OIH Stock Recent News

OPEC and its allies have yet to begin formal talks on extending 2.2 million barrels per day of voluntary oil output cuts beyond June, but three sources from OPEC+ producers who have reduced production said they could extend if demand fails to pick up.

Oil rebounds from losses, buoyed by U.S. reserve plans amid steady rates and Middle East ceasefire hopes.

British oil giant Shell on Thursday reported stronger-than-expected first-quarter profit, despite a sharp downturn in natural gas prices in Europe.

With USOIL trading above its pivot point at $80, analysts eye potential upward trends against a backdrop of strategic reserve replenishments

Oil prices rose on Thursday on the prospect the U.S. may start buying crude for its petroleum reserve, after prices sank to a seven-week low on hopes for an Israel-Gaza ceasefire, doubts about U.S. interest rate cuts and swelling oil inventories.

Crude inventories increased by 7.3 million barrels, compared to analyst consensus of -2.3 million barrels.

Commercial crude oil stockpiles rose by 7.3 million barrels last week, after analysts had predicted a 1.5 million barrel decrease.

A raft of data has demonstrated that inflation is proving stubborn, consumer confidence is falling, and the U.S. economy is growing more slowly than expected.

Oil futures were down for a third straight day early Wednesday after industry data pointed to an unexpected rise in U.S. crude inventories and investors continued to monitor negotiations for a cease-fire between Israel and Hamas.

Multiple geopolitical and economic factors are contributing to the bearish sentiment in the oil market.