Commodities and Futures News

Oil Recovers Past $100, Eyes Weekly Gains on Potential OPEC+ cuts

2022.08.26 03:30

Oil Recovers Past $100, Eyes Weekly Gains on Potential OPEC+ cuts

By Ambar Warrick 

Investing.com– Oil prices recovered on Friday, and were set to end the week higher as the prospect of production cuts by the OPEC+ offset concerns over an Iran-led supply glut. 

London-traded Brent oil futures rose 0.2% to $100.07 a barrel, while crude oil West Texas Intermediate futures rose 0.7% to $93.21 a barrel by 20:13 ET (00:13 GMT). Brent and WTI were set to gain 3.3% and 2.6% this week, respectively. 

Prices plummeted on Thursday after U.S. officials said they would sign a nuclear deal with Iran that benefited the country. Washington responded to what is said to be the “final” draft of the bill this week, and is awaiting Iran’s response.

Reports that Iran was dropping major sticking points in the deal also furthered speculation over its imminent signing. 

But while fears that the deal could release over 1 million barrels per day of oil into the market dented crude, prices were still headed for weekly gains after Saudi Arabia said it would cut supply to curb further losses in prices.

Saudi Arabia, through the Organization of Petroleum Exporting Countries and its allies (OPEC+), said production cuts would coincide with the release of Iranian supply, reinforcing support for crude prices.

Focus this week was also on the health of the American economy, ahead of an upcoming address by Federal Reserve Chair Jerome Powell to the Jackson Hole Symposium in Wyoming. The central bank head is expected to lay out plans for how the Fed plans to hike rates and combat inflation.

Surging inflation has severely weighed on U.S. fuel demand, with gasoline inventory data furthering the notion this week. 

But sentiment towards the U.S. economy improved slightly this week after second-quarter GDP data was revised to show a smaller contraction than initially perceived, indicating that growth may be on the cards in the third quarter. 

U.S. crude inventories also contracted more than expected over the past week, amid record-high exports. 

 

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 97,992.25 0.09%
ethereum
Ethereum (ETH) $ 3,364.90 1.64%
tether
Tether (USDT) $ 1.00 0.04%
solana
Solana (SOL) $ 253.29 1.44%
bnb
BNB (BNB) $ 661.35 0.95%
xrp
XRP (XRP) $ 1.41 3.11%
dogecoin
Dogecoin (DOGE) $ 0.426579 2.04%
usd-coin
USDC (USDC) $ 1.00 0.01%
cardano
Cardano (ADA) $ 1.02 5.56%
staked-ether
Lido Staked Ether (STETH) $ 3,364.42 1.60%
tron
TRON (TRX) $ 0.208915 2.20%
avalanche-2
Avalanche (AVAX) $ 41.94 1.09%
the-open-network
Toncoin (TON) $ 6.17 3.83%
stellar
Stellar (XLM) $ 0.533379 4.70%
shiba-inu
Shiba Inu (SHIB) $ 0.000026 3.13%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,964.27 1.98%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 97,790.20 0.03%
polkadot
Polkadot (DOT) $ 8.71 7.86%
chainlink
Chainlink (LINK) $ 18.03 0.98%
bitcoin-cash
Bitcoin Cash (BCH) $ 512.97 0.02%
weth
WETH (WETH) $ 3,363.88 1.68%
sui
Sui (SUI) $ 3.40 2.19%
near
NEAR Protocol (NEAR) $ 7.06 10.95%
pepe
Pepe (PEPE) $ 0.00002 2.91%
leo-token
LEO Token (LEO) $ 8.59 0.04%
litecoin
Litecoin (LTC) $ 96.85 3.61%
aptos
Aptos (APT) $ 12.47 3.86%
uniswap
Uniswap (UNI) $ 10.89 0.47%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,543.35 1.45%
hedera-hashgraph
Hedera (HBAR) $ 0.144115 12.35%
internet-computer
Internet Computer (ICP) $ 11.48 0.93%
usds
USDS (USDS) $ 1.00 0.08%
crypto-com-chain
Cronos (CRO) $ 0.187272 8.68%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.567949 1.47%
ethereum-classic
Ethereum Classic (ETC) $ 28.60 4.57%
render-token
Render (RENDER) $ 8.10 3.38%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.53 4.45%
bittensor
Bittensor (TAO) $ 532.33 1.10%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.05%
kaspa
Kaspa (KAS) $ 0.15185 2.40%
bonk
Bonk (BONK) $ 0.000048 1.45%
vechain
VeChain (VET) $ 0.044173 3.55%
arbitrum
Arbitrum (ARB) $ 0.858754 1.99%
whitebit
WhiteBIT Coin (WBT) $ 24.35 1.84%
dai
Dai (DAI) $ 1.00 0.01%
filecoin
Filecoin (FIL) $ 5.71 4.12%
cosmos
Cosmos Hub (ATOM) $ 8.63 2.76%
celestia
Celestia (TIA) $ 7.85 10.25%
mantra-dao
MANTRA (OM) $ 3.63 1.85%
okb
OKB (OKB) $ 54.00 5.25%