OPEC

Oil prices rose marginally higher in Asia trading on Friday morning, driven by tight supplies and a weak dollar, as investors shifted their focus to a planned meeting between the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia next week. Price...

On Thursday, oil producer group OPEC+ is expected to approve another small production rise for June, despite persisting concerns about weakening Chinese demand, shortly after, the world’s largest trading bloc unveiled proposals for further sanctions against Russian petroleum, reports...

The worsening oil supply shortage in the wake of the Russian invasion of Ukraine has sent pump prices to record highs in recent weeks, sparking fears of a catastrophic global oil crisis and soaring inflation. Despite these concerns, the Organization of Petroleum Exporting Countries (OPEC) and other...

Each day, Benzinga will take a look back at a notable market-related moment that happened on this date. What Happened? On Dec. 22, 1973, OPEC announced it would be unilaterally raising the price of crude oil from $5.12 per barrel to $7 per barrel. Where Was The Market? The S&P 500 was...

Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date. What Happened: On Nov. 12, 1979, President Jimmy Carter halted Iranian petroleum imports in the name of national security. Where The Market Was: The S&P 500 traded at $103.51, and the Dow Jones...

Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date. What Happened? On this day in 1960, Iraq, Iran, Kuwait, Venezuela and Saudi Arabia joined to form the Organization of the Petroleum Exporting Countries. Where The Market Was: The Dow Jones Industrial...

The Consumer Price Index increased .5% in July after rising .9% in June, and, in general, prices of all items rose 5.4% over the last year, according to the most recent Bureau of Labor Statistics report. What Happened: All indexed items increased in price, including shelter, food, energy and new...

One of the beauties of the crude oil market specifically, and commodity markets in general, is that active traders and investors only have one equation to analyze: supply versus demand. It’s a matter of looking at how much product is out there and how much of the supply consumers want right...

  OPEC and its allies reached a deal on Sunday to raise oil production in response to rising prices, and phase out 5.8 million barrels per day of oil production cuts by the end of 2022, Bloomberg reports.  This comes after a two-week spat between Saudi Arabia, and the United...

Though the week began on a soft note, it’s only natural to see a bit of a selloff after the record highs logged lately. It was also encouraging that the market bounced off its lows late yesterday. It was a pretty impressive comeback. Today could be a bit of a waiting game with everyone on the...

Diesel consumers looking at the results of this past weekend’s failure by the OPEC+ group to come to an agreement might be confused by the reaction. Historically, OPEC meetings that fail to reach agreement on production levels result in the price of oil falling, with traders anticipating that...

The United States Oil ETF (NYSE: USO) is trading lower by 1.9% on Tuesday morning despite crude oil prices hitting their highest level in six years. What Happened? West Texas Intermediate crude futures traded as high as $76.98 before pulling back to $75.15 in early trading. The peak represents...

As we begin June with a shortened trading week, let’s take a market minute to have a look at what’s to come. First, trends you should be watching include U.S. indices which remain bid at or near all-time highs; the U.S. Dollar starting to shows signs of weakness once again; gold’s...

The strong economic recovery throughout much of Asia is driving high demand for crude oil. Demand is expected to remain robust going forward, provided economic activity continues to rebound. Rising Demand Refiners in China are increasing imports of crude oil as they look to meet growing domestic...

Each day, Benzinga takes a look back at a notable market-related moment that occurred on this date. What Happened? On this day in 1979, OPEC raised the price of crude oil by 9% from $13.34 to $14.55. Where The Market Was: The Dow finished the day at 854.82. The S&P 500 finished at 101...