Why Oil Prices Didnt Rally After The OPEC+ Extension

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Josh Owens

Josh Owens is the Content Director at Oilprice.com. An International Relations and Politics graduate from the University of Edinburgh, Josh specialized in Middle East and…

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By Josh Owens - Jun 09, 2020, 2:00 PM CDT

The extension of the OPEC+ production cut agreement did little to move oil prices as it had already been baked into oil prices

Chart of the Week

- Canada is the largest source of U.S. energy imports, and second-largest destination for U.S. energy exports.

- Energy imported into the U.S. from Canada accounted for $85 billion of value, or about 27 percent of all Canada-to-U.S. trade.

- Roughly 56 percent of oil imported into the U.S. came from Canada.

Market Movers

- Occidental Petroleum (NYSE: OXY) surged 33 percent on Friday, reaching a three-month high. It was the largest percentage increase in OXY’s history.

- Whiting Petroleum (NYSE: WLL)fell by more than 30 percent on Tuesday, ending a brief surge in the company’s share price. The company declared bankruptcy on April 1.

- Chesapeake Energy’s (NYSE: CHK) shares were halted on reports that the company was preparing to file for bankruptcy. The company was once worth $37.5 billion at its peak.Tuesday, June 9, 2020

OPEC+ agreed to extend the production cuts for another month, but with the extension mostly baked into market expectations, it has done little for oil prices at the start ....

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