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VanEck Vectors Oil Services ETF

OIH tracks a market-cap-weighted index of 25 of the largest US-listed, publicly traded oil services companies.

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Oil prices spiked early Monday, paring last week's dip to their lowest level since early January, as markets held their breath about Russia's reaction to the price cap on its oil exports implemented Monday by the U.S., European Union and its allies.

Oil Surges As Russian Oil Price Cap Kicks In—Here's How High Experts Predict It Could Go

“XLE” – the Energy Select Sector SPDR Fund is in the red on Monday after OPEC+ agreed against cutting oil production further that sent oil prices back under $80 a barrel.

OPEC+ agrees against cutting oil production further: sell oil stocks?

On Sunday, OPEC and non-OPEC producers including Russia decided to stick to their existing policy of reducing oil production by 2 million barrels per day, pausing any production moves as a Group of Seven (G7) nations price cap takes effect today, while the European Union (EU) launches a ban on Russian oil imports.

OPEC+ Keeps Production Cuts as EU Bans Russian Oil

The crude oil markets have rallied during the Monday session as we continue to see a lot of noisy behavior overall.

Crude Oil Price Forecast – Crude Oil Markets Rallied to Kick Off the Week

The Organization of the Petroleum Exporting Countries kept output levels unchanged amid a period of uncertainty for the global market.

Oil Prices Advance as OPEC Gauges Russia Price Cap

Oil futures traded higher on Monday, adding to last week's gain, after a European Union ban on importing Russian seaborne crude and a price cap of $60 a barrel took effect Monday, while OPEC kept its production quotas unchanged at a Sunday meeting.

Oil prices climb as E.U. price cap, OPEC decision, and easing of China's Covid restrictions provide support

Oil Prices Advance as OPEC Decides to Gauge Impact of Russia Price Cap

Both futures have since pared gains, with Brent crude last trading at $86.12 a barrel, and U.S. West Texas Intermediate futures at $80.53 per barrel.

Oil prices rose as much as 2% on hopes of China's reopening and as OPEC+ maintains output cut targets

Chinese cities eased COVID-19 curbs over the weekend. However, OPEC+ decided to hold their output targets steady.

Oil Price Fundamental Daily Forecast – Supported by Easing COVID Restrictions, Capped by OPEC+ Decision

OPEC said on Sunday it would stick to the oil production target the group set in October — to slash output by 2 million barrels per day.

Oil prices surge as OPEC maintains production cut targets and China's thawing Covid-zero stance sparks hope of demand recovery

OPEC+ ministers say they are not changing their policy of cutting oil production amid uncertainty about the impact of new Western sanctions against Russian oil.

OPEC+ agrees not to increase oil production amid slowing economy, Russian sanctions

Oil prices inched up in early trade after OPEC+ nations reaffirmed their oil output targets ahead of a European Union ban and price caps on Russian crude, which kick off on Monday.

Oil rises after OPEC+ holds oil output targets, China eases COVID curbs

The Saudi-led OPEC oil cartel and allied producers including Russia did not change their targets for shipping oil to the global economy amid uncertainty about the impact of new Western sanctions against Russia that could take significant amounts of oil off the market.

No OPEC+ oil shakeup as Russian price cap stirs uncertainty

Group led by Saudi Arabia and Russia also faces slowing demand in China.

OPEC+ Keeps Oil Curbs Despite Russia Price Cap

OPEC and its allies decided Sunday to stick with their existing policy of curtailing oil output, just hours before new Western sanctions on Russian crude exports come into force.

Its allies will continue to restrict supply as the West tightens sanctions on Russian oil

The cap Russian oil prices as well as OPEC members like Iraq and Libya are upside risks next year, Bank of America said.

Oil prices may hit $110 a barrel in 2023 but Russia risk could 'turbocharge' them even higher, BofA says

Oil prices have fallen to roughly $87 a barrel from more than $120 in early June ahead of potentially disruptive sanctions on Russian oil

OPEC+ agrees to stick to its existing policy of reducing oil production ahead of Russia sanctions

Uncertainty ahead of an OPEC+ meeting on Sunday and a European Union ban on Russian crude oil on Monday encouraged traders to trim positions.

Crude Oil Price Update – Sentiment Shifts to Downside Ahead of OPEC+ Decision, Russian Oil Ban

Oil futures finished with a loss on Friday, but ended higher for the week. The rebound in crude-oil prices recently is due to “some optimism that even though China is battling rising COVID rates, authorities will be much more flexible in how they implement restrictions and lockdowns,” said Michael Hewson, chief market analyst at CMC Markets UK.

Oil futures settle lower ahead of the OPEC+ meeting and EU ban on Russian oil

Russian oil revenues aren't likely to take a major hit, but it's significant that Western allies have stuck together, Rachel Ziemba writes.

At $60, the Cap on Oil Prices Will Build Pressure on Russia

Crude oil markets have bounced from a support level during the course of the week, showing that we are perhaps at least trying to bottom.

Crude Oil Weekly Price Forecast – Crude Oil Markets Bounce From Support

Crude oil markets have done very little during the Friday session as we continue to see a lack of follow-through on rallies.

Crude Oil Price Forecast – Crude Oil Markets Have Quiet Session into the Weekend

The wildcard remains the OPEC+ decision. Prices could spike higher if they surprise with fresh output cuts.

Oil Price Fundamental Daily Forecast – Subdued Trade Ahead of OPEC+ Production Decision on Sunday

OPEC+ is likely to stick to its current oil output target when it meets on Sunday, two OPEC+ sources said on Friday, although some say a further output cut is not completely off the table given concern about economic growth and demand.

OPEC+ seen heading for oil policy rollover, cut not ruled out

The European Union and the Group of Seven advanced economies are awaiting word on whether Poland will agree to a $60-a-barrel price cap on Russian oil that is supposed to take effect Monday.

News for VanEck Vectors Oil Services ETF ETF (OIH)