|Day's range||N/A - N/A|
OPEC members are discussing a potential extension of the oil production cuts through the end of 2020, an OPEC source told Russian news agency TASS on Friday.
The S&P; 500 went back and forth during the week, showing signs of exhaustion as we are clearly a little overextended. That being said though, there are plenty of support levels underneath that I will be watching.
Crude oil markets got absolutely hammered during the week, forming an extraordinarily bearish candlestick. That being said, we are still well within the overall range that we have been in for the year and a half.
The British pound rallied again during the week, breaking above the 200 week EMA before given back quite a bit of the gains. By doing so, the market has formed a bit of a shooting star, suggesting that perhaps we may have to pull back.
The Australian dollar initially tried to rally during the week, but then reached towards the previous downtrend line. Ultimately, the market is approaching the 0.68 level is a sign of challenging support.
The lack of follow-through to the upside following Thursday’s technical bounce suggests the absence of buyers, since the move was likely fueled by profit-taking and short-covering.
Monaco-based oil and gas consultancy Unaoil paid $6 million (4.6 million pounds) in bribes to secure Iraqi oil contracts after the fall of Saddam Hussein, a London court heard on Thursday. In the trial, which has just begun, two former Unaoil managers and an ex-sales chief of Dutch-based energy services company SBM are accused of conspiring to bribe top Iraqi officials to secure lucrative projects. The high-profile case revolves around how Iraq sought to more than double oil production after the overthrow of Hussein in 2003.
Guyana's government next month plans to begin a search for an oil company or trading firm to market its share of the South American country's crude, the director of the Department of Energy, Mark Bynoe, said in an interview. The government is entitled to a portion of the light, sweet crude that a consortium led by Exxon Mobil Corp began producing last month after making 15 discoveries in recent years. The finds are set to transform the economy of Guyana, an impoverished country of fewer than 800,000 people.
An Oslo appeals court approved Norway's plans for more oil exploration in the Arctic on Thursday, dismissing a lawsuit by environmentalists who had said it violated people's right to a healthy environment. The verdict upheld a ruling made by a lower court, rejecting arguments by Greenpeace and the Nature and Youth group that a 2015-2016 oil licensing round that gave awards to Equinor and others had breached Norway's constitution. "The verdict is unanimous," the Borgarting Appeals Court said in its written decision.
Oil majors are at the sharp end of the climate debate and face a bewildering balancing act to secure their futures. It's a Catch-22 situation: to meet ambitious emissions targets by investing in low-carbon technologies, they will have to rely on revenue from expanding their businesses in oil and gas, for which there is still growing global demand. How energy companies navigate this maze could determine the winners and losers in a lower-carbon future, and help govern whether the world can rein in warming.
India recently revised down its growth forecast for fuel consumption - a proxy for oil demand - to a six-year low of 1.3% in 2019-20, mainly due to a fall in estimated diesel consumption. Diesel consumption is directly linked to industrial activity. Asia's third-biggest economy imports and exports refined fuels, as it holds a surplus refining capacity.
Investing.com - The U.S. stockpile of crude oil supplies fell less than expected last week, the Energy Information Administration said Thursday.