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Saudi Arabia's energy minister al-Falih addresses a news conference after an OPEC meeting in Vienna

Swelling oil inventories could be driving the market toward oversupply, OPEC says

Less than two weeks before US sanctions against Iran kick in, OPEC said the oil market could shift toward a surplus and signaled it would adjust production accordingly if that were the case.
A oil pump is seen at sunset outside Scheibenhard

Oil prices will ‘certainly’ go above $90 after sanctions on Iran and Venezuela ‘tighten the market,’ says energy and geopoliti...

Iran supply fears will help drive oil "certainly" past $90 and likely above $100 in the coming months, Richard Mallinson, energy and geopolitics expert and co-founder of Energy Aspects told BI. Venezuela "played a really important role in accelerating the shift in the market" as well since 2016

Oil jumps after IEA says maintaining global supply with Iran sanctions could be ‘very challenging’

Crude prices rebounded Friday amid expectations for US sanctions against Iran, which would cut off oil imports from the country, and a rise in global demand.
Glen Crabtree, a floor hand for Raven Drilling, lubricates a pipe while drilling for oil in the Bakken shale formation on July 23, 2013 outside Watford City, North Dakota

Oil drops after data shows unexpected jump in US inventories

Oil prices slumped Wednesday, extending losses from their worst month in two years, after data showed US crude inventories rose unexpectedly.

Oil jumps as war of words between US and Iran leaves traders on edge

Oil prices jumped Monday as reports the Organization of Petroleum Exporting Countries production hit its highest level this year failed to ease mounting supply concerns amid a war of words between the US and Iran.

BANK OF AMERICA: Oil is now a ‘game of chicken’ and completely cutting off Iran could send it soaring to $120 a barrel

Crude prices could surge as high as $120, according to Bank of America Merill Lynch analysts, as the Trump administration orders most countries to stop buying barrels from Iran before the end of the year.
Roughneck Brian Waldner is covered in mud and oil while wrestling pipe on a True Company oil drilling rig outside Watford, North Dakota.

Oil is rallying toward fresh highs as US crude inventories see biggest drop since 2016

Oil rallied more than 2% on Wednesday as data showed US crude inventories last week saw the largest drawdown in nearly two years.

Oil slides as OPEC closes in on a production increase

Crude prices slid Thursday as OPEC and other supply-cutting countries moved closer to a deal to ease supply cuts  that have been propping up prices for two years.

The US reportedly wants OPEC to pump out 1 million more barrels of oil a day

US officials have reportedly asked Saudi Arabia and other supply-cutting countries to raise output by about a million barrels per day.
Jeremy Beck works on a drilling as he and a crew from George Mitchell Drilling search for oil for Houston, Texas based Vintage Exploration in a corn field October 9, 2004 near Okawville, Illinois. High oil prices and low finding cost in the region which has relatively shallow wells help drive exploration in the farm belt where an average well produces 40-50 barrels-a-day over a 15-20 year life span. Vintage Exploration, which has about 20 producing wells, is one of many small oil companies operating in the region.

Oil rallies to fresh 3-year high

Oil prices rose to fresh multi-year highs on Tuesday morning after OPEC said it cuts supply more than expected and as markets poised for sanctions on Iran.