https://www.wsj.com/articles/oil-prices-edge-down-retreating-from-overnight-gains-17318b52 9-8-2023 0804 GMT – Oil price edge higher adding to the prior day’s gains on fears of supply disruptions. Brent crude oil adds 0.2% to $86.38 a barrel while WTI gains 0.3% to $83.16 a barrel. Both varieties gained around 1% on Tuesday. Fears that Ukraine could continue to target ships heading to Russian Black Sea ports have added to oil prices while production cuts from Saudi Arabia have also kept the market supported. Monday’s rally was driven by “Saudi’s reaffirmation of commitment to output cut and headlines saying Ukraine might strike Russian facilities if the latter blocked Ukrainian ports,” Danish investment bank Saxo says in a note. (firstname.lastname@example.org)
NEW YORK, Sept 1 (Reuters) - Oil prices rose on Friday to their highest in over half a year and snapped a two-week losing streak, buoyed by expectations of tightening supplies. Saudi Arabia is widely expected to extend a voluntary 1 million barrel per day oil production cut into October, prolonging supply curbs engineered by the Organization of the Petroleum Exporting Countries (OPEC) and allies, known collectively as OPEC+, to support prices.
Russia, the world's second-largest oil exporter, has already agreed with OPEC+ partners to cut oil exports next month, Deputy Prime Minister Alexander Novak said on Thursday. Brent crude settled up $1.66, or 1.9%, at $88.49 a barrel. Earlier it gained to a session high of $88.75 a barrel, the highest since Jan. 27. U.S. West Texas Intermediate crude (WTI) had risen $1.39, roughly 1.7%, to $85.02. It rose earlier to $85.81, the highest since Nov. 16.
BENGALURU: Oil prices rose a dollar a barrel on Tuesday to their highest since November, after Saudi Arabia and Russia extended their voluntary supply cuts to the end of the year, worrying investors about potential shortages during peak winter demand. Brent crude futures rose by US$1.04, or 1.2%, to settle at US$90.04 a barrel, closing above the US$90 mark for the first time since November 16, 2022. US West Texas Intermediate crude (WTI) futures gained US$1.14, or 1.3%, to settle at US$86.69 a barrel, also a 10-month high. Investors had expected Saudi Arabia and Russia to extend voluntary cuts into October, but the three-month extension was unexpected. "This is a clear indication that oil prices trump volume (for Saudi Arabia)," said Jorge Leon, senior vice-president at Rystad Energy.
"These bullish moves significantly tighten the global oil market and can only result in one thing: higher oil prices worldwide," Leon added. Both Saudi Arabia and Russia said they would review the supply cuts monthly, and could modify them depending on market conditions. "With the production cut extended, we anticipate a market deficit of more than 1.5 million barrels per day in 4Q23," UBS analyst Giovanni Staunovo wrote in a note to clients.
UBS now expects Brent crude to rise to US$95 a barrel by year-end.
INVESTOR interest in oil and gas(O&G) stocks has gained further momentum over the week, thanks to the recent spke in crude oil prices. This trend will likely be sustained through the end of this year, as the bullish sentiment continues to build on the possibility of crude oil prices hitting US$100 per barrel...
Yes, good action on Alam this week. But all this buying seems to be coming from one buyer .... a trader. He purchases large volume instantly. But he will want to sell at 0.040. But at new level there is NO BUYING PRESSURE WHATSOEVER.
I expect stock to go back soon.
Ordinary investors, like ants, drop small amounts, packet by packet at 0.035. Only a few fake transactions of 100 shares at 0.040
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....