OIH Stock Recent News

Hurricane Francine knocks out 12% of U.S. crude production, boosting oil prices, but bearish momentum persists with key resistance levels in focus.

Investors were more bearish than ever on crude oil last week, deepening a months-long selloff that pressured prices to multi-year lows amid growing concerns of weak demand in top consuming nations.

Oil prices edged up in early trade on Monday amid expectations of a U.S. interest rate cut this week, though gains were capped by U.S. supply resumptions following Hurricane Francine and weaker China data.

The Federal Reserve is all set to cut its September 18th meeting. The meeting can bring fresh impetus to commodity prices, with gold being the biggest beneficiary.

Claudio Galimberti of Rystad Energy shares his outlook and discusses the impact a potential second Trump administration will have on oil prices.

Brent crude oil prices shot below US$70 a barrel for the first time since December 2021 this morning. The dip follows a lower demand forecast from OPEC.

Goldman Sachs expects OPEC+ to start increasing production in December, and forecasts that Brent will trade in a range of $70 to $85 per barrel.

Oil futures rose Monday, bouncing after last week's rout, as investors tracked a storm that's seen potentially strengthening into a hurricane and threatening the U.S. Gulf Coast later this week.

Morgan Stanley on Monday cut its Brent crude oil forecasts for coming quarters and said the global oil market is facing a period of demand weakness similar to those seen during recessions.

Crude oil prices rebound more than 1% after last week's 8% drop, as traders eye key support at $66.66 and Gulf Coast storm threatens U.S. refining capacity.