Oil Prices Are At a Seven Year High

Oil Prices

Oil prices rose to a 7-year high today amid ongoing supply concerns and escalating tensions in the Middle East, but Exxon Mobil CEO Darren Woods said the ultimate trend for prices will be lower. In the immediate future, however, the oil executive said the market should expect volatile prices as the industry’s recovery from Covid-19 continues.

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Oil Prices Are At a Seven Year High via @marketinvestor

OPEC+ Expected to Raise Output to Avoid Crude Oil Price Spike

Oil Prices

Crude Oil Price: U.S. West Texas Intermediate and international-benchmark Brent crude oil price rose for a fifth week last week as fuel demand rebounded on strong economic growth and increased travel during the northern hemisphere summer, while crude supplies remained tight as the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, maintained production cuts.

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OPEC+ Expected to Raise Output to Avoid Crude Oil Price Spike via @marketinvestor