Oil back in red today, set to book weekly loss
Jan 15, 2016 06:26 am UTC| Commentary
The recent rebound in oil prices seems fragile as the commodity returned to steep losses on Friday, with supply staying high and demand remaining weak. Futures for WTI dropped 2.05% to trade at $30.56 per barrel, while...
US crude oil production likely to fall to 8.3 million barrels per day
Jan 14, 2016 22:18 pm UTC| Commentary
According to the latest EIA forecast for US crude oil, production is expected to fall to 8.3 million barrels per day by September, which would constitute a 900,000 barrel per day decrease as compared with the current...
API reports deficit, while WTI awaits EIA report – calls updated
Jan 13, 2016 12:55 pm UTC| Commentary
WTI dropped below $30/barrel momentarily yesterday as supply glut refuses to subside. Its however up today for the first time this year Key factors at play in Crude market Middle East tensions between Iran and...
Oil bites big in US oil producing states’ tax revenue
Jan 13, 2016 09:55 am UTC| Commentary
Drop in oil price is taking big bites in US tax revenue, mainly in oil producing states, according to latest report from Energy Information Administration (EIA). While drop in oil tax isnt big for overall United States,...
Is oil set to recover from 7 days decline?
Jan 13, 2016 08:26 am UTC| Commentary
Oil this year so far has declined in each of the trading day, wiping out a fifth of its value. However today price seems to be on the way to stage a recovery, at least a pause. WTI is currently trading at $30.8/barrel, up...
Investment banks cut oil forecast as oil dips below $30/barrel
Jan 13, 2016 05:54 am UTC| Commentary
As North American benchmark, West Texas Intermediate (WTI) dropped below $30/barrel last night, for first time in 12 years, analysts and investment banks rushed to cut their forecast for the year. It hasnt been two weeks...
Rumors of emergency OPEC meeting surface as oil nears $30/barrel
Jan 12, 2016 12:02 pm UTC| Commentary
Oil price today dropped to as low as $30.4/barrel and rumors started surfacing that OPEC might hold an emergency meeting over the groups strategy to reign over oil price. Lower oil price is also creating panic in stock...
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