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SPDR S&P Oil & Gas Exploration & Production ETF

XOP tracks an equal-weighted index of companies in the US oil & gas exploration & production space.

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United States Oil Fund LP

OPEC+ ministers met on Sunday to agree further oil production policy steps amid depressed oil prices.

OPEC+ sticks to 2023 oil production targets as Saudi Arabia announces further voluntary cuts

OPEC and its allies will meet on Sunday to debate a new deal possibly adjusting countries' output quotas and a further cut in production, sources told Reuters, as the group faces flagging oil prices and a looming supply glut.

OPEC+ meets to debate production quotas, new cut - sources

OPEC and its allies begin two days of meetings on Saturday which may culminate in further production cuts of as much as 1 million barrels per day, OPEC+ sources told Reuters, as the organisation faces flagging oil prices and a looming supply glut.

OPEC+ begins meetings which may agree further output cuts - sources

Oil futures settled higher on Friday, but U.S. and global crude benchmarks still posted losses for the week. Oil prices initially fell this week before the passage of the U.S. debt ceiling bill, and a strong U.S. May employment report saw prices recoup some of those losses later in the week, the commodities team at Capital Economics wrote in note Friday.

Oil futures gain more than 2% for the session, pare their loss for the week

U.S. debt deal served as an additional positive catalyst for oil markets.

Natural Gas, WTI Oil, Brent Oil – Oil Gains Ground Ahead Of OPEC+ Meeting

Crude oil markets have shot higher during the trading session on Friday, as we have had a huge bounce from the lows.

Crude Oil Price Forecast – Crude Oil Markets Have Explosive Friday

Oil futures rose Friday, but remained on track for weekly losses, as traders looked ahead to a weekend meeting of the Organization of the Petroleum Exporting Countries and its allies.

Oil prices boosted ahead of OPEC+ meeting

OPEC and its allies are unlikely to decide on further oil supply cuts at a meeting on Sunday despite a fall in oil prices toward $70 per barrel this week, two sources from the alliance said on Friday although another said the outcome was still unclear.

OPEC+ unlikely to agree bigger oil cuts on Sunday, sources say

OPEC seems likely to cut production to support the price, but not enough to create significant market tightness.

Another OPEC+ Cut Seems Likely—But Not Very Consequential

The Opec+ group meets in Vienna on Sunday amid speculation that a further cut in oil production could be on the cards to prop up the faltering oil price. The combined grouping of the Organisation of the Petroleum Exporting Countries plus ten other major oil producers, caught traders on the hop back in April with a production cut of around 1.2mln barrels a day that prompted a spike in the price of crude.

Opec+ meets amid speculation of further cut in production

WTI Oil prices rise as the US debt ceiling bill approval and potential rate hike pause ease market concerns, while OPEC+ cuts drive bullish sentiment.

Oil Price Forecast: Edging Higher on Debt Ceiling Bill, OPEC+ Meeting Expectations

Oil prices rose on Friday in early Asian trade as markets weighed the likelihood of price-supportive OPEC+ production cuts over the weekend amid positive sentiment over U.S. monetary policy and Washington's debt ceiling bill.

Oil prices rise as market awaits possible OPEC+ cuts

Oil futures climbed on Thursday, with U.S. prices settling back above $70 a barrel for the first time in almost a week. Prices rebounded from Wednesday's decline “with the outside risk that oil ministers at a meeting on Sunday “could surprise the markets with another production cut, given the recent weakness seen in prices,” said Michael Hewson, chief market analyst at CMC Markets UK.

U.S. oil futures end above $70 a barrel for the first time in nearly a week

Crude oil markets tried to rally early during the trading session on Thursday, but gave back gains very quickly. While they could be setting up for a short-term bounce, this shows just how weak they really are.

Crude Oil Price Forecast – Crude Oil Markets Continue to Look Weak

A meeting by major oil producers on Sunday will lack the element of surprise, two months after an unexpected decision to implement deeper production cuts led to a temporary rally in U.S. prices to their highest level of the year.

For oil traders, OPEC+ meeting won't hold element of surprise

Oil futures fell Thursday, kicking off June with a decline as investors awaited official U.S. inventory data after industry figures showed a large rise in crude stocks.

Oil falls after industry data shows rise in crude inventories

OPEC and its allies are unlikely to deepen supply cuts at their ministerial meeting on Sunday despite a fall in oil prices toward $70 per barrel, four sources from the alliance told Reuters.

OPEC+ unlikely to deepen oil supply cuts at June 4 meeting, sources say

Surging U.S. crude oil inventories, unexpected gasoline growth dampen sentiment, sparking worries about China's manufacturing and oil demand.

Oil Price Forecast: Bearish Sentiment Persists with Weaker Demand, Surplus Supply

Oil prices dipped in early trade on Thursday for the third straight session after data showed an unexpected, large build in U.S. crude stocks last week, triggering fears of an oversupply amid signs of weaker Chinese demand, too.

Oil falls after large surprise build in US crude stocks

OPEC has not invited Reuters or Bloomberg news agencies to report on ministerial meetings in Vienna this weekend to discuss future oil policy, according to reporters, Bloomberg and an OPEC source on Wednesday.

OPEC has not invited Reuters, Bloomberg to report on weekend policy meets

A slide in crude oil prices has weighed on the Club's three energy holdings.

OPEC+'s mixed messages, recession fears make it too early to buy the dip on our oil stocks

Oil futures fell on Wednesday, with U.S. prices ending at their lowest in more than 10 weeks. The potential fallout from the U.S. debt-ceiling debacle and rising odds of a June interest-rate hike both “weighed on oil as the former influence would be a broader riskoff market event, while the latter would further reduce already waning optimism for a soft economic landing this year,” analysts at Sevens Report Research wrote in Wednesday's newsletter.

U.S. oil futures settle at lowest since March

Oil markets tested multi-week lows as traders reacted to the disappointing China Manufacturing PMI report.

Natural Gas, WTI Oil, Brent Oil – Oil Is Under Pressure As China Data Disappoints

Demand has been falling, along with oil stocks. The Energy Select Sector SPDR ETF dropped 8.6% in the past month.

Oil Prices Sink as Investors Bet Against OPEC Cut

The Organization of the Petroleum Exporting Countries with Russia and other allies, or OPEC+, meet on June 4 to discuss whether additional oil production cuts should be implemented.

News for SPDR S&P Oil & Gas Exploration & Production ETF ETF (XOP)