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

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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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EOG Resources

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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.

Oil futures settle higher on talk of a potential rollover of OPEC+ output curbs

OPEC is once again in the spotlight, and all eyes are on Saudi Arabia and Russia as they are big players in controlling the narrative on oil supply.

OPEC Meeting: Will Saudi Arabia And Russia Cool Oil Prices?

Oil futures rise Wednesday, finding support on reports the Organization of the Petroleum Exporting Countries and its allies are considering rolling over production cuts into April instead of easing them.

Futures Movers: Oil rallies on reports OPEC+ considering rollover of production cuts

Oil prices were down in early trade on Wednesday, extending several days of losses, amid uncertainty over how much supply producing countries will push to restore to the market at a meeting this week while the coronavirus pandemic persists.

Oil slips on concerns that OPEC+ may be set to pump up supply

Oil futures fell on Tuesday, with U.S. prices settling below the $60 mark for the first time since Feb. 19. Traders weighed prospects for crude production, with the Organization of the Petroleum Exporting Countries and its allies expected to make a decision on output levels by Thursday.

U.S. oil futures settle below $60 for first time in more than a week

OPEC expects oil inventories to drop by about 400 million barrels in 2021 in the latest supply and demand outlook being reviewed by a technical meeting on Tuesday, two OPEC+ sources said.

OPEC demand outlook sees oil stocks falling in 2021: sources

OPEC sees the oil market's outlook as positive in general and the headwinds of uncertainty from last year continue to abate, the group's secretary general said.

OPEC says general oil market outlook is positive

By Bozorgmehr Sharafedin, Stephanie Kelly and Koustav Samanta

Oil optimism unwinding market's mad dash for storage

Oil prices fell more than 1% on Tuesday, extending losses that began last week, as investors unwound long positions on concern that OPEC may agree to increase global supply in a meeting this week and Chinese demand may be slipping.

Oil extends losses on worry over possible supply increase from OPEC

Oil futures settled lower on Monday, pressured by the possibility that the Organization of the Petroleum Exporting Countries and its allies will decide to boost production levels when they meet later this week. Traders also eyed tensions between the U.S. and Saudi Arabia, after a spokeswoman for the White House reportedly said the U.S. reserves the right to sanction Saudi Crown Prince Mohammed bin Salman after an intelligence report showed he approved an operation to capture or kill U.S.-based journalist Jamal Khashoggi.

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