, the London-traded global benchmark for oil, settled up $1.57, or 1.7%, at $93.37 per barrel. WTI had fallen 12.5% in September and 24% in the third quarter. New York-traded settled up $1.24, or 1.4%, at $87.76 per barrel, off the session high of $88.42. The Biden administration has already drawn SPR stockpiles down to their lowest since 1984 and seems game to do more, in a tit-for-tat with OPEC+. A rally in the dollar and bond yields typically weigh on commodity prices.Īlso, President Joe Biden, in a statement issued by the White House, indicated that he would respond to the OPEC+ move by releasing even more oil from the U.S. were surging as well, recovering ground lost since last week, on stronger-than-expected employment indicators that suggested a robust September jobs report from the U.S. crude and fuel inventories reported by the Washington-based Energy Information Administration, or EIA, the OPEC+ news proved more powerful than it might otherwise have been.Ĭrude prices jumped about $2 a barrel or more within an hour of the OPEC+ and EIA announcements, extending by $6-$8 in all their gains since the start of the week.īut oil wasn’t the only thing rallying Wednesday morning: The and U.S. Predictably, oil bulls did that just, lapping up the party line that came out of the first in-persons meeting in two years of the 13-member Saudi-led Organization of the Petroleum Exporting Countries and its 10 allies steered by Russia.Ĭombined with the plunge in weekly U.S.
which countries would be cutting and how much they would be doing - the alliance seemed to expect the market to just swallow whatever it spat out, and hopefully do its bidding of sending prices back near the highs of the year. Also, with no breakdown of where the reductions would come from - i.e.
0 kommentar(er)
