Oil prices recovered ground on Monday following last week's big losses, driven by expectations that OPEC will extend a pledge to cut output to cover all of 2017, although a relentless rise in U.S. drilling capped gains, Reuters reported earlier today. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 added 26 cents, or 0.5%,…
Read more
Oil prices accelerated today after U.S. data showed a surprise decline in inventories, suggesting that a global glut may be ending after moves by OPEC to cut production. Benchmark Brent crude oil LCOc1 was up 70 cents a barrel at $56.54 by 1025 GMT, recovering from a drop of 82 cents on Wednesday. U.S. light crude…
Read more
Oil prices started to accelerate more than 1% today after the International Energy Agency (IEA) announced record initial compliance by Organization of the Petroleum Exporting Countries (OPEC) members implementing last year's landmark deal to curb output in an effort to prop up global oil prices. Members of OPEC made production cuts in January equating to…
Read more
Trading is heating up in oil as reported earlier from ICE, who also hit a new daily volume record led by crude futures, due to OPEC cuts. Likewise, yesterday CME Group (NASDAQ: CME), hit a record high in single-day Energy complex volume with 4,510,408 combined futures and options contracts traded on November 30, 2016, breaking…
Read more
Intercontinental Exchange (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listing services, today announced that ICE Brent Crude futures achieved a daily volume record of 1,963,147 contracts on November 30, 2016. The catalyst for the big jump in volume and rise in oil prices yesterday was due in…
Read more
Organization of the Petroleum Exporting Countries (OPEC) meeting began on Wednesday in Vienna. Oil producers will try to agree on a production cut to bolster prices which have plunged by more than half since 2014, with Iran and Iraq resisting pressure from Saudi Arabia to participate fully in any action, as reported by Reuters. On…
Read more