It has been nine months since OPEC made a choice to abandon its production target unalterable and pursue market share rather than trying to prop up prices, the group is now faced with a set of complicated issues and decisions going forward.
Tags: Oil Prices
Asian stocks rise on Wall Street gains
The overnight gains on the Wall Street have boosted the market sentiment on Asian bourses ahead of the US Federal Reserve's meeting. The trading on Wednesday registered positive momentum in equities across the Asian markets.
Oil prices skid on profit booking, supply risk holds losses
Oil prices dropped on low volumes as investors preferred to book profit to take advantage of overnight rally. The oil price is hovering above $50 a barrel on disruption in production in Brazil and Libya.
Unsuccessful Oil Exploration leds BP and Shell Billions of Profits Loss
It's yet not over for oil prices to go plunging as BP and Shell will report this week that billions of pounds were shelled off their profits as the aftermath of low oil price associated with exploration failures strike two of Britain's biggest companies.
Decline in drilling, oil prices up
Oil prices rose following the indications that stockpiles are declining and drop in drilling activity. The global oil benchmark Brent was up three percent as expectations that less drilling may reduce future oil production and inventories as well. Gasoline futures also surged on renewed demand. US crude's front-month rose 4.5 percent or $2 to end at $46.68 a barrel. Brent rose 3.1 percent and closed at $48.92/barrel. It's learnt that US drillers have called off drilling activity for the past three weeks. It's estimated that the US crude production may drop by 250,000 barrels per day (bpd) the second and fourth quarters this year.
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The US services sector's growth slowed down in early August but surpassed the forecast. According to the financial firm Markit Economics, the flash US Services Purchasing Managers' Index (PMI) recorded 55.2 points in August from 55.7 points in July.
When oil prices went below $42 per barrel, there were analysts that predicted it might even go as low as $15. It seems like this may soon happen as oil price continues to down, presently at $39.
Oil prices suffered their biggest selloff in five months on Monday, falling as much as 8 percent as Greece's rejection of debt bailout terms and China's stock market woes set off a deepening spiral of losses.
Oil prices dropped on Friday as a rising U.S. rig count stoked more concerns about global oversupply while an investigation by Chinese regulators into suspected stock market manipulation further unsettled the market.
Oil prices recovered on Thursday after a two-day slide as the dollar weakened, making fuel less expensive for holders of other currencies.
Oil prices slipped on Friday as worries over the impact of war in the Middle East on crude supplies were outweighed by reports of profit-taking ahead of a long weekend.
Oil prices rebounded on Wednesday, with U.S. crude snapping a five-day decline, after another weekly inventory draw but gains were still limited by a huge supply overhang and concerns about a stronger dollar.
Oil prices rose on Monday after Islamic State militants said they had seized control of the key city of Ramadi in western Iraq, raising fears of deeper turmoil in the oil-producing country.
Oil prices eased off 2015 highs on Friday after Iraq said its crude oil exports hit a record in April, and on pressure from a stronger dollar.
