COVID-19 Response
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The IEA warned that deadlock in the OPEC+ alliance may cause global markets to “tighten significantly”

July 14, 2021
Recap: Oil futures turned higher on Tuesday, as tight supplies and expectations for another draw in U.S. and global crude oil inventories provided support. Gains were originally kept at bay, as U.S. inflation data for June showed U.S. consumer prices increased by the most in 13 y ... Read More
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Concerns about slowing global growth outweighed the prospect of tightening supply

July 13, 2021
Recap: Oil futures turned lower on Monday as concerns about slowing global growth outweighed the prospect of tightening supply after talks among key producers to raise output in coming months became gridlocked, amid renewed worries over another potential surge in COVID-19 infecti ... Read More
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Investors are weighing in on the historic drop in U.S. inventories

July 12, 2021
Recap: Oil futures rose for a second day on Friday as the market continued to react to the latest U.S. inventory report, while signs of strong Asian demand from both China and India added to the market’s strength. Investors are weighing in on the historic drop in U.S. inventories ... Read More
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The EIA reported a 6.9 million barrel draw in U.S. crude oil inventories

July 9, 2021
Recap: Crude oil futures climbed throughout the session, stretching beyond the settlement price in late afternoon trading, after the Energy Information Administration reported a 6.9 million barrel draw in U.S. crude oil inventories, marking the seventh straight week of declines. ... Read More
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Oil prices have soared more than 50% so far this year

July 8, 2021
Recap: Oil slipped as the dollar rose and investors awaited further signals from the OPEC+ alliance on its production policy after a dispute upended talks. August WTI fell as much as 3.7%, to a session low of $71.07 a barrel, as a strong dollar reduced the appeal of dollar denomi ... Read More
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WTI hit a six-year high and traded at 479.98 a barrel

July 7, 2021
Recap: Oil futures ended sharply lower on Tuesday, pressured by uncertainty over the outlook for global crude production after talks between OPEC and its allies collapsed. Before heading lower, WTI hit a six-year high, trading at 479.98 a barrel, a gain of $1.82, or 2.42% a barre ... Read More
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Oil futures traded mixed on Friday after OPEC+ delayed its meeting

July 6, 2021
Recap: Oil futures traded mixed on Friday after OPEC+ delayed its meeting, with sources saying the United Arab Emirates (UAE) had balked at proposals that included raising supply by 2 million barrels per day by year end. Both benchmark contracts had gained on Thursday after OPEC+ ... Read More
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WTI climbed above $75 a barrel for the first time since October 2018

July 2, 2021
Recap: WTI climbed above $75 a barrel for the first time since October 2018, as the market waited for a decision from OPEC+ on future production levels. The ministerial panel recommended a gradual increase in oil output to the end of the year. The Joint Ministerial Monitoring Com ... Read More
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The EIA reported that U.S. crude oil inventories fell 6.7 million barrels

July 1, 2021
Recap: Oil futures fell from session highs, but remained in positive territory after the Energy Information Administration said U.S. crude oil inventories fell 6.7 million barrels in the week ending June 25, marking the sixth straight week of declines. Upon the initial selloff, p ... Read More
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Oil futures initially traded to the downside on Tuesday

June 30, 2021
Recap: Oil futures initially traded to the downside on Tuesday, but recovered, as investors monitored a pickup in the spread of the delta variant of the virus that causes COVID-19 and awaited an OPEC+ decision on whether to further lift curbs on crude production. The decision by ... Read More
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