Why Oil Prices Didnt Rally After The OPEC+ Extension
Oil and chemicals trading saved…
Oil prices have struggled to…
China has thus far only…
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…
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.
- 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 ....