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The Latest Breaking News from OPEC

Oil price up after Saudi Arabia cuts output; UK mortgage rates and car sales rise – as it happened

Rolling coverage of the latest economic financial news, as Brent crude hits $78/barrel and new car market records longest period of growth since 2015

The Guardian - UK

Saudi Arabia slashes output further to boost oil price

VIENNA - Riyadh on Sunday announced a fresh oil output cut following a meeting of major producers aiming to prop up prices despite fears of a recession.

Bangkok Post

Saudi Arabia cuts oil production again to shore up prices — this time on its own

OPEC+ countries also agreed to extend oil production cuts they announced in April through the end of 2024, reducing production by more than 1 million barrels per day.

WEKU

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Opec+ to extend cuts in oil output into 2024 as prices flag

Oil cartel members reportedly agree to reduce output by a further 1.4m barrels, with oversupply a concern

The Guardian - UK

India's import of Russian oil scales new high in May

India’s import of cheap Russian oil scaled another record and is now more than the combined oil bought from Saudi Arabia, Iraq, UAE and the U.S., industry data showed. India took 1.96 million barrels a day from Russia, 15% more than the previous according to data from energy cargo tracker…

The Hindu

With oil prices slumping, OPEC+ producers weigh more production cuts

The major oil-producing countries led by Saudi Arabia and Russia are deciding whether to make more cuts to the amount of crude they supply to the global economy

The Independent UK

Crude Closes Higher Ahead of Weekend OPEC+ Meeting

July WTI crude oil (CLN23 ) on Friday closed up +1.64 (+2.34%), and July RBOB gasoline (RBN23 ) closed up +6.45 (+2.65%). Crude oil and gasoline prices Friday closed moderately higher. Crude prices rose Friday in hopes of stronger Chinese energy demand after Bloomberg reported the Chinese government is working...

Barchart

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Where are Corn, Soybean, and Wheat Prices Headed in June?

I was interviewed this morning by Michelle Rook on AgWeb's Markets Now. We discussed the recent action in the grain markets and the surge in cattle prices.

Barchart

Crude Rallies Ahead of Weekend OPEC+ Meeting

July WTI crude oil (CLN23 ) this morning is up +1.22 (+1.74%), and July RBOB gasoline (RBN23 ) is up +3.57 (+1.479%). July Nymex natural gas (NGN23 ) is up +0.038 (+1.76%). Crude oil and gasoline prices this morning are moderately higher. Crude prices are climbing in hopes of stronger...

Barchart

Crude Settles Higher on Dollar Weakness and Strong Economic Reports

July WTI crude oil (CLN23 ) on Thursday closed up +2.01 (+2.95%), and July RBOB gasoline (RBN23 ) closed down -0.76 (-0.31%). Crude oil and gasoline prices Thursday settled mixed. A decline in the dollar index Thursday to a 1-week low was bullish for energy prices. Also, the House passage...

Barchart

Crude Rallies on Dollar Weakness and Strong Economic Data

July WTI crude oil (CLN23 ) this morning is up +2.59 (+3.80%), and July RBOB gasoline (RBN23 ) is up +2.85 (+1.17%). July Nymex natural gas (NGN23 ) is down -0.104 (-4.59%). Crude oil and gasoline prices this morning are sharply higher on strong economic data and a decline in...

Barchart

Crude Prices Tumble on Global Demand Concerns

July WTI crude oil (CLN23 ) this morning is down -2.92 (-4.02%), and July RBOB gasoline (RBN23 ) is down -10.93 (-4.22%). July Nymex natural gas (NGN23 ) is down -0.124 (-5.13%). Crude oil and gasoline prices this morning are sharply lower, with crude falling to a 2-week low and...

Barchart

Marathon Oil Corporation (MRO) or Shell PLC ADR (SHEL): Which Stock Is a Buy?

Despite lingering macroeconomic headwinds, the energy sector is well-placed for significant growth this year. Sustained energy demand worldwide and constrained supplies are expected to boost oil and gas prices. Energy producers Marathon Oil (MRO) and Shell (SHEL) should benefit from the sector’s bright growth prospects. But which of these stocks…

StockNews.com

Is Energy Transfer LP (ET) the Energy Stock to Buy?

The energy industry’s enduring tailwinds are driven by the soaring demand for oil and gas. Amid this, the energy stock Energy Transfer LP (ET) delivered a solid first-quarter result. Is the stock a buy now? Read more to find out….

StockNews.com

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Barchart

Crude Prices Tumble as OPEC+ Expected to Maintain Crude Production Targets

July WTI crude oil (CLN23 ) on Thursday closed down -2.51 (-3.38%), and July RBOB gasoline (RBN23 ) closed down -6.74 (-2.57%). Crude oil and gasoline prices Thursday fell sharply. A rally in the dollar index Thursday to a 2-1/4 month high was bearish for energy prices. Also, the outlook...

Barchart

Crude Prices Sink on Outlook for OPEC+ to Maintain Crude Production Targets

July WTI crude oil (CLN23 ) this morning is down -3.01 (-4.05%), and July RBOB gasoline (RBN23 ) is down -9.74 (-3.72%). June Nymex natural gas (NGM23 ) is down -0.059 (-2.46%). Crude oil and gasoline prices this morning are sharply lower. A rally in the dollar index today to...

Reuters

Russia's Novak does not expect new steps from OPEC+ meeting

Russian Deputy Prime Minister Alexander Novak said on Thursday he expected no new steps from the OPEC+ group of oil producers at its meeting in Vienna on June 4, Russian media reported, after the group announced a significant output cut earlier this year.

Barchart

Crude Posts Moderate Gains on Comments from Saudi Energy Minister

July WTI crude oil (CLN23 ) on Tuesday closed up +0.86 (+1.19%), and July RBOB gasoline (RBN23 ) closed up +2.11 (+0.83%). Crude oil and gasoline prices Tuesday settled moderately higher, with crude posting a 1-1/2 week high and gasoline climbing to a 5-week high. Crude prices jumped Tuesday after...

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Bangkok Post

TOP optimistic on outlook for oil trading this year

SET-listed Thai Oil Plc (TOP), the oil refinery arm of national oil and gas conglomerate PTT Plc, expects a better outlook for oil trading this year, with the global demand and supply of oil believed to be almost equal.

Barchart

Risk-Off Sentiment Weighs on Crude Prices as Stocks Turn Lower

June WTI crude oil (CLM23 ) this morning is down -0.67 (-0.93%), and June RBOB gasoline (RBM23 ) is down -0.29 (-0.11%). June Nymex natural gas (NGM23 ) is up +0.077 (+2.97%). Crude oil and gasoline prices this morning gave up an early advance and are moderately lower. A risk-off...

Reuters

Ukraine's Zelenskiy visits Saudi, seeks Arab League support for his people

Ukrainian President Volodymyr Zelenskiy attended a summit of the Arab League in Saudi Arabia on Friday to canvas support for his people, while Saudi Crown Prince Mohammed bin Salman expressed his readiness to mediate in the war between Moscow and Kyiv.

Barchart

Dollar Strength Weighs on Crude Prices

June WTI crude oil (CLM23 ) this morning is down -0.88 (-1.21%), and June RBOB gasoline (RBM23 ) is up +0.20 (+0.08%). June Nymex natural gas (NGM23 ) is up +0.153 (+6.47%). Crude oil and gasoline prices this morning are mixed, with gasoline climbing to a 3-week high. A rally...

The Independent UK

Putin clashes with own finance minister over damage done to Russian economy by oil sanctions

Putin appears to downplay Anton Siluanov’s concerns by saying the situation is ‘absolutely stable’

Barchart

Crude Sharply Higher as Risk-On Sentiment Outweighs EIA Crude Inventory Build

June WTI crude oil (CLM23 ) on Wednesday closed up +1.97 (+2.78%), and June RBOB gasoline (RBM23 ) closed up +9.01 (+3.63%). June Nymex natural gas (NGM23) is down -0.024 (-1.01%). Crude oil and gasoline prices Wednesday rallied sharply, with gasoline climbing to a 2-week high. Wednesday's main bullish factor...

Barchart

Crude Prices Climb on Outlook for Stronger U.S. Fuel Demand this Memorial Day

June WTI crude oil (CLM23 ) this morning is up +1.10 (+1.57%), and June RBOB gasoline (RBM23 ) is up +1.08 (+0.44%). June Nymex natural gas (NGM23 ) is up +0.109 (+4.81%). Crude oil and gasoline prices this morning are moderately higher. A weaker dollar today is giving energy prices...

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