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Oil climbs after sharp drop in U.S. crude stocks; OPEC committee meeting in focus

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Oil prices rose on Wednesday following a sharp drop in U.S. crude inventories, with the market waiting for next steps from a meeting later in the day on the future level of output cuts by OPEC and its allies.

FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, July 21, 2014. Pump jacks are used to pump crude oil out of the ground after an oil well has been drilled. REUTERS/Todd Korol

Official numbers from the U.S. Department of Energy’s Energy Information Administration are due on Wednesday. “The market will be eager to see if deeper cuts will be rolled over for an additional month, or whether the group will stick to the original plan, and start trimming cuts,” according to ING Economics.

 

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That's the most confusing headline tweet I've ever read, and I'm a pretty smart dude.

Let's see: 7/14/19 Gas Price: ~$2.25 PPB: $58.87 7/14/20 Gas Price: ~$2.20 PPB: $40.10 Something seems rather off to me, but I could be wrong. Seems like we're getting charged more.

thejointstaff OGJOnline oilandgasuk Shell PetroleumMin HPCL OilGasCanada EPRA_Ke SWITCH TO HYDROGEN FUEL VIA ELECTROLYSIS, OR ZERO POINT ENERGY GENERATOR. OIL IS NOT SUSTAINABLE LONG TERM!

IS BEING MADE(FORCE) AWARE OF A CHOICE?

Oil inventories are slightly decreasing, so the market could suffer another sock if the oversupply. Australi Perth WesternAustralia OPEC Oil July2020

Ifb

rocionahle

Good thing injecting oil into our veins will cure us of COVID.

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OPEC chief sees oil market moving closer to balance before key meetingThe oil market is getting closer to balance as demand gradually rises, OPEC's secretary general said on Monday, two days before the group and ally Russia meet to decide whether to ease output curbs from August. If you are wondering why they lockdown at 100 cases and reopen at 10,000 cases and try to send your kids to school, look in this direction. Crooked manipulation oil guts are in Russia Saudi Arabia and America so how did that magically happen Impossible. Low oil prices are here to stay! People are working from home and not allowed to drive to their families and social events. OPEC must adapt to the new reality or die trying to remain stagnant!
Source: Reuters - 🏆 2. / 97 Read more »