OPEC may not be what it once was, but in concert with non-OPEC countries like Russia the cartel is showing it can still influence prices to its advantage. Need buying strategies for steel? Request your two-month free trial of MetalMiner’s Outlook After extensive negotiations behind the scenes, Saudi Arabia and Russia have agreed to reduce […]
Tag: oil price
This Morning in Metals: A Zinc Stink; Oil Price Volatility Here to Stay?
This morning in metals news, zinc is undergoing some tight times, according to Reuters’ Andy Home, and oil price volatility is still top of mind as we go into the Thanksgiving holiday in the U.S. Oil Prices Tumbled, Look to Stay Volatile As I filled my tank earlier this morning before heading to my mother-in-law’s […]
Oil Price Slide Potentially Bearish for Aluminum, Other Energy-Intensive Metals
We should state from the outset that it’s not that energy costs are directly dependent on the oil price — very little electricity generation around the world, Saudi Arabia being an exception, is generated from crude oil. Need buying strategies for steel? Request your two-month free trial of MetalMiner’s Outlook But with power making up […]
Is Oil Heading for $100/Barrel?
Oil prices have been quietly rising for the last six weeks. The Brent crude benchmark has now breached the U.S. $80/barrel level to $81.20 this week, a level not seen since late 2014, the Financial Times reports. In the U.S., ample shale oil supply and constrained infrastructure remains a drag on the West Texas Intermediate price, […]
This Morning in Metals: $80 Oil and Energy Infrastructure Investment
This morning in metals, Shell’s chief executive says $80 oil is good for energy infrastructure investment, China’s Baowu is reportedly in talks to acquire a rival and base metals prices dropped on Tuesday. Need buying strategies for steel? Request your two-month free trial of MetalMiner’s Outlook $80 Oil? Shell CEO Says It’s Not Unreasonable In […]
Oil Price Rises Pose a Threat to Global Growth Next Year
Rising oil prices were seen last year as a positive result of growing global growth and recovery, but a combination of factors are turning this benign view into a more sinister scenario. Need buying strategies for steel? Try two free months of MetalMiner’s Outlook On the supply side, the combined efforts of OPEC and Russia, […]
Best Friends Donald Trump and Saudi Arabia Are at Odds Over the Oil Price
President Donald Trump has signaled his displeasure at aspirations expressed by Saudi Arabia at a recent OPEC meeting with respect to an extension in the current supply deal between OPEC and non-OPEC members for continued supply constraints with a view to higher prices. Need buying strategies for steel? Try two free months of MetalMiner’s Outlook […]
The Markets Have Bought in to the OPEC-led Output Cuts
After hitting a low of below $43/barrel in mid-2017, the oil price has risen inexorably to its highest level since 2015, according to the Financial Times. Rising some 35% since July, Brent crude hit over $67/barrel as hedge funds heap long positions despite the market, by most accounts, still being in surplus. OPEC’s alliance with […]
