Crude oil futures news
Here are some recent news articles and updates on crude oil futures:
Current Prices:
- West Texas Intermediate (WTI) crude oil futures are currently trading at around $63.50 per barrel.
- Brent crude oil futures are currently trading at around $66.50 per barrel.
Recent News:
- OPEC+ agrees to increase oil production: The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, have agreed to increase oil production by 500,000 barrels per day (bpd) in July, according to a report by Bloomberg. This decision is seen as a move to stabilize the global oil market and address concerns about a potential supply shortage. (Source: Bloomberg)
- US crude oil inventories rise: The US Energy Information Administration (EIA) reported that crude oil inventories in the United States rose by 2.1 million barrels last week, according to a report by CNBC. This increase is attributed to a rise in imports and a decrease in refinery runs. (Source: CNBC)
- China's oil demand slows: China's oil demand has slowed down due to the ongoing COVID-19 pandemic and economic uncertainty, according to a report by Reuters. This has led to a decrease in global oil demand and a subsequent decline in oil prices. (Source: Reuters)
- US shale oil production to increase: The US Energy Information Administration (EIA) expects US shale oil production to increase by 120,000 barrels per day (bpd) in 2023, according to a report by The Wall Street Journal. This increase is attributed to improved drilling efficiency and higher oil prices. (Source: The Wall Street Journal)
Upcoming Events:
- OPEC+ meeting: OPEC+ is scheduled to meet on July 5 to discuss oil production levels and market conditions.
- US Federal Reserve meeting: The US Federal Reserve is scheduled to meet on July 26-27 to discuss interest rates and monetary policy.
- US crude oil inventory report: The US Energy Information Administration (EIA) is scheduled to release its weekly crude oil inventory report on July 14.
Market Analysis:
- Bullish sentiment: Many analysts are bullish on oil prices, citing factors such as increased demand, supply constraints, and a potential global economic recovery.
- Bearish sentiment: Others are bearish on oil prices, citing factors such as a potential oversupply, decreased demand, and economic uncertainty.
- Volatility: Oil prices have been volatile in recent weeks, with prices fluctuating due to changes in global demand and supply.
Please note that the information provided is subject to change and may not reflect the current market situation. It is always a good idea to consult multiple sources and conduct your own research before making any investment decisions.