Monday, June 23, 2025
  • Login
Euro Times
No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology
Euro Times
No Result
View All Result

Oil prices waffle on conflicting OPEC+ output reports By Reuters

by Reuters
November 21, 2022
in Business
Reading Time: 2 mins read
A A
0
Home Business
Share on FacebookShare on Twitter


© Reuters. FILE PHOTO: Pump jacks operate at sunset in Midland, Texas, U.S., February 11, 2019. REUTERS/Nick Oxford

By Laila Kearney

NEW YORK (Reuters) -Oil prices were down on Monday, but reversed some losses after hitting their lowest since early January on conflicting reports about whether Saudi Arabia and other OPEC oil producers are considering a half-million barrel daily output increase.

futures for January fell $1.41, or 1.6%, to $86.21 a barrel by 12:16 p.m. EST (1716 GMT). U.S. West Texas Intermediate (WTI) crude futures for December were down $1.69, or 2.1%, at $78.39 ahead of the contract’s expiry later on Monday.

Both benchmarks had plunged by more than $5 a barrel earlier in the session after the Wall Street Journal reported an increase of up to 500,000 barrels per day will be considered at the OPEC+ meeting on Dec. 4.

Oil pared some losses following a Saudi state news agency report that the kingdom was not discussing such a boost.

“It’s hard to believe they’re going into a market that is basically trading in contango,” said Bob Yawger, director of energy futures at Mizuho in New York, referring to the effect of current oil futures trading at a discount to later dated contracts. “That’s playing with fire.”

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+, recently cut production targets and de facto leader Saudi Arabia’s energy minister was quoted this month as saying the group will remain cautious.

Releasing more oil amid weak Chinese fuel demand and U.S. dollar strength could move the market deeper into contango, encouraging more oil to go into storage and pushing prices still lower, Yawger said.



Source link

Tags: conflictingOilOPECoutputPricesReportsReuterswaffle
Previous Post

How Do You Pronounce Qatar? Probably Incorrectly.

Next Post

Robeco – The Cross-Section of Stock Returns before 1926 (and beyond) (The Best Investment Writing Volume 6) – Meb Faber Research

Related Posts

War Will Erupt In Middle East If Iran Blocks Strait Of Hormuz, Says Narendra Taneja

War Will Erupt In Middle East If Iran Blocks Strait Of Hormuz, Says Narendra Taneja

by Ananya Chaudhuri
June 22, 2025
0

In case Iran turns into profitable in blocking the Strait of Hormuz, there will likely be a full-blown struggle within...

Chopper crashes must lead up to better regulation

Chopper crashes must lead up to better regulation

by Euro Times
June 22, 2025
0

Non secular tourism should be accompanied by extra accountable governance, each within the air and on the bottom | Photograph...

Ahead of Market: 10 things that will decide stock market action on Monday

Ahead of Market: 10 things that will decide stock market action on Monday

by Riya Sharma
June 22, 2025
0

The Indian market ended within the inexperienced on Friday, snapping a three-day shedding streak, as a rally in monetary shares...

US steps into war between Israel and Iran, strikes 3 Iranian nuclear sites

US steps into war between Israel and Iran, strikes 3 Iranian nuclear sites

by zee business
June 22, 2025
0

The US army struck three websites in Iran early Sunday, inserting itself into Israel ’s conflict aimed toward destroying the...

Houthis threaten US warships in Red Sea if Trump backs Israel against Iran

Houthis threaten US warships in Red Sea if Trump backs Israel against Iran

by Euro Times
June 21, 2025
0

 The menace escalates tensions within the broader Center East as President Donald Trump continues to weigh a doable U.S. entry...

FATF Report Links Dual-Use Equipment Seized By India In 2020 To Pak’s Defence Agency

FATF Report Links Dual-Use Equipment Seized By India In 2020 To Pak’s Defence Agency

by PTI
June 21, 2025
0

A dual-use tools seized by India from a Pakistan-bound service provider vessel in 2020 is linked to Islamabad's Nationwide Improvement...

Next Post
Robeco – The Cross-Section of Stock Returns before 1926 (and beyond) (The Best Investment Writing Volume 6) – Meb Faber Research

Robeco – The Cross-Section of Stock Returns before 1926 (and beyond) (The Best Investment Writing Volume 6) - Meb Faber Research

2022 NASDAQ 100 Stocks List Spreadsheet

2022 NASDAQ 100 Stocks List Spreadsheet

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

News Corp to extend CEO’s contract through June 2030, company says

News Corp to extend CEO’s contract through June 2030, company says

June 22, 2025
I visited Iran to see what it’s REALLY like – I ended up in hiding in terror and fleeing for my life

I visited Iran to see what it’s REALLY like – I ended up in hiding in terror and fleeing for my life

June 22, 2025
XRP, SOL, ETH, HYPE Oversold Bounce Possible If BTC Recovers

XRP, SOL, ETH, HYPE Oversold Bounce Possible If BTC Recovers

June 22, 2025
Options Market Still Tilts Bullish Despite Bitcoin’s Dip Below 0K

Options Market Still Tilts Bullish Despite Bitcoin’s Dip Below $100K

June 22, 2025
Spain reaches deal with NATO ahead of summit to be excluded from 5% defense spending goal

Spain reaches deal with NATO ahead of summit to be excluded from 5% defense spending goal

June 22, 2025
War Will Erupt In Middle East If Iran Blocks Strait Of Hormuz, Says Narendra Taneja

War Will Erupt In Middle East If Iran Blocks Strait Of Hormuz, Says Narendra Taneja

June 22, 2025
Euro Times

Get the latest news and follow the coverage of Business & Financial News, Stock Market Updates, Analysis, and more from the trusted sources.

CATEGORIES

  • Business
  • Cryptocurrency
  • Finance
  • Health
  • Investing
  • Markets
  • Politics
  • Stock Market
  • Technology
  • Uncategorized
  • World

LATEST UPDATES

News Corp to extend CEO’s contract through June 2030, company says

I visited Iran to see what it’s REALLY like – I ended up in hiding in terror and fleeing for my life

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • Finance
  • Business
  • World
  • Politics
  • Markets
  • Stock Market
  • Cryptocurrency
  • Investing
  • Health
  • Technology

Copyright © 2022 - Euro Times.
Euro Times is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In