OPEC+ Discusses Cutting Oil Output at Next Week’s Meeting
(Bloomberg) OPEC+ has begun discussions about cutting oil output when it meets next week, as a fragile...
(Bloomberg) OPEC+ has begun discussions about cutting oil output when it meets next week, as a fragile global economy continues to pressure crude prices.
The size of the potential supply reduction is still under consideration, said a delegate, asking not to be identified as the talks are private. The Organization of Petroleum Exporting Countries and its allies will meet to decide November output levels on Oct. 5.
Oil prices have slumped by a fifth since early August on fears over the global economy, trading near $88 a barrel in London on Thursday. The losses threaten the spectacular revenue windfall being enjoyed this year by Saudi Arabia and its partners.
Oil rises towards $90 as OPEC+ considers output cut
LONDON (Reuters) -Oil prices firmed on Thursday, erasing earlier losses, on indications that OPEC+ might...
LONDON (Reuters) -Oil prices firmed on Thursday, erasing earlier losses, on indications that OPEC+ might cut output, though a stronger dollar and weak economic outlook kept a lid on gains.
Brent crude futures rose 52 cents, or 0.6%, to $89.84 a barrel by 1027 GMT and U.S. crude futures rose by 52 cents, or 0.6%, to $82.67.
Leading members of OPEC+ have begun discussions about an oil output cut when they meet on Oct. 5, two sources from the producer group told Reuters
Dow closes up nearly 550 points in rebound from bear-market lows as bond yields fall after BOE intervention
U.S. stock indexes on Wednesday rebounded from 2022 lows with support from a sharp fall in Treasury yields...
U.S. stock indexes on Wednesday rebounded from 2022 lows with support from a sharp fall in Treasury yields and a surprise intervention from the Bank of England in the U.K. government bond market. The Dow Jones Industrial Average snapped a six-session skid, while the S&P 500 ended its longest losing streak since February 2020.
The Dow Jones Industrial Average DJIA, 1.88% finished 548.75 points higher, or 1.9%, to 29,683.74
The S&P 500 SPX, 1.97% gained 71.75 points, or less than 2%, to end at 3,719.04
The Nasdaq Composite COMP, +11.59% advanced 222.13 points, or 2.1%, finishing at 11,051.64
Gasoline prices rose in Oklahoma and across the U.S. over the past week with the national average pump...
Gasoline prices rose in Oklahoma and across the U.S. over the past week with the national average pump price hitting $3.72 while Oklahoma’s average was up to $3.47 per gallon.
“Slack demand and lower oil prices should take some pressure off rising gas prices,” said Andrew Gross, AAA spokesperson. “But Hurricane Ian could cause problems, depending on the storm’s track, by disrupting oil production in the Gulf of Mexico and impacting large coastal refineries.”
Oklahoma’s $3.47 average is up from $3.44 a week ago but one cent below the average from a month ago reported AAA. However, Gas Buddy reported Wednesday prices as low as $2.89 per gallon.
Prices in Oklahoma City averaged $3.46, a penny higher than last week and two cents lower than a month ago.
