“Crude oil futures settled lower on the week as the market eyed a potential for rising global supply amid signs of internal OPEC+ tensions.
Prompt-dated June WTI settled at $63.02/b April 25, a gain of 23 cents on the day but down $1.66/b from the April 17 close. Front-month ICE Brent ended the April 25 session up 32 cents at $66.87/b but still down $1.09/b from its week-ago level.
Selling pressure emerged midweek after Kazakh Energy Minister Erlan Akkenzhenov on April 23 roiled crude markets when he said Kazakhstan would pursue its own “national interests” when determining production levels, raising doubts about the country’s commitment to fulfilling output cuts as part of the OPEC+ producer group”
Wanderer@lemm.ee 3 hours ago
Oil is interesting at the moment. Russia has been getting cutoff for a few years from global markets and oil didn’t really rise. Maybe I missed other reasons but it seems like demand didn’t increase enough for it to matter like it would have in years gone by. China is rapidly reducing their oil demand, Europe and America are following. Renewables seem set up surge around the rest of the world.
OPEC+ is having issues with countries not sticking to quotas.
Trumps then got a lit a petrol can on fire and thrown it onto the pile and everyone else and himself which has caused economist to predict a recession which is causing oil prices to drop.
There seems like a lot of reasons for oil to drop in price and if OPEC+ sees the writing on the wall for the end of times maybe oil will drop in price further. Which ironically is worse for the things that are causing the price drop in the first place.
Personally short term I hope it just fucks over Russia.