Energy news

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Oil’s big week, gold declines

Oil gains driven by OPEC+ Crude prices held onto the majority of this week’s OPEC+ driven gains after the NFP report showed the labor market remains strong but is showing signs of cooling. A strong dollar is eating away at some crude’s weekly gains, but that won’t have a lasting impact. OPEC+ showed their cards this week and that will keep oil markets very tight as we approach winter. OPEC+ has done whatever it takes and is now awaiting to see what the reaction will be from world leaders.

07-10-2022 09:53 GMT by Edward Moya

Oil shines as OPEC cuts, gold eyes NFP

Oil rallies 10% this week amid OPEC+ cut Oil prices appear to have steadied after bursting higher over the last week in anticipation of and reaction to the massive production cut announced by OPEC+ on Wednesday. Brent and WTI are more than 10% higher on the week after the alliance cut output targets by two million barrels per day. While the net effect will be much smaller, maybe half or less, due to the inability of numerous members to actually hit previously agreed targets, it is still consider

07-10-2022 03:15 GMT by Craig Erlam