oil prices News Updates

Freight costs have dropped sharply and the cheaper shipping environment is encouraging U.S. crude to move offshore, supporting physical crude prices.

Energy Secretary Chris Wright will attend the Goldman Sachs Energy, Clean Tech & Utilities Conference in Miami that executives from Chevron, ConocoPhillips and other companies are set to attend.

While the U.S. action is unlikely to have an immediate impact on crude prices given the current glut in the market, it could upend energy markets and have an impact on the geopolitical landscape.

Key members led by Saudi Arabia and Russia agreed Jan. 4 to keep production levels steady through the end of March, ratifying a decision made in November to suspend last year’s sequence of increases.

Oil prices fell back Jan. 5 while the prices of precious metals surged as markets reacted calmly to the U.S. capture of Venezuelan President Nicolas Maduro in a weekend raid.

Gasoline prices across the U.S. on Dec. 1 averaged $3 a gallon, according to American Automobile Association data. That's well above President Donald Trump’s pledge to bring the price below $2.

The move could lower oil and gasoline prices amid low oil inventories, and follows an OPEC+ decision in July to boost production by 548,000 barrels per day in August.

OPEC+ is discussing another 411,000 barrel-a-day production increase for August ahead of the group’s videoconference this weekend, according to delegates who asked not to be identified.

OPEC+ agreed to surge output again in June, as the group’s leaders continue an accelerated revival of supply aimed at punishing overproducing members that has sent crude prices plunging.

President Donald Trump said he would ask Saudi Arabia and other OPEC nations to “bring down the cost of oil” and reiterated his threat to use tariffs to bring manufacturing back to the U.S.