision was largely a known event as the Fed opted to keep rates steady but maintained that the case for fu...
Crude oil futures contracts for October delivery closed at $44.85 a barrel yesterday, losing over 3.30% on the day as the US Energy and Information Administration (EIA) data showed a second consecutive week of build-up in US crude oil inventories. After inventories increased by 2.5 million barrels two weeks ago, the week ending August 26 saw a...
Crude Oil prices are heading to a very bearish week with prices currently down by over 7.50% on a week to date basis. After closing last week at $49.18 a barrel, WTI Crude oil futures opened this week slight lower at $49.12 and after a brief rally to fill the weekend gap, prices extended their declines for the most part of the week, save for a m...
WTI Crude oil prices gained strongly yesterday, ending 4.20% higher for the day at $49.88. The gains in the Crude oil markets came after a larger than expected drawdown in the inventory report. Data from the US Energy Information Administration said crude oil stockpiles fell 4.1 million barrels for the week ending June 24, posting a sixth consec...
WTI Crude oil prices have been trending lower over the past few weeks, but it is very likely that oil prices will soon resume a new leg to the bullish rally in the near term. Yesterday, Crude oil futures for August delivery fell 1.44% after prices attempted to reclaim the $50 a barrel handle. Further upside is expected on a break above the $50 p...
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