OPEC+ is a group of major oil-producing countries, including Saudi Arabia, Russia, Venezuela and 20 others. They produce over half of the global oil supply. Yesterday, OPEC+ agreed to reduce oil production by two million barrels a day — the largest cut since COVID began. Econ 101: Supply goes down, price goes up. But their…
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Oil prices feel the weight of a recession — falling to pre-Russian invasion levels
Oil markets are feeling the weight of a recession. WTI crude oil prices fell below $90 for the first time since the Russian invasion began — falling 24% over the past two months. Here’s a warning for anyone still holding oil investments: it could get worse, real quick. Oil prices go full circle On the…
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Biden’s last resort to lower oil prices sees little impacts
Biden is releasing 50M barrels of crude from the Strategic Petroleum Reserve — in coordination with Britain, China, India, Japan and Korea — for the first time in a decade. What’s the big deal? In 2021, short supply and high demand led to surging oil prices — making energy the top-performing sector of the year….
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The future of 2021’s top-performing sector
The energy sector has been the top-performing S&P 500 sector in 2021 as oil prices soared 61% this year — the highest level since 2014. This sent oil-related stocks soaring — with The Energy Select Sector SPDR Fund (NYSE:XLE) up 50% this year. The future of oil: According to Reuters, the direction of oil prices…
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Here’s why high oil prices is bad for (almost) everyone
In 2021, crude oil prices are up 72% and natural gas prices are up 134% — with oil stocks and energy ETFs moving similarly. But unless you’re invested in the energy sector, you’re probably feeling the pain whether you realize it or not. What’s happening in the oil industry? While it’s good news for the…
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