crude oil futures 101

crude oil futures 101

June 12th, 2018

Crude Oil futures prices were slightly higher on Tuesday despite an increase in production from OPEC.

Crude oil futures increased 0.51% to $66.44 a barrel as of 11:13 AM ET (15:13 GMT) after falling to a low of $64.92 earlier in the session. Meanwhile Brent crude futures, the benchmark for oil prices outside the U.S., rose 0.05% to $76.50.

Total production of the Organization of the Petroleum Exporting Countries and Russia countries rose by 35,000 barrels per day (bpd) in May to 31.87 million bpd, according to its monthly report.

However the higher production in Saudi Arabia, Algeria and Iraq was offset by decreased production in Venezuela, Libya and Nigeria, the firm said.

The organization remained cautious however, as there is “pronounced uncertainty” about the oil market outlook for the rest of the year.

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crude oil futures quotes

crude oil futures quotes

November 24th, 2014

Crude oil futures Brent and West Texas Intermediate were little changed as investors weighed the odds of a production cut from OPEC this week.

Iran may propose that OPEC cut its output target by as much as 1 million barrels a day, Mehr News reported. Hedge funds have turned less bullish on oil in the absence of any clear signal from the Organization of Petroleum Exporting Countries that it will act to bolster prices. The 20 analysts surveyed last week by Bloomberg are divided, with half predicting a cut and the rest no action.

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