ProShares Ultra Bloomberg Crude Oil

UCO provides 2x the daily return of an index of futures contracts of WTI crude.

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Commodities prices have rallied sharply higher into 2021, lead recently by energy and grains. Today, we focus in on one universally important commodity: Crude Oil.

Crude Oil Rally Testing BIG Breakout Level!

The aggression by Yemen's Houthi rebels could lift prices even more than analysts have been projecting.

Oil Prices Spike Again After Attacks on Saudi Properties

If you want to win a game of Monopoly owning Mayfair and Park Lane really helps, controlling most of the board is even better. So it is in the market for crude oil, which is among very few markets in where a cartel not only exists but actually has its own flag and holds press conferences.

Two minute explainer: How Saudi Arabia steers the crude price

Oil prices shot up past $70 for the first time in more than a year after key facilities in Saudi Arabia came under a missile and drone attack Sunday. Saudi Arabia said the attacks were intercepted, with an attempted drone strike aimed at one of the petroleum tank farms in the Ras Tanura port while a ballistic missile targeted Saudi Aramco facilities in Dharan, according to the Saudi Press Agency.

Oil prices whipsaw as traders digest attack on Saudi oil terminal

Most OPEC members chose last week to keep production steady, rather than lift output restrictions

Brent Crude Surpasses $70 For First Time In More Than Year After Houthi Rebels Attack Saudi Oil Facilities

Brent crude prices are back to their December 2019 level after falling to $24 lows in May last year due to the pandemic-induced global slowdown.

Crude Prices Reach New High After Attack on Saudi Oil Tanks

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The price of Brent crude soared at the start of the week, rising above US$70 per barrel for the first time since early 2020, after a drone attack on the Saudi port of Ras Tanura. The attack on one of the largest oil shipping locations in the world was claimed by Yemen's Houthi fighters, which said they had fired 14 bomb-laden drones and eight missiles in Saudi.

Brent crude price advances higher in wake of drone attack on Saudi Arabia oil port

Oil prices were swinging into focus to start the week as tensions heated up between Saudi Arabia and Yemen.

Futures Movers: Brent crude hovers just under $70 after Saudi oil facilities attacked

Brent crude futures jumped above $70 a barrel on Monday for the first time since the COVID-19 pandemic began, while U.S. crude touched its highest in more than two years, following reports of attacks on Saudi Arabian oil facilities.

Brent cracks $70 for first time since pandemic began after Saudi facilities attacked

Oil futures marked their highest settlement since 2019 on Friday, tallying a weekly gain of more than 7%, as prices extended their rise in the wake of Thursday's decision by the Organization of the Petroleum Exporting Countries and its allies to keep production cuts in place through April. The energy market was given an extra lift because the solid U.S. jobs report "adds weight to the argument the world's largest economy is experiencing a relatively strong recovery from the pandemic, so demand for oil should rise," said David Madden, market analyst at CMC Markets UK.

Oil futures settle at highest since 2019, up over 7% for the week

Prices for the commodity might fall if OPEC suddenly increases production or the Covid-19 vaccination programs hit a snag.

Oil Just Keeps Going. What Could Stop the Rally.

Crude and Brent oil prices are continuing their surge today after OPEC+ shocked the world by keeping the deep oil production cut in place.

Saudi Arabia Doesn't Care About Surging Oil Prices. How High Will Oil Go?

The oil market got a bit of a shock this week when OPEC and friends decided against adding more production in this high priced environment. Many analysts had expected that Saudi Arabia would release the extra million barrels it removed at the beginning of the year, but the decision at this springtime ministerial gathering of OPEC+ was to maintain current production level.

Crude prices hold firm as OPEC and friends opt against production rise

Goldman Sachs has further upgraded its target for crude oil prices, which continue to be pushed higher by Saudi Arabia and OPEC. OPEC triggered a further rally in crude with Thursday's decision to keep output quotas unchanged in April despite market expectations for supply to notch up in order to meet demand as the world progresses Covid-19 vaccination campaigns.

Goldman Sachs lifts crude price forecast as it sees OPEC driving a ‘tight market strategy'

Oil prices rose early on Friday, adding to big gains overnight after OPEC and its allies agreed to not increase supply in April as they await a more solid recovery in demand from the coronavirus pandemic.

Oil extends gains on OPEC+ supply restraint

Oil futures ended higher on Thursday, with U.S. prices at their highest since April 2019, FactSet data show. The Organization of the Petroleum Exporting Countries and its allies decided to keep its production cuts in place through April at its meeting Thursday.

U.S. oil futures end at highest since 2019 as OPEC+ agrees to keep production cuts in place

A group of major oil producers has agreed to extend production cuts for another month despite a recent price surge, choosing to limit supply until the global economic recovery is more firmly established.

Oil prices surge as OPEC and its allies extend production cuts

The Organization of the Petroleum Exporting Countries and their Russia-led allies on Thursday reached a decision to rollover current production cuts through April, surprising many traders who expected the high price of oil to entice producers to boost output.

Commodities Corner: OPEC+ extends output cuts through April, in surprise move

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The Organization of the Petroleum Exporting Countries and key partners will extend most of the current output cuts, sending oil prices soaring Thursday. The post Oil Prices Surge On 'Shocking' Saudi Move At OPEC+ Meeting appeared first on Investor's Business Daily.

Oil Prices Surge On 'Shocking' Saudi Move At OPEC+ Meeting

The Organization of the Petroleum Exporting Countries and their Russia-led allies, collectively known as OPEC+, said ministers have approved a "continuation of the production levels of March for the month of April." Russia and Kazakhstan, however, will be allowed to boost production by 130,000 and 20,000 barrels per day, respectively, "due to continued seasonal consumption patterns.

OPEC+ officially reaches a decision to extend production cuts into April

Oil futures rallied Thursday, buoyed by speculation that the Organization of the Petroleum Exporting Countries and their Russia-led allies, collectively known as OPEC+, will keep their production quotas in place and that Saudi Arabia will extend its unilateral output cut of one million barrels a day through April. The group is discussing a rollover of production for all members, except Russia and Kazakhstan, which will be allowed to boost output by 130,000 and 20,000 barrels per day, respectively, Amena Bakr, deputy bureau chief and chief OPEC correspondent at Energy Intelligence, tweeted, citing comments from delegates.

Oil futures up nearly 5% on talk that OPEC+ is poised to extend production cuts

OPEC is enjoying higher oil prices without any heavy lifting.

Will OPEC blink as oil climbs?

Oil futures trade edge higher as traders await a decision from the Organization of the Petroleum Exporting Countries and its allies on whether to ease production curbs as they gauge the strength of the global economy.

Futures Movers: Oil prices edge higher ahead of OPEC+ decision on production curbs

Oil prices rose for a second straight session on Thursday, as the possibility that OPEC+ producers might decide against increasing output at a key meeting later in the day underpinned alongside a drop in U.S. fuel inventories.

Oil prices firm on prospect of OPEC+ maintaining supply cuts, drop in U.S. inventories

Oil futures settled higher on Wednesday, buoyed by some speculation that the Organization of the Petroleum Exporting Countries and its allies may decide to extend production curbs at a meeting on Thursday. The group, known as OPEC+, may also move to increase production levels following a recent climb in oil prices back to their highest levels in a year.

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