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Eight OPEC+ countries will likely raise oil output on Sunday but probably add less oil from October than in recent months as global demand might be slowing with the end of the driving season, OPEC+ sources said on Saturday.
The market has a lot to contend with as OPEC+ considers a second round of production hikes this weekend, against an economic and geopolitical backdrop that's dimmed prospects for demand and boosted the potential for a supply surplus this year and next.
Oil markets are under pressure as traders focus on rising supply.
Oil drops nearly 2% as OPEC+ weighs October output hike. Traders eye 50- and 200-day SMAs for direction amid bearish crude oil outlook.
Exxon, Chevron and Occidental have pledged to curb their emissions—and unveiled plans to spend billions of dollars on low-carbon technologies.
Oil prices were steady in Asian trading on Wednesday, holding on to sanctions-driven gains from the previous session as the market looked ahead to an OPEC+ meeting over the weekend.
Crude oil gains capped by 50-day average as traders eye OPEC+ output, weak demand, and key resistance levels in a bearish near-term oil outlook.
Oil prices hold steady between 50- and 200-day moving averages, with OPEC+ supply, fading U.S. demand, and Russia-India flows shaping crude oil outlook.
Oil markets gain ground as President Trump will soon make an additional statement on negotiations with Russia.
Volatility increased in Chinese crude and fuel oil futures markets this week on concerns U.S. sanctions on an oil storage terminal in east China would prevent physical deliveries for the contracts.