COVID-19 Response
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Global Recession Fears and Weak Oil Demand Outweighed Support

October 17, 2022
Recap:  Oil prices plummeted on Friday as global recession fears and weak oil demand, especially in China, outweighed support from a large cut to the OPEC+ supply target. China, the world's largest crude oil importer, has been fighting COVID flare-ups after a week-long holiday. T ... Read More
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After Three Straight Sessions of Losses, Oil Futures Header Higher on Thursday

October 14, 2022
Recap:  After three straight sessions of losses, oil futures headed higher on Thursday, finding support from the nearly five million-barrel weekly drop in U.S. distillate inventories. Traders also digested the latest stronger than expected U.S. inflation reading, the IEA’s warnin ... Read More
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A Stronger U.S. Dollar Outweighed Fears of Tight Supplies

October 13, 2022
Recap:  Oil futures fell on Wednesday as a dismal economic outlook and a stronger U.S. dollar outweighed fears of tight supplies. OPEC, which together with allies including Russia last week sent prices rising by agreeing to cut supply by 2 million barrels per day (bpd), slashed i ... Read More
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Oil Prices Remained Under Pressure on Tuesday

October 12, 2022
Recap: Oil prices remained under pressure on Tuesday. While the recent production cuts from OPEC+ provided significant support to oil markets, traders remain worried that the slowdown of the world economy will lead to lower demand for oil. Recession talk moved to the forefront on ... Read More
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Oil Futures Slipped on Monday as Recession Fears Overshadowed Tight Supplies

October 11, 2022
Recap:  Oil futures slipped on Monday as recession fears overshadowed tight supplies. Investors weighed the possibility of a global recession and its impact on demand for fuel, against potentially tighter supplies after OPEC+ agreed to cut 2 million barrels per day of production. ... Read More
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Oil Futures Climbed for a Fifth Session in a Row on Friday

October 10, 2022
Recap:  Oil futures climbed for a fifth session in a row on Friday, with prices for the front-month U.S. contract ending 16.5% higher for the week. Oil prices had been weighed down by fears of a weakening global economy, however, OPEC+'s decision to cut output by 2 million barrel ... Read More
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Oil Prices Rose on Thursday, Holding at Three-Week Highs

October 7, 2022
Recap:  Oil prices rose on Thursday, holding at three-week highs after OPEC+ agreed to tighten global crude supply with a deal to cut production targets by 2 million barrels per day, the largest reduction since 2020. The agreement between the Organization of Petroleum Exporting C ... Read More
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Oil Prices Ticked Higher on Wednesday

October 6, 2022
Recap:  Oil prices ticked higher on Wednesday after it was reported that the OPEC+ monitoring committee had agreed to cutting output by 2 million barrels a day. The cut was on the larger end of what analysts were expecting. The move represents a major reversal in production polic ... Read More
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OPEC+ May Be Considering an Even Larger Cut Than Previously Expected

October 5, 2022
Recap:  Oil futures jumped on Tuesday after it was reported that OPEC+ may be considering an even larger cut than previously expected.  An anonymous source reported that the group is considering cuts of up to 2 million barrels per day. As OPEC+ prepares to meet this Wednesday to ... Read More
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OPEC and Other Major Producers Considered Reducing Output

October 4, 2022
Recap: Oil futures jumped over $4 a barrel on Monday as OPEC and other major producers considered reducing output by more than 1 million barrels per day to bolster prices with what would be its biggest cut since the start of the COVID-19 pandemic. November WTI traded as high as $ ... Read More
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