Posted on 07/04/2021 8:07:55 PM PDT by nickcarraway
Oil prices fell on Monday, with Brent dropping after four days of gains, as investors and traders awaited crucial talks by OPEC+ following disagreement within the group that could lead to major producers pumping up volumes to grab market share.
Brent crude was down by 40 cents, or 0.5per cent, at US$75.77 a barrel by 0131 GMT, after falling 1 cent last week, the first weekly decline in six. U.S. oil was down by 30 cents, or 0.4per cent, at US$74.86 a barrel, having risen 1.5per cent last week, the sixth consecutive week of gains for the contract.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, voted on Friday to increase production by about 2 million barrels a day from August to December 2021 and to extend the remaining output cuts to the end of 2022, but objections from the United Arab Emirates (UAE) prevented an agreement.
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40 cents. LOL! After a 50% runup since Slow Joe’s fake election? Wow, what BIG NEWS!
It’s down to $2.96 here.
I can barely contain my euphoria.
OPEC irrelevant for 4 years now relevant.
$4.25 here in Placer County CA
That’s horrible. I filled up when it was $2.96 here and don’t drive much. Half a tank later it’s $3.35 at a cheap station across town, maybe $3.50 closer to me. I’m in Spokane.
Ugh.
Sorry.
:(
Time to hug a fracker.
$5.61G/5.43D/gallon this week, at the end of highway 11 in AK.
Like in the late 1970s, we’re once again depending on the overreach of our foreign enemies and assorted despots to get just enough of the American people to wake up and save the nation from malaise. Carter The Sequel.
Well oil is back up now. 76.45 for Bent and 75.45 for U.S. As a person in the oil business I watch it everyday and I usually varies up and down 50 cents or more everyday so the story is meaningless.
I dare you to actually look at the data. Go to investing.com and look at commodity prices instead of being a tool. I also dare you to look at oil prices in late 2018-realize who the president was then (and had been for almost 2 years) and make an explanation (or in your world-an excuse).
We live in a global economy. We are coming out of a world wide lock down. I hate that you missed “supply & demand” economics in high school.
Another factor in the price run up was the oil companies finding that the horizontal wells with a few exceptions depleted at a faster rate than the conventional vertical wells and often would not pay out. As a result the rig count in the U.S. dropped from about 2000 to about 400 and there has been a steady decline in the amount of oil in storage since.
Again economics 101 supply and demand.
Take it easy, bro. I trade everything from crude futures to bitcoin, eth and DeFi. Not naive about how the markets work.
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