Oil price breaking news

Here are some recent breaking news updates on oil prices:

Latest Update:

Oil prices surge as OPEC+ agrees to cut production: The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, have agreed to cut oil production by 2 million barrels per day (mb/d) starting in May. This move is aimed at supporting the global oil market and stabilizing prices. As a result, Brent crude oil prices have risen by over 4% to around $74 per barrel, while US West Texas Intermediate (WTI) crude oil prices have gained over 3% to around $68 per barrel. (Source: Reuters)

Previous Updates:

Oil prices fall as US inventories rise: Oil prices fell on Wednesday after the US Energy Information Administration (EIA) reported a surprise increase in crude oil inventories. The EIA said that US crude oil inventories rose by 2.1 million barrels last week, exceeding expectations. As a result, Brent crude oil prices fell by over 2% to around $72 per barrel, while US WTI crude oil prices dropped by over 1.5% to around $65 per barrel. (Source: CNBC)
Oil prices rise as US-China trade talks resume: Oil prices rose on Monday after the United States and China agreed to resume trade talks. The two countries have been engaged in a trade war for over a year, and a resolution could lead to increased demand for oil. As a result, Brent crude oil prices rose by over 1% to around $73 per barrel, while US WTI crude oil prices gained over 0.5% to around $66 per barrel. (Source: Bloomberg)
Oil prices fall as US shale production rises: Oil prices fell on Friday after the US Energy Information Administration (EIA) reported a rise in US shale oil production. The EIA said that US shale oil production rose by 100,000 barrels per day (b/d) in February, exceeding expectations. As a result, Brent crude oil prices fell by over 1% to around $72 per barrel, while US WTI crude oil prices dropped by over 0.5% to around $65 per barrel. (Source: The Wall Street Journal)

Market Analysis:

Oil prices are likely to remain volatile: Oil prices are likely to remain volatile in the coming weeks as the global economy continues to recover from the COVID-19 pandemic. The OPEC+ agreement to cut production is a positive sign, but the market is still uncertain about the impact of the pandemic on demand. (Source: Goldman Sachs)
US shale oil production is a wild card: US shale oil production is a wild card for the oil market, as it can quickly respond to changes in prices. If US shale oil production continues to rise, it could put downward pressure on oil prices. (Source: Rystad Energy)

News Sources: