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OPEC and other key producers surprised the market with steeper output cuts for early next year

December 9, 2019
Recap: Oil futures experienced a wide trading range on Friday, as prices initially headed lower, only to reverse to the upside after OPEC and other key producers surprised the market with steeper output cuts for early next year. Reports have indicated that the Organization of the ... Read More
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Oil futures rallied on expectations OPEC and other major oil producers will make further output cuts in an effort to prop up prices

December 6, 2019
Recap: Oil futures rallied a bit on Thursday on expectations OPEC and other major oil producers will make further output cuts in an effort to prop up prices. A ministerial panel of key OPEC members and other major producers led by Russia recommended increasing output cuts by 500, ... Read More
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The EIA reported that crude stocks fell by 4.9 million barrels

December 5, 2019
Recap: Oil futures rose Wednesday, after U.S. government data showed the first decline in U.S. crude-oil inventories in six weeks. WTI January delivery rose $2.56, or 4.5%, to $58.66 a barrel, while February Brent crude tacked on $2.69, or 4.4%, at $63.51 a barrel. The Energy Inf ... Read More
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The market was supported by increasing expectations of deeper output cuts from and OPEC and its allies

December 4, 2019
Recap: The oil market on Tuesday posted an outside trading day but continued to trade within Friday’s trading range as it traded in and out of positive territory.  The market was supported by increasing expectations of deeper output cuts from and OPEC and its allies.  According t ... Read More
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Oil prices rose after signs of a rebound in manufacturing activity in China

December 3, 2019
Recap:  Oil futures rose Monday, buoyed after signs of a rebound in manufacturing activity in China as well as the potential for OPEC and its allies to agree on deeper production cuts when they meet later this week. WTI for January delivery gained as much as $1.50, or 2.7%, to $5 ... Read More
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Oil prices moved lower ate 1.6 million barrel rise in U

December 2, 2019
Recap: Oil prices turned lower Wednesday after official U.S. inventory data posted a 1.6 million barrel rise in U.S. crude oil stockpiles, which defied analyst predictions for a drawdown. Earlier, oil prices for the U.S. and global benchmarks had edged higher as cautious optimism ... Read More
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Oil prices edged higher on Tuesday

November 27, 2019
Recap: Oil prices edged higher Tuesday amid hopes that trade talks between China and the U.S. will ultimately result in a deal that sustains global economic growth and energy demand while OPEC restrains production. Oil markets received an extra boost after Russian news agency TAS ... Read More
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US National Security Adviser, Robert O’Brien, said that an initial trade agreement with China was still possible by the end of the year

November 26, 2019
Recap: The oil market traded higher on Monday as positive comments from the US and China renewed hopes in the global markets that the two countries could sign an interim deal to end their trade war soon.  US National Security Adviser, Robert O’Brien, said that an initial trade ag ... Read More
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The number of active U.S. rigs drilling for oil fell by 3 to 671 this week

November 25, 2019
Recap: Baker Hughes Co. on Friday reported that the number of active U.S. rigs drilling for oil fell by 3 to 671 this week. That followed declines in each of the last four weeks. The total active U.S. rig count also fell by 3 to 803. Oil prices were down ahead of the data, with W ... Read More
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OPEC and its allies are likely to extend production cuts

November 22, 2019
Recap: Oil traded higher Thursday, finding support from a report that the Organization of the Petroleum Exporting Countries and its allies are likely to extend production cuts as well as renewed optimism around U.S.-China trade talks. January WTI rose to a session high of $58.67 ... Read More
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