OIH Stock Recent News

Oil futures edged up on Monday after Saudi Arabia hiked June crude prices for most regions and as the prospect of a Gaza ceasefire deal appeared slim, renewing fears the Israel-Hamas conflict could still widen in the key oil producing region.

As Big Oil returns this week to the industry's annual showcase for offshore energy projects and equipment in Houston, deepwater discoveries off Guyana, Namibia and the U.S. Gulf Coast will take the spotlight.

Crude oil traders should stay vigilant, monitoring upcoming OPEC+ decisions and potential U.S. actions regarding strategic oil reserves.

Oil traders are worried about a potential slowdown of the U.S. economy.

The oil markets have fallen a bit during the trading week, as we are now looking for some kind of reason to get long again. Remember, there are a multitude of noisy reasons to be in this market at the moment.

Oil prices may see a recovery in demand if global central banks start cutting rates by 2024-end, and if supply falls due to the replenishment of the US strategic petroleum reserve and continued OPEC+ output cuts. However, the growing thrust on clean energy is a negative for the long term.

Oil futures rose Friday, with traders tying support to a news report that some OPEC+ members would be willing to extend production cuts beyond the end of the second quarter.

Oil prices face a significant weekly decline, driven by demand worries and high rates.

Oil headed for its biggest weekly decline since February on signs of easing geopolitical risks in the Middle East and weakening across fuel markets. Bloomberg's Stephen Stapczynski reports.

Mexican export cuts and a rerouting of Canadian output are shrinking already limited supplies of heavy crude in the Atlantic basin, driving up refiners' costs with a likely knock-on effect to industries ranging from shipping and construction to Middle Eastern power plants.