23 Oct

Will OPEC and Wall Street Help Crude Oil Futures?

WRITTEN BY Gordon Kristopher

US crude oil futures 

December WTI (or West Texas Intermediate) crude oil (DWT) (USO) futures contracts rose 0.6% and settled at $51.84 per barrel on October 20, 2017. November WTI crude oil (UCO) futures contracts expired on Friday, October 20, 2017. They rose 0.4% and closed at $51.47 per barrel on the same day. December Brent crude oil (BNO) futures contracts rose 0.9% to $57.75 per barrel on October 20, 2017.

Will OPEC and Wall Street Help Crude Oil Futures?

Price drivers of crude oil for the last week 

Supply outages in the Kurdistan region supported crude oil prices last week. China’s crude oil imports hit a four-month high in September 2017, which also boosted oil prices. The ongoing OPEC and Russia production cuts also helped oil (OIL) (BNO) prices.

Wall Street 

The NASDAQ (QQQ), Dow Jones Industrial Average Index (DIA), and the S&P 500 (SPY) closed at record levels on Friday, October 20, 2017. The bullish momentum in the US equity market could drive demand and help oil (SCO) (USL) prices. 

The NASDAQ rose 0.36% and closed at 6,629.1 on October 20, 2017. Similarly, the Dow Jones Industrial Average Index rose 0.71% to 23,328.6 on the same day. The S&P 500 advanced 0.51% to 2,575.2 on October 20.

The S&P 500 advanced for the sixth consecutive week in the week ending October 20, 2017. The US Senate passed the budget resolution on October 19, 2017. It fueled optimism that President Trump’s tax cut plan could succeed, which supported the US equity market. 

OPEC 

Last week, four OPEC sources said that OPEC might extend the production cut deal for nine more months. In early October 2017, Russian President Putin said that Russia may support the extension of the production cut deal if OPEC members agree to the extension. Major producers are expected to wait until January 2018 to determine whether or not to extend the deal. OPEC’s next meeting is scheduled on November 30, 2017. 

Series overview 

This series focuses on geopolitical tensions in Iraq, the US dollar, crude oil price performance, Cushing inventories, and the US oil rig count.

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