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This Day In Market History: OPEC Raises Oil Price To $7 Per Barrel
Wednesday, December 22, 2021 - 9:01am | 292Read More...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...
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This Day In Market History: Jimmy Carter Blocks Iranian Oil Imports
Friday, November 12, 2021 - 9:00am | 273Read More...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...
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This Day In Market History: OPEC Forms
Tuesday, September 14, 2021 - 8:01am | 284Read More...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...
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Consumer Price Index Sees Increases With White House Concerned By Global Energy Supply
Wednesday, August 11, 2021 - 9:15am | 371Read More...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...
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As OPEC+ Output And Oil Demand Shift, Traders Turn To Micro Futures
Tuesday, August 3, 2021 - 9:01am | 973Read More...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...
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OPEC+ Reaches Deal To Raise Oil Production, Increase Supply Limits Amidst Rising Prices
Sunday, July 18, 2021 - 3:58pm | 278Read More...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...
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Recent Microsoft, Apple Strength Seen As Possible Factor Attracting Investors To Market
Wednesday, July 7, 2021 - 9:11am | 2462Read More...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...
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OPEC+ Deal Failure Sends Oil Prices Higher, Defies Historical Reactions
Tuesday, July 6, 2021 - 1:14pm | 705Read More...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...
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Oil Prices Pull Back From 6-Year Highs After OPEC Fails To Reach Production Deal
Tuesday, July 6, 2021 - 10:00am | 558Read More...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...
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Tuesday's Market Minute: Eco-Data & Earnings In Focus This Week
Tuesday, June 1, 2021 - 9:32am | 306Read More...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...
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Asia's Oil Buying Spree
Friday, May 14, 2021 - 9:22am | 926Read More...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...
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This Day In Market History: OPEC Raises Crude Oil Prices By 9%
Friday, March 26, 2021 - 8:20am | 305Read More...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...
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OPEC Stuns By Opting Not To Raise Output; Was Diesel A Reason?
Friday, March 5, 2021 - 11:17am | 1281Read More...Coverage of the OPEC+ group's decision Thursday to not increase crude production even after a more than $45 increase in prices since April inevitably featured one of two words: "shocking" or "stunning." Diesel markets may have played a role in the path that OPEC took. Expectations going into...
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Diesel Market In 2021: Something Closer To Normalcy Likely On Tap
Thursday, January 7, 2021 - 9:38am | 1420Read More...The crude oil and diesel markets are entering 2021 on a bullish run, with the primary commodity exchange price of diesel just about where it was when the pandemic put the final dagger into prices in early March and with OPEC and its OPEC+ brethren shocking markets with a decision on further...
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Crude Futures Rise On OPEC+ Output Compromise, Potential Brent Oil Benchmark Addition
Friday, December 4, 2020 - 7:08am | 513Read More...Crude prices and United States Oil Fund LP (NYSE: USO) are rising after the Oil and Petroleum Exporting Countries and allies (OPEC+) agreed to taper production cuts in January 2021 gradually. According to Bloomberg, the group members will hold monthly discussions to decide the next...
