ENERGY

Oil prices are lower this morning as the usual malarkey of leaks, rumors, and denials dominates price action ahead of the planned OPEC+ meeting this weekend.

The selling started with a report by Bloomberg claiming that the Saudis expressed dissatisfaction with other members about their oil production levels.

The worry, Bloomberg claims, is that Riyadh might reverse its unilateral 1 million barrel-a-day curb if its counterparts don’t contribute further to the supply reductions. (more…)

Authored by Charles Kennedy via OilPrice.com,

Supported by the United States, France will propose at the COP28 climate summit in Dubai an exit of private financing for coal-fired power plants, Reuters reported on Tuesday, citing sources with knowledge of the talks.

According to Indian officials who spoke to Reuters, France has discussed with India – a large coal consumer – a plan for private banks and insurers to phase out funding for coal plants under the so-called (more…)

Oil prices were flat today as traders anxiously await OPEC+'s decision later this week.

Crude slipped after President Joe Biden said that a deal to free some Israeli hostages held by militant group Hamas is imminent.

Later on, oil regained some ground on news that Federal Reserve policymakers are united around a strategy to “proceed carefully” on future interest-rate moves.

An expected buildup in US stockpiles, as well as the contango structure of WTI’s front-month (more…)