"With oil demand still slowly grinding higher, and oil supply in check due to the OPEC+ production cut deal and prices too low to incentivise strong production growth in the United States, the oil market remains undersupplied," UBS analyst Giovanni Staunovo said.Iraq said on Friday it would cut its oil output by a further 400,000 barrels per day in August and September to compensate for its overproduction in the past three months.The move would help it comply with its share of cuts by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+.
Ben Lichtenstein, of TradersAudio.com, and Chris Edmonds, of FIG Parnters, have the latest on the futures and oil markets. "This is a phenomenon due to the expiration of the front-month contract coupled with the historic plunge in crude," CNBC quoted KKM Financial’s Jeff Kilburg as saying. VIDEO 01:07. We need people to be able to boost economic activity to spur demand," said John Kilduff, partner at Again Capital in New York.On Sunday, Saudi Arabian Aramco CEO Amin Nasser he sees oil demand rebounding in Asia as economies gradually open up.China's factory deflation eased in July, driven by a rise in global oil prices and as industrial activity climbed toward pre-pandemic levels. Crude oil futures for June, which expires on May 19, were trading at a … We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services.
The latest commodity trading prices for Energy Commodities: oil, natural gas, coal, ethanol, diesel and more on the U.S. commodities & futures market. Oil rose on Monday, supported by an improvement in Chinese factory data, rising energy demand and hopes for an agreement in the United States on more coronavirus-related economic stimulus. Stock futures tumbled early Monday morning as investors continued to brace for the economic fallout from the spreading coronavirus, while a shocking all-out oil … Futures Outlook: Oil hits highest level since March.
Trade NYMEX WTI Crude Oil futures (CL), the world’s most liquid crude oil contract. Oil’s latest price moves and today’s key news stories driving crude’s action, as well as developments in the broader energy sector. Futures Outlook: 'This is go-time for gold,' says Blue Line's Baruch . We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services. Data is a real-time snapshot *Data is delayed at least 15 minutes. We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services. The oil pipeline company has weathered the oil market's storm slightly better than it anticipated. Tue, Jun 23rd 2020. watch now. Got a confidential news tip? Jeff Kilburg of KKM Financial suggested a bullish futures trade in crude oil on CNBC's "Futures Outlook." On the Multi Commodity Exchange, crude oil for August delivery fell by Rs 37, or 1.22 per cent, to Rs 2,986 per barrel with a business volume of 3,945 lots.Crude oil for September delivery was quoting lower by Rs 38, or 1.24 per cent, at Rs 3,027 per barrel with an open interest of 73 lots. That said, this would also require the international companies operating in Iraq to join in with the cuts," Commerzbank analyst Eugen Weinberg said.Got a confidential news tip? The latest commodity trading prices for oil, natural gas, gold, silver, wheat, corn and more on the U.S. commodities & futures market. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.Gold is a hedge against debasement: Goldman's Jeff CurrieThe worst is over for Aramco even if oil prices stay at $45 per barrel: AnalystAramco needs oil above $50 to sustain dividend payments: AnalystSaudi Aramco profit drops 50% for first half of the year as pandemic batters oil priceParsley Energy CEO: U.S. oil production may never see 13 million barrels againContinental Resource CEO: $40 oil is not sustainable for the industryBP reports second-quarter loss after major write downs, halves dividendOPEC+ is facing a 'very delicate, fragile balancing act' in the oil market, strategist saysOPEC+ is trying to execute a 'balancing act' in the oil market: StrategistChevron posts bigger-than-anticipated loss for second quarterShell's second-quarter profit slumps 82% on coronavirus hit to oil prices, energy demandIran fires missiles at a mock U.S. Navy ship during military drillIran fires missiles at mock U.S. Navy ship in drill, American bases go on alert'It is going to be brutal': What to expect as oil and gas majors unveil their second-quarter resultsWhy Jim Iuorio says the gold trade is similar to the crude oil tradeSame-day grocery delivery, gas discounts: What Walmart+ offers and how it compares to Amazon PrimeCiti's global head of commodity research Ed Morse gives his second half outlook for oil, gold, and morePutin's finance minister says there are no hackers working for the Russian governmentChevron acquires Noble Energy in a $5 billion, all-stock dealWatch CNBC's full interview with Chevron CEO Michael Wirth on Noble Energy acquisitionSaudi Arabia remains 'vigilant' as economy resumes amid pandemic: Finance ministerOPEC+ tapering supply cuts is a positive for the oil markets: Westwood Global EnergyBrent trading in a 'comfort zone' between $40-44 a barrel: CEORisks of U.S.-China tensions or Biden not yet priced in oil marketOPEC faces 'worst of both worlds' with oil prices in limbo ahead of committee meeting Global Business and Financial News, Stock Quotes, and Market Data and Analysis.