Oil fell as the dollar strengthened against the euro after two explosions ripped through the Brussels airport departure hall on Tuesday morning.
wti oil prices
Oil capped the biggest weekly gain since August amid signs of strengthening US fuel demand and speculation that some producers will complete an accord to freeze output.
Oil dropped to a new 12-year low below $30 a barrel in New York, while the discount on global benchmark Brent reached a five-year high as Iran moved closer to restoring exports.
The average Brent crude oil price for 2016 is likely to be $40 per barrel and unlikely to rise above $50 ber barrel in 2017, according to the US Energy Information Administration.
Oil neared the lowest level since February 2009 as U.S. crude inventories surged and the Federal Reserve raised interest rates for the first time in almost a decade.
An end to the U.S.’s 40-year ban on oil exports is probably not what OPEC needs right now. Yet a resurgent Iran may present a greater threat as it prepares to dump a million barrels on the market next year.
Oil pared its first weekly gain in a month as Libya sought to increase output and Russia ruled out military retaliation against Turkey for downing its jet near the Syrian border.
Oil buyers in Asia are sure of one thing as OPEC prepares to meet: They’ll emerge as winners from the group’s rift over production.
Oil markets were weak on Friday as fresh signs that OPEC will continue to value market share over prices outweighed expectations of a lift when the United States kept interest rates at historic lows.
I rarely write about the energy industries in the US but, given that this edition of Energy coincides with OTC in Houston, I thought it appropriate to comment on some of the recent developments from an outsider's perspective.