Russia's President Vladimir Putin shakes hands with OPEC Secretary General Haitham Al Ghais during the Saint Petersburg International Economic Forum (SPIEF) in Saint Petersburg on June 20, 2025. The 28th edition of Saint Petersburg International Economic Forum (SPIEF) took place at the ExpoForum Convention and Exhibition Centre in Saint Petersburg on June 18-21, 2025. (Photo by Anton Vaganov / POOL / AFP) (Photo by ANTON VAGANOV/POOL/AFP via Getty Images)POOL/AFP via Getty ImagesBrent crude has drifted into ...

Well, thanks for u picking this up, Dan, and uh reaching out to us because we did issue a statement uh on our website today, an official statement to clarify that there was a misrepresentation by some media about our monthly market report which was issued I believe on the 12th of November last week. uh specifically regarding the messages and a narrative that was being created out of reading some of our numbers. For example, things related to the market being in a surplus next year 2026 according and the rep ...

December WTI crude oil (CLZ25) today is up +0.04 (+0.07%), and December RBOB gasoline (RBZ25) is down -0.0119 (-0.59%). Crude oil prices are seeing support today from continued geopolitical risks related to Russia, last Friday's seizure by Iran of an oil tanker in the Gulf of Oman, and the US military buildup for a possible attack on Venezuela, which is the world's 12th-largest oil producer.  Oil prices were undercut as Russia's key oil export port of Novorossiysk reportedly resumed some operations after ...

Group 1 - The oil market is increasingly unbalanced with global inventories continuing to rise [1] - A larger surplus in the oil market is expected this year according to the Paris-based organization [1]

Core Viewpoint - The Organization of the Petroleum Exporting Countries (OPEC) and its allies surprised the market by not increasing production as expected for December [1] Group 1: OPEC Meeting Outcomes - The cartel was anticipated to raise production levels for December, but instead, they maintained current output levels [1] - This decision indicates a strategic approach to manage oil prices amid fluctuating demand and geopolitical factors [1] Group 2: Market Implications - The unexpected decision by OPEC may lead to tighter oil supply in the market, potentially driving prices higher in the short term [1] - Analysts will closely monitor the impact of this decision on global oil prices and the broader energy market [1]

Oil soared after the US announced sanctions on Russia’s biggest oil companies, threatening supplies from one of the world’s top producing countries. Brent jumped more than 5% to trade near $66 a barrel, heading for the biggest one-day gain since the start of the Israel-Iran conflict on June 13. The US blacklisted Russian oil giants Rosneft PJSC and Lukoil PJSC, sparking concern that key buyer India will walk away from dealings with Moscow. Most Read from Bloomberg The step comes at a time when global su ...

Core Viewpoint - Oil prices are experiencing a decline due to rising OPEC+ supply and increasing U.S.-China trade tensions, with Bank of America predicting Brent crude could fall below $50 per barrel in the near future [1][3]. Group 1: Oil Price Trends - As of midday trading, WTI crude was priced at $58.55 and Brent at $62.14, marking a decrease of approximately 5-6% since the beginning of October, reaching their lowest levels in five months [2]. - Natural gas prices have also dropped to $2.989 per MMBtu, continuing a week-long decline influenced by mild weather and steady production [2]. Group 2: Supply and Demand Dynamics - Bank of America analysts highlighted that increased supply from OPEC+ members, especially Saudi Arabia, Iraq, and the UAE, has led to a "persistent surplus" that could elevate inventories to levels not seen since 2020 [3]. - The International Energy Agency (IEA) has revised its demand growth outlook down to around 700,000 barrels per day for both 2025 and 2026, while also raising supply projections, indicating a larger-than-expected surplus [6]. Group 3: Geopolitical Influences - President Trump has reiterated threats of a "massive tariff expansion" on Chinese goods, which has contributed to market volatility amid weak industrial data from China and a stronger dollar [4]. - Traders are exercising caution ahead of the upcoming OPEC+ meeting, where discussions regarding the pace of output adjustments are anticipated [5].

Oil edged lower as traders focused on cooling tensions in the Middle East and broader markets struck a more cautious tone. West Texas Intermediate fell as much as 1.9% to trade below $62 a barrel while Brent was near $65. Israel and Hamas reached a deal for a truce and the release of hostages held by the militant group, a major step toward ending a two-year war that’s loomed over flows from the Middle East, the source of a third of the world’s crude. Most Read from Bloomberg “Sentiment remains subdued, ...

November WTI crude oil (CLX25) on Monday closed up +0.81 (+1.33%), and November RBOB gasoline (RBX25) closed up +0.0411 (+2.21%). Crude oil and gasoline prices moved higher on Monday after OPEC+ agreed to a smaller-than-expected increase in its crude production levels.  Also, reduced Russian crude production is supporting oil prices after Reuters reported that Russia's Kirishi oil refinery halted most of its production following a drone attack by Ukraine.  Gains in crude were limited on Monday after the d ...

November WTI crude oil (CLX25) today is up +0.80 (+1.31%), and November RBOB gasoline (RBX25) is up +0.0400 (+2.15%). Crude oil and gasoline prices are rising today after OPEC+ agreed to a smaller-than-expected increase in its crude production levels.  Also, reduced Russian crude production is supporting oil prices after Reuters reported that Russia's Kirishi oil refinery halted most of its production following a drone attack by Ukraine.  Gains in crude are limited after the dollar index (DXY00) rallied t ...