Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li>Crude <keyword id="6359072" type="UNKNOWN" weightage="60" keywordseo="oil">oil</keyword> prices slid on Thursday after renewed production in Libya prompted oversupply concerns.</li><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti#">West Texas Intermediate crude</a> contracts fell as much as 4%, to $39.27, while <a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a> declined 3.1%, to an intraday low of $41.93.</li><li>The commodity has faced strong pressure through the coronavirus pandemic as production cuts struggle to keep up with tanking demand.</li><li>While both futures have settled near $40 per barrel, <keyword id="142566" type="ORGANIZATION" weightage="60" keywordseo="WTI">WTI</keyword> could sink back to the mid-30s "if the demand outlook shows further signs of faltering," said Edward Moya, senior market analyst at Oanda.</li><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti#">Watch West Texas Intermediate crude trade live here</a>.</li><li><a href="https://markets.businessinsider.com/commodities/oil-price">Watch Brent crude trade live here</a>.</li></ul>Crude oil futures sank on Thursday after revived production at a Libyan oil field sparked fears of an inventory flood.<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti#">West Texas Intermediate crude</a> contracts slipped as much as 4%, to $39.27. <a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the commodity's international standard, fell 3.1%, to an intraday low of $41.93. Both contracts retraced some gains following the decline.The Messla oil field and the Sarir refinery restarted operations after experiencing technical issues, Bloomberg reported Thursday. Crude imports and exports had also been halted in Libya since January because of regional tensions and the country's civil war.The new supply out of the country adds inventory to a market that largely doesn't want it.Read more: <a href="https://www.businessinsider.com/gen-z-millennial-day-retail-trader-interviews-wall-street-options-2020-7">Wall Street is being shaken to its core by a legion of Gen Z day-traders. From a casual hobbyist to a 20-year-old running a 14,000-person platform, meet the new generation of retail investors.</a>"Oil seems ripe for a pullback here and if the demand outlook shows further signs of faltering, WTI could settle back towards the mid-$30s," Edward Moya, a senior market analyst at Oanda, said on Thursday.Futures have faced pressure through the coronavirus pandemic from supply buildups. Oil demand remains at historic lows, and even a slight uptick in production threatens to flood the market with unwanted inventory. When such an oversupply occurred in April, WTI contracts tanked to negative prices, shocking global <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>.Read more: <a href="https://www.businessinsider.com/stock-market-forecast-top-economist-ed-hyman-explains-rally-drivers-2020-7" target="_blank" rel="noopener">Ed Hyman was named Wall Street's best economist 39 times and called the tech bubble. He outlines 3 market drivers that are aligning perfectly for investors looking to capitalize on coronavirus chaos.</a>US oil has since turned higher and loosely reconnected with its international peer's price action. But after rallying through May, prices have stabilized at $40 per barrel. With coronavirus cases surging throughout the US and some lockdown measures going back into effect, oil demand shows no signs of picking up soon.WTI contracts for August delivery traded at $39.95 per barrel as of 12:10 p.m. ET. Brent futures traded at $42.63 per barrel.Now read more markets coverage from Markets Insider and Business Insider:<a href="https://www.businessinsider.com/stock-market-investing-strategy-for-2020-election-volatility-goldman-sachs-2020-7" target="_blank" rel="noopener">GOLDMAN SACHS: Wall Street is bracing for a historically wild stock market as the presidential election nears. Here's a surprising yet simple strategy for protecting your portfolio — regardless of outcome.</a><a href="https://markets.businessinsider.com/currencies/news/coinbase-direct-listing-cryptocurrency-exchange-plans-stock-market-sec-approval-2020-7-1029381204">Cryptocurrency marketplace Coinbase reportedly eyeing stock-market listing as early as this year</a><a href="https://markets.businessinsider.com/news/stocks/walgreens-stock-price-q3-earnings-buyback-halt-profit-loss-coronavirus-2020-7-1029380358">Walgreens freezes share buybacks after posting $1.7 billion 3rd-quarter loss</a><div type="image" title="WTI" height="1444" width="2000" msid="76881131" hostid="261"></div>

Oil drops 4% after resumed production at Libyan field threatens market oversupply

<ul><li>Oil contracts sank on Thursday after gloomy commentary from the Federal Reserve and OPEC+ weighed on hopes for a market recovery.</li><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingestgest">West Texas Intermediate crude</a> fell as much as 3.3%, to $41.50 per barrel. International benchmark <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingestgest">Brent crude</a> dropped 3%, to $44.02 per barrel, at intraday lows.</li><li>Fed officials <a href="https://markets.businessinsider.com/news/stocks/federal-reserve-fears-slowing-economic-rebound-july-fomc-meeting-minutes-2020-8-1029518162">expressed concern</a> about the US economic recovery slowing amid elevated COVID cases, meeting minutes released Wednesday showed.</li><li>Members of OPEC+ raised similar worries, saying in a Wednesday meeting that global oil demand is recovering slower than initially expected.</li><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingestgest">Watch WTI crude trade live here</a>.</li><li><a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingestgest">Watch Brent crude trade live here</a>.</li></ul>Oil futures tumbled on Thursday after commentary from Federal Reserve officials and OPEC+ members reignited concerns of a lengthy market slump.<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingestgest">West Texas Intermediate crude</a> contracts for September delivery fell as much as 3.3%, to $41.50 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingestgest">Brent crude</a>, oil's international standard, sank 3%, to $44.02 per barrel, at intraday lows. The drop pulls both gauges from five-month highs and keeps the commodity trading within a narrow range. The decline follows the publication of minutes from the Federal Open Market Committee's July meeting. Central bank officials <a href="https://markets.businessinsider.com/news/stocks/federal-reserve-fears-slowing-economic-rebound-july-fomc-meeting-minutes-2020-8-1029518162">raised concerns</a> about the US economic recovery sputtering out as new outbreaks threatened another wave of COVID cases. Stocks sold off in late Wednesday trading on the news.Read more: <a href="https://www.businessinsider.com/stock-picking-strategy-7-part-model-market-legend-william-oneil-2020-8" target="_blank" rel="noopener">Stock market wizard William O'Neil famously turned $5,000 into $200,000 in just a few year's time. Here's the 7-part model he uses to sniff out winning stocks.</a>The gloomy sentiment was backed up abroad by OPEC+ members. The coalition warned in a Wednesday meeting that demand was returning to the market slower than initially expected, and that a resurgence of cases could push a full rebound into 2021. The group also called on Iraq, Nigeria, Angola, and Kazakhstan to deepen production cuts after overproducing in recent months.Oil contracts largely remained above $40 per barrel as investors weigh economic reopenings against fresh hotspots. Though the level represents an improvement from April lows, weakened travel activity has dragged on oil demand throughout the pandemic.Read more: <a href="https://www.businessinsider.com/investing-strategy-how-bond-bull-market-could-end-scenario-jpmorgan-2020-8">JPMorgan pinpoints the triggers for a bond sell-off that can cause unusually large losses in everything from stocks to gold — and lays out how to be ready for it</a>Prices have also been vulnerable to the US dollar. The <a href="https://markets.businessinsider.com/index/us-dollar-index">US Dollar Index</a> gained on Wednesday after <a href="https://markets.businessinsider.com/news/stocks/us-dollar-year-low-coronavirus-struggle-hedge-funds-short-2020-8-1029514034">falling to a two-year low</a> the session prior. A stronger dollar cuts into <keyword id="35149" type="PERSON" weightage="60" keywordseo="commodities">commodities</keyword>' appeal, as fewer are needed to buy futures.<keyword id="1065852" type="ORGANIZATION" weightage="60" keywordseo="WTI-crude">WTI crude</keyword> traded at $42.50 per barrel as of 11 a.m. ET Thursday. Brent crude traded at $44.80 per barrel. Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://www.businessinsider.com/genz-millennial-day-trading-investing-discord-server-eagle-investors-profile-2020-8">Inside Eagle Investors, the 20,000-member online community run by 2 Indiana University students that's helping spearhead the Gen Z day-trading revolution</a><a href="https://markets.businessinsider.com/news/stocks/gen-z-millennial-traders-taking-stock-market-risks-etrade-survey-2020-8-1029517928">Gen Z and millennial investors are taking more and more risks as trading activity surges, E-Trade says</a><a href="https://www.businessinsider.com/seth-klarman-stock-buy-q2-investor-boosts-healthcare-bets-tech-2020-8">Hedge fund titan Seth Klarman boosted bets on 3 healthcare stocks and dumped tech giants in the 2nd quarter</a>

Oil plunges after Fed and OPEC+ sound alarms on long-term demand weakness

<ul><li><keyword id="528994" type="PERSON" weightage="60" keywordseo="oil-futures">Oil futures</keyword> gained to their highest since September 1 on Monday after <a href="https://markets.businessinsider.com/stocks/azn-stock">AstraZeneca</a> announced its coronavirus vaccine <a href="https://www.businessinsider.com/covid-19-vaccine-astrazeneca-oxford-say-70-percent-effective-2020-11">was 70% effective</a> at protecting against COVID-19.</li><li>The shot — developed in partnership with the University of Oxford — showed 90% and 62% effectiveness across two different dosing regimens. It joins <a href="https://markets.businessinsider.com/stocks/mrna-stock">Moderna</a> and <a href="https://markets.businessinsider.com/stocks/pfe-stock">Pfizer</a> and <a href="https://markets.businessinsider.com/stocks/bntx-stock">BioNTech's</a> promising candidates.</li><li>The news spurred new optimism for a swift economic recovery and stronger oil demand. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> futures gained as much as 2.2%, to $43.36 per barrel. </li><li><a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, oil's international benchmark, rose 2.5%, to $46.07 per barrel, at intraday highs.</li><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">Watch oil futures trade live here</a>.</li></ul><keyword id="45185" type="ORGANIZATION" weightage="60" keywordseo="Crude-oil">Crude oil</keyword> climbed to its highest price since September 1 on Monday after <a href="https://markets.businessinsider.com/stocks/azn-stock">AstraZeneca</a> announced an encouraging update to the development of its coronavirus vaccine. The pharmaceutical giant said its shot — made in collaboration with the University of Oxford — <a href="https://www.businessinsider.com/covid-19-vaccine-astrazeneca-oxford-say-70-percent-effective-2020-11">was 70% effective</a> at preventing COVID-19 in a trial of more than 20,000 volunteers. The success rate combines data from two dosing regimens that showed 90% effectiveness and 62% effectiveness. The company now plans to submit data for regulatory approval around the world, according to a <a href="https://www.astrazeneca.com/media-centre/press-releases/2020/azd1222hlr.html">press release</a>.The news lifted oil prices as traders grew more optimistic toward a near-term demand rebound. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> futures gained as much as 2.2% on the news, to $43.36 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, oil's international benchmark, rose 2.5%, to $46.07 per barrel, at intraday highs. Read more: <a href="https://www.businessinsider.com/warren-buffett-pandemic-hurricane-praises-federal-reserve-congress-small-business-2020-11">Warren Buffett has kept quiet for months. The famed investor compared the pandemic to a 'hurricane,' praised the initial federal response, and called for more small-business aid at a recent private event</a>AstraZeneca's vaccine progress marks the third positive announcement from companies rushing to bring a viable drug to market. <a href="https://markets.businessinsider.com/stocks/mrna-stock">Moderna</a> and <a href="https://markets.businessinsider.com/stocks/pfe-stock">Pfizer</a> and <a href="https://markets.businessinsider.com/stocks/bntx-stock">BioNTech</a> revealed in recent weeks that their own candidates were 95% effective at protecting against COVID-19. Pfizer applied for emergency-use authorization from the US Food and Drug Administration on Friday, teeing its shot up for distribution in early 2021.The updates have lifted crude prices throughout the month as investors bet on the vaccines to spur a bounce-back in travel activity. The commodity makes up part of the so-called reopening trade, in which airlines, cruises, hotels, and other industries hit hardest by lockdowns gain on new hopes for a complete economic recovery.Still, prospects for a vaccine-fueled rebound continue to butt heads with the third wave of coronavirus infections. The US recorded 150,098 new COVID-19 cases on Sunday, according to <a href="https://covidtracking.com/data">The COVID Tracking Project</a>. Deaths neared 250,000, and hospitalizations rose to 83,870.Read more: <a href="https://www.businessinsider.com/stock-picks-for-2021-wall-street-outperformance-oppenheimer-2020-11">Buy these 33 stocks expected to outperform and crush Wall Street's expectations in 2021, Oppenheimer &amp; Co says</a>The uptick in cases and dwindling supply of hospital beds threaten to disrupt the nation's recovery before vaccines win regulatory approval. Several states have reintroduced restrictions to slow the virus's spread, leading some economists to lower growth estimates.Goldman Sachs cut its fourth-quarter GDP projection to 3.5% from 4.5% on Monday, citing the "rapid and broad-based resurgence of the coronavirus" for its gloomier outlook. The bank's economists also lowered their first-quarter estimate to 1% growth from 3.5%.<keyword id="1065852" type="ORGANIZATION" weightage="60" keywordseo="WTI-crude">WTI crude</keyword> traded at $42.89 as of 8:25 a.m. ET, down 30% year-to-date.Brent crude traded at $45.58, down 35% year-to-date.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://www.businessinsider.com/economic-outlook-kshaped-recovery-low-income-industries-unemployment-crisis-recession-2020-11">The K-shaped economic recovery dividing America also applies to companies. Here are 4 implications of that trend, according to a Wall Street chief strategist.</a><a href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-target-lifted-bofa-semiconductor-demand-earnings-outlook-2020-11-1029825956">Nvidia will rip 24% higher as it dominates thriving semiconductor markets through 2021, Bank of America says</a><a href="https://www.businessinsider.com/stock-picks-hedge-funds-most-loved-hated-stocks-goldman-sachs-2020-11">Goldman Sachs analyzed 814 hedge funds. These are 15 stocks portfolio managers love and hate the most right now.</a><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti"><div type="image" title="WTI" height="1098" width="1454" msid="79372231" hostid="261"></div></a>

Oil jumps to highest since early September on latest sign of vaccine progress

<ul><li><keyword id="45185" type="ORGANIZATION" weightage="60" keywordseo="Crude-oil">Crude oil</keyword> futures rose on Monday after <a href="https://markets.businessinsider.com/stocks/aramco-stock">Saudi Aramco</a> issued a bullish forecast for market demand.</li><li>The oil producer's CEO said Sunday he sees Asian demand nearing pre-pandemic highs as economies reopen.</li><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingestgest">West Texas Intermediate crude</a> jumped as much as 1.8%, to $41.96 per barrel, while international standard <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingestgest">Brent crude</a> gained 1.3% to $44.98.</li><li>Prices were also supported by Iraq slashing production by 400,000 barrels per day. The move helps Iraq comply with production cuts set by OPEC+ earlier in the year.</li><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">Watch oil futures trade live here</a>.</li></ul>Crude oil futures gained on Monday for the first time in three days after <a href="https://markets.businessinsider.com/stocks/aramco-stock">Saudi Aramco</a> hinted at a strong demand recovery in Asia.<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingestgest">West Texas Intermediate crude</a> jumped as much as 1.8%, to $41.96 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingestgest">Brent crude</a>, oil's international benchmark, climbed 1.3% to $44.98 at intraday highs.Saudi Aramco CEO Amin Nasser said Sunday he sees oil demand returning to pre-pandemic highs in Asia as economies reopen and activity resumes. Market demand has struggled to recover through the summer as new virus hotspots curb travel activity and delay full reopenings.Read more: <a href="https://www.businessinsider.com/real-estate-investing-strategy-steps-from-flipping-homes-to-syndication-2020-8">No money, no education, and no connections: Here's how Brian Burke went from a small-time house flipper to a real-estate investing magnate with over 750 deals and 3,000 units</a>Oil prices were also boosted by supply-side support in Iraq. The country said on Friday it would slash output by 400,000 barrels per day to prop up demand. The cut brings Iraq's production more in line with goals set out by OPEC+ earlier in the year.Still, the coalition is waiting on the sideline to reverse production cuts and revive the battered market. OPEC+ issued record-size output cuts throughout the pandemic as oil prices cratered, and reintroducing supply serves as a major test for whether the market has stabilized.Both <keyword id="1065852" type="ORGANIZATION" weightage="60" keywordseo="WTI-crude">WTI crude</keyword> and Brent traded around $40 per barrel over the past few months after tumbling through the start of the pandemic. WTI contracts briefly sank below zero in April as traders feared a lack of storage would create lasting market damage.WTI reached a five-month high on Wednesday after the US Energy Information Administration reported a drop in crude inventories through the end of July. Both WTI and Brent trade just off last week's highs, but more positive signs could drive a strong uptrend through the fall, Craig Erlam, senior market analyst at OANDA Europe, said in a note."The breakout last week didn't gather much momentum but more assessments like this may change that," Erlam said. "Producers are looking to gradually increase production again from this month, something traders are clearly quite comfortable with."Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/q2-earnings-season-takeaways-stock-market-impact-outlook-lori-calvasina-2020-8-1029484586">The 5 biggest takeaways from earnings season, according to a Wall Street chief stock strategist</a><a href="https://markets.businessinsider.com/news/stocks/stock-picker-accuracy-falters-july-market-crowding-active-fund-managers-2020-8-1029483199">Fund managers' stock picking accuracy hits 2-year low in July as prices decouple from data, Bank of America says</a><a href="https://www.businessinsider.com/next-stock-market-crash-new-record-high-risk-historic-trap-2020-8">A Wall Street investment chief warns new stock-market highs could be setting up a 'historic trap' for investors — one that also appeared just before the dot-com crash</a>

Oil rises after Saudi Aramco sees Asia demand nearing full rebound

<keyword id="6354418" type="General" weightage="20" keywordseo="oil-prices" source="Orion">Oil prices</keyword> rose on Monday following an agreement by the G7 group of nations and its allies to cap the price of <keyword id="81856" type="General" weightage="20" keywordseo="russian-oil" source="Orion">Russian oil</keyword> at $60 a barrel, BBC reported. Brent crude added around 1 per cent to above $86 in Asia trading. The move - which could come into force on Monday - raises Western pressure on Russia over the invasion of Ukraine. It comes after oil producers' group Opec+ agreed to stick to its policy to reduce production, amid slower global growth and higher interest rates, BBC reported. "This decision by Opec+ to keep the quota where it is... is by itself an implicit sort of support to the oil market," Kang Wu of S&amp;P Global Commodity Insights told the BBC. Opec+ is a group of 23 oil-exporting countries, including Russia, which meets regularly to decide how much crude oil to sell on the world market. Traders are also reacting to strong US jobs data and the easing of Covid restrictions in some Chinese cities. More cities in China, including Urumqi in the north west, have said they will loosen curbs after mass protests against the country's zero-Covid policy. "Belief that China may accelerate reopening plans has triggered some early morning optimism," said Stephen Innes, managing partner at SPI Asset Management. But he cautioned against "chasing oil higher with China's reopening as there will be a massive surge in Omicron cases, that could keep mobility on the downswing at least through the first quarter of next year". In a joint statement last week, the G7 and Australia said the $60 cap on Russian oil would come into force on Monday or "very soon thereafter", BBC reported. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/expect-nifty-to-end-the-december-series-on-a-positive-note-reach-a-target-of-18900-19000-says-r-venkataraman-of-iifl-securities/articleshow/95992944.cms">Expect Nifty to end the December series on a positive note, reach a target of 18,900-19,000, says R Venkataraman of IIFL Securities</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-announces-price-hike-from-january-2023/articleshow/95941950.cms">Maruti Suzuki cars will get costlier from January 2023</a>

Oil prices rise after G7 nations cap the price of Russian crude at $60/barrel

<ul><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">Oil</a> continued its climb to past highs on Tuesday amid reports that OPEC+ members are eyeing extensions to record production cuts.</li><li>Major producers including Russia want to keep cuts set to end in June in place for one more month, <a href="https://www.bloomberg.com/news/articles/2020-06-01/oil-holds-above-35-on-demand-hopes-as-opec-mulls-cut-extension?srnd=markets-vp">Bloomberg</a> reported Monday.</li><li>Saudi Arabia, OPEC's de facto leader, is reportedly in favor of a one- to three-month extension.</li><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> futures gained as much as 3%, to $36.51 per barrel, on the news. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingestgest">Brent crude</a>, <keyword id="6359072" type="UNKNOWN" weightage="60" keywordseo="oil">oil</keyword>'s international benchmark, leaped 3.2% to $39.55 at intraday highs. </li><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">Watch oil trade live here</a>.</li></ul>Oil surged on Tuesday on reports that OPEC+ members want to extend record production cuts for at least one month.<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> futures jumped as much as 3% higher, to $36.51 per barrel, in early trading. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingestgest">Brent crude</a>, oil's international benchmark, soared as much as 3.2% to $39.55 at intraday highs.The world's biggest producers are set to meet this week to discuss the battered commodity market and whether additional supply cuts are needed to facilitate recovery. Russia and several other OPEC+ members are eyeing a one-month extension to cuts set to end in June, <a href="https://www.bloomberg.com/news/articles/2020-06-01/oil-holds-above-35-on-demand-hopes-as-opec-mulls-cut-extension?srnd=markets-vp">Bloomberg</a> reported Monday afternoon. Saudi Arabia, OPEC's leading member, is reportedly in favor of extending cuts one to three months longer.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-15-companies-profit-growth-goldman-sachs-2020-6">GOLDMAN SACHS: Buy these 15 stocks for powerful profit growth after a historic rally leaves the market with little room for error</a>The global oil coalition decided on April 12 to slash production <a href="https://markets.businessinsider.com/commodities/news/oil-price-war-opec-russia-historic-agreement-crude-production-cut-2020-4-1029084523?utm_source=markets&amp;utm_medium=ingestgest">by a record 9.7 million barrels per day</a> in May and June. The move brought must-needed relief to the market recently beset with flooded inventory and plummeting prices.Crude prices remain well below the levels they enjoyed before Saudi Arabia and Russia kicked off a price war on March 6. While the two benchmarks have plenty of losses to retrace before a full rebound, both staged strong rallies through May as storage pressures eased and supply stabilized.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/gun-stocks-price-rally-nationwide-protests-looting-demonstrations-coronavirus-reopening-2020-6-1029269947">Gun stocks rally amid nationwide protests and looting</a><a href="https://markets.businessinsider.com/news/stocks/atlanta-fed-model-estimate-gdp-plummet-second-quarter-coronavirus-fallout-2020-6-1029269838">The Atlanta Fed's latest model estimates a 52.8% GDP contraction this quarter as the US grapples with COVID-19</a><a href="https://www.businessinsider.com/stock-picks-to-buy-25-high-upside-recommendations-goldman-sachs-2020-6">GOLDMAN SACHS: Buy these 25 beaten-down stocks all poised to jump more than 18% from current levels</a>Read the original article on <a href="https://www.businessinsider.com/oil-prices-market-opec-extensions-record-production-cuts-crude-russia-2020-6">Business Insider</a>

Oil leaps as major producers look to extend record production cuts through July

<ul><li><keyword id="6359072" type="UNKNOWN" weightage="60" keywordseo="oil">Oil</keyword> prices plummeted to a 21-year low on Sunday evening as uncertainty mounted around storage of excess supply.</li><li>The commodity has continued to fall over the past week, even after OPEC and its allies agreed to a historic production cut intended to backstop prices.</li><li>WTI <keyword id="45185" type="ORGANIZATION" weightage="60" keywordseo="Crude-oil">crude oil</keyword> plunged as much as 21% to $14.47 per barrel, while Brent slid 4.2% to $26.91 per barrel at intra-session lows.</li><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti" target="_blank" rel="noopener">Watch oil trade live on Markets Insider</a>.</li></ul><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti" target="_blank" rel="noopener">Oil</a> plunged to a 21-year low on Sunday. The commodity's latest round of sharp selling comes as uncertainty mounts around storage for excess oil. Demand for crude has plummeted since the coronavirus outbreak has frozen activity worldwide.<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti" target="_blank" rel="noopener">WTI crude oil</a> plunged as much as 21% to $14.47 per barrel. It later pared losses and traded roughly 15% lower to $15.60 at 9:40 p.m. in New York. <a href="https://markets.businessinsider.com/commodities/oil-price" target="_blank" rel="noopener">Brent crude</a> losses were muted by comparison, with the commodity sliding 4.2% to $26.91 per barrel at intra-session lows.The price of oil has continued to slide even after OPEC and its allies agreed to the biggest-ever production cut — one intended to backstop prices. Investors remain unconvinced the cuts can offset cratering demand for the commodity as the coronavirus keeps society from operating normally.Concerns around storage come as near-term <keyword id="1065852" type="ORGANIZATION" weightage="60" keywordseo="WTI-crude">WTI crude</keyword> prices trade at large discounts to longer-dated contracts. That dynamic is playing out amid worry that a key storage hub in Cushing, Oklahoma is nearing capacity, <a href="https://www.bloomberg.com/news/articles/2020-04-19/oil-drops-to-18-year-low-on-global-demand-crunch-storage-woes?srnd=premium" target="_blank" rel="noopener">according to Bloomberg</a>.Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-12-safe-durable-small-caps-bofa-2020-4" target="_blank" rel="noopener">BANK OF AMERICA: Buy these 12 under-the-radar stocks that have balance sheets perfectly built to weather coronavirus turbulence</a>Read the original article on <a href="https://www.businessinsider.com/oil-price-plummets-multi-decade-low-demand-crunch-storage-uncertainty-2020-4">Business Insider</a>

Oil plummets 21% to 21-year low as sinking demand spurs uncertainty around storage

<ul><li>The ailing <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">oil</a> market has reached an inflection point after plummeting to historic lows in April, <a href="https://markets.businessinsider.com/stocks/jpm-stock">JPMorgan</a> analysts said Wednesday.</li><li>Demand will bounce back over the next two to three months to outpace the commodity glut, the bank projected.</li><li>Even as supply surpluses give way to deficits, demand won't reach pre-outbreak levels until November 2021 due to the coronavirus' lasting impact, <keyword id="44660" type="CITY" weightage="60" keywordseo="JPMorgan">JPMorgan</keyword> added.</li><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">Watch oil trade live here</a>.</li></ul>Global <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">oil</a> demand remains at historic lows as inventory vastly outpaces storage, but <a href="https://markets.businessinsider.com/stocks/jpm-stock">JPMorgan</a> analysts think the worst of the commodity-market carnage is over.The coronavirus pandemic and the ignition of a price war helped push <keyword id="6359072" type="UNKNOWN" weightage="60" keywordseo="oil">oil</keyword> futures below $0 for the first time on April 20. Producers worked to curb supply and lift prices, and after weeks of emergency action, inventories are finally turning toward recovery.The bank's analysts expect demand to bounce back over the next two to three months and shift oil surpluses to deficits in the second half of the year."While there is still a massive glut of oil that will need to be cleared before there can be any meaningful recovery in prices, we believe that the global oil market is tentatively entering an inflection phase, where rebalancing has started," the team led by Joyce Chang wrote Thursday.Read more: <a href="https://www.businessinsider.com/investing-strategy-recommendations-bond-market-bubble-stagflation-nancy-davis-2020-5">Nancy Davis has a pristine track record of calling recent market meltdowns. She outlines a new bubble that's building in the bond market — and offers 3 strategies for taking advantage.</a>Oil's recent price moves lend credence to the analysts' thesis. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> has more than doubled from its late-April lows, and <a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a> has enjoyed a moderate rally in recent sessions. Even if the oil market turns for the better, the coronavirus' fallout will create lasting scars, JPMorgan said. Demand won't reach pre-outbreak levels until November 2021, and the risk to own oil and gas assets "has likely been permanently elevated" due to greater uncertainty around supply and demand dynamics.JPMorgan recommends defensive oil stocks for the near-term as months of market rebalancing is poised to fuel strong volatility. Natural gas has emerged as the bank's "obvious winner," while oil exploration and production businesses are "largely uninvestable" until oil prices match the cost of shale discovery.WTI <keyword id="6358192" type="UNKNOWN" weightage="60" keywordseo="CRUDE">crude</keyword> traded as much as 11% higher on Thursday to $26.74 per barrel. Brent crude jumped as much as 7% to $31.84 per barrel.Both contracts will trade at roughly $34 per barrel by the end of 2020, the analysts projected, before Brent crude climbs to $37 per barrel the following year.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://markets.businessinsider.com/news/stocks/nasdaq-composite-erases-2020-losses-strong-tech-earnings-stock-market-2020-4-1029178443">Nasdaq erases losses for 2020 as mega-cap tech rallies offset coronavirus drag</a><a href="https://markets.businessinsider.com/news/stocks/moderna-stock-price-coronavirus-vaccine-phase-2-fda-clearance-trial-2020-5-1029178105">Moderna skyrockets 16% to record high after FDA clears coronavirus vaccine for phase 2 study</a><a href="https://www.businessinsider.com/value-investing-stock-market-strategy-top-fund-manager-david-samra-2020-5">Fund manager David Samra has handily beaten the market over nearly 2 decades. He shares 4 simple criteria he looks for in each investment — and details 4 'obvious' places investors should be rushing towards today.</a>Read the original article on <a href="https://www.businessinsider.com/oil-price-market-stabilizing-recovery-take-months-coronavirus-demand-jpmorgan-2020-5">Business Insider</a>

JPMORGAN: The struggling oil market finally stabilized, but recovery will take up to 3 months

<ul><li><keyword id="6359072" type="UNKNOWN" weightage="60" keywordseo="oil">Oil</keyword> prices are seeing further downward momentum as gloomy demand outlooks continue amid economic pain caused by the coronavirus pandemic. </li><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">US West Texas Intermediate</a> fell 12% to $17.49 per barrel on Friday. <a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a> declined 0.4% to $27.78 per barrel the same day. </li><li>Prices moved lower Friday after China's economy suffered its first contraction in 28 years.</li><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">Watch oil trade live on Markets Insider. </a></li><li><a href="https://www.businessinsider.com/">Read more on Business Insider. </a></li></ul>Oil prices continue to fall, charging toward a new 18-year low as gloomy demand outlooks persist.<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">US West Texas Intermediate</a> fell 12% to $17.49 per barrel on Friday. International benchmark <a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a> declined 0.4% to $27.78 per barrel the same day. Oil fell further after China's economy suffered its first contraction in 28 years. In the first quarter of 2020, <a href="https://www.businessinsider.com/china-economy-falls-first-quarter-2020-after-half-century-growth-2020-4">gross domestic product in China fell 6.8%</a> as the coronavirus pandemic sent a number of economic indicators lower.In addition, a number of dismal outlooks were released this week showing that global demand for oil is expected to slump for the rest of the year. On Thursday, OPEC said global oil demand will fall to a 30-year low as coronavirus continues to crater demand. Read more: <a href="https://www.businessinsider.com/coronavirus-credit-crisis-default-risks-massive-junk-debt-due-goldman-2020-4">Goldman Sachs unpacks a ticking time bomb in the market's junkiest debt due to the coronavirus — and explains why even the Fed will be unable to avoid it</a>The International Energy Agency also released its own gloomy forecast this week. In a <a href="https://www.iea.org/reports/oil-market-report-april-2020">Wednesday report</a>, the agency estimated that in April, global demand <a href="https://markets.businessinsider.com/commodities/news/oil-price-falls-iea-projects-record-slump-global-demand-coronavirus-2020-4-1029094158?utm_source=markets&amp;utm_medium=ingestgest">will fall by 29 million barrels per day</a>. The outlooks and further oil price declines came after OPEC agreed on historic production cuts over the weekend. The group will begin slashing production by 9.7 million barrels per day starting May 1. Still, as the coronavirus pandemic continues to devastate economies around the world, it appears that those cuts won't be enough to prop up oil prices.Oil has lost <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">more than 70% year-to-date</a>.<div type="image" title="Screen Shot 2020 04 17 at 9.25.53 AM" height="1132" width="1556" msid="75205287" hostid="261"></div>Read the original article on <a href="https://www.businessinsider.com/oil-price-plunges-dismal-outlooks-global-demand-continue-coronavirus-opec-2020-4">Business Insider</a>

Oil plunges 12%, continues deep slump as dismal outlooks for global demand persist

<ul><li>The first three years of the Modi administration had a windfall from the crash in global <keyword id="102132" type="PERSON" weightage="20" keywordseo="Crude-Oil-Prices">crude oil prices</keyword>.</li><li> In 2019, the outlook for oil prices is more uncertain.</li><li> If crude climbs to over $80 per barrel or higher, it would have a dampening impact on investor sentiment.</li></ul> India imports 80% of all the crude oil it needs and a spike in global prices wreck havoc on the South Asian economy. In the first three years of the Modi administration global crude oil prices fell to nearly $30 a barrel at one point. No prime minister in India’s history since liberalization was blessed with such a windfall. Coincidentally, on the day that he got elected for a second time (May 23), the 1,000 point rally that Sensex was partly a cheer for Modi’s historic feat and partly attributed to a sharp 5% fall in crude oil prices that day. However, the blessing in the form of cheap oil is not certain this time and that is something Modi's new cabinet will have an eye on throughout. The Bitter Fruit of Trade War Lower crude oil prices bring good tidings to the Indian economy. But the reason for their fall is a standoff between China and the US over trade talks, which brought on fears of global economic growth. The United States and China appeared at a deadlock over trade negotiations as Washington demanded promises of concrete changes to Chinese law and Beijing said that it would not swallow any ‘bitter fruit’ that harmed its interests,” said a June crude outlook by Reliance Commodities. Yet another surprise came this was an unexpected swell in crude stocks, while analysts were expecting a decrease. The US crude inventories also rose, their highest since September 2017, leading to last week’s fall. All these factors have led analysts put a ‘volatile’ theme on crude outlook. “We are going to see volatility in oil markets but if we do see a big flare up in the Gulf, and I would stress this again that this is not my base case but it is a distinct possibility. That is going to be a very bad news for India and it’s going to be very bad news for investor sentiment in India,” said Alastair Newton, long-time India watcher and political analyst. Dampening effect Today, the crude prices had already started recovering from for their Thursday’ fall. It gained 1% reaching $68 per barrel (<keyword id="56586" type="PERSON" weightage="20" keywordseo="Brent-crude">Brent crude</keyword>). Newton believes that if Brent Crude climbs to over $80 per barrel or higher than that heads towards a $100, it would have a dampening impact on investor sentiment in India. A rise in oil prices increase the import bill, which means India will need more dollars to buy the same amount of oil. This will weaken the rupee, reduce its purchasing power and further exacerbate inflation. Few are even bothering to predict where crude prices will go for the next few months. “I was speaking at a conference recently, and I did an electronic poll of about 500 odd people in the room. I gave them 4 bands for the price of Brent by the end of the year ranging from $45 to $85 and the outcome of the poll was more or less 25% for each band. It’s one of those situations where you guess is, literally, as good as mine,” Newton explained. SEE ALSO: <a href="https://www.businessinsider.in/india-election-results-fii-watch-narendra-modis-new-cabinet-and-policy-decisions/articleshow/69479558.cms" data-type="tilCustomLink" target="_blank">Foreign investors are thrilled about Modi's win but don't know what to expect from him</a>

Moody oil prices will keep Modi on the edge as the second term rolls on

<ul><li><keyword id="528994" type="PERSON" weightage="60" keywordseo="oil-futures">Oil futures</keyword> soared to their highest level since early March as investors grew more optimistic toward a near-term economic recovery.</li><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> leaped as much as 3.3%, to $42.16. <a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a> gained 3.4% to $44.75 at intraday highs.</li><li>The commodity market's early gains arrived after the European Union <a href="https://markets.businessinsider.com/news/stocks/coronavirus-stimulus-eu-recovery-fund-agree-historic-860-billion-plan-2020-7-1029413313">came to an agreement on a 750 billion euro ($858 billion) stimulus package</a> set to pull the bloc from its pandemic-induced recession.</li><li>Slowing coronavirus infection rates in the US further bolstered hopes for a near-term demand bounce.</li><li><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">Watch WTI crude contracts trade live here</a>.</li><li><a href="https://markets.businessinsider.com/commodities/oil-price">Watch Brent crude contracts trade live here</a>.</li></ul>Oil futures leaped to their highest level since early March on Tuesday as the European Union's new stimulus deal lifted hopes for economic recovery.<a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> contracts jumped as much as 3.3%, to $42.16 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, oil's international standard, rallied 3.4% to $44.75 at intraday highs.The commodity market's gains arrive after EU leaders came to an agreement on <a href="https://markets.businessinsider.com/news/stocks/coronavirus-stimulus-eu-recovery-fund-agree-historic-860-billion-plan-2020-7-1029413313">a 750 billion euro ($858 billion) stimulus package</a> early Tuesday morning. The measure aims to lift the coalition from coronavirus-fueled economic downturns through low-interest loans and grants. The deal's approval <a href="https://markets.businessinsider.com/news/stocks/stock-market-today-surge-eu-agrees-860-bln-recovery-pact-2020-7-1029413887">boosted European stocks</a>."Before the pandemic, many investors doubted the EU would ever come near to forming a fiscal union, this deal was a step closer to that and alleviates any short-term concerns that another Brexit would happen," Edward Moya, senior market analyst at OANDA, said in a note.Read more: <a href="https://www.businessinsider.com/investing-strategy-tech-stock-trades-for-q2-earnings-morgan-stanley-2020-7">Morgan Stanley warns tech stocks are unusually vulnerable to earnings disasters over the next few weeks — and shares its strategy for profiting regardless of the outcomes</a>Investors are also hoping a slowdown in US virus case growth signals a peak for the virus' recent resurgence. California, Georgia, and North Carolina all reported a decrease in the pace of new COVID-19 cases on Monday. Containing the US's latest outbreaks would likely renew travel activity sooner and bolster oil demand.The latest updates from coronavirus vaccine trials gave oil bulls even more to cheer for. AstraZeneca and Oxford University announced Monday morning their vaccine <a href="https://www.businessinsider.com/astrazeneca-oxford-coronavirus-vaccine-led-to-human-immune-responses-2020-7?r=US&amp;IR=T?utm_source=markets&amp;utm_medium=ingestm=ingest">increased levels of coronavirus-targeting antibodies and T cells in patients</a>. Separately, UK biotech firm Synairgen revealed its experimental drug <a href="https://markets.businessinsider.com/news/stocks/synairgen-stock-price-drug-lowers-odds-covid-coronavirus-symptoms-risk-2020-7-1029409951?utm_source=markets&amp;utm_medium=ingestgest">dramatically lowered the odds</a> of COVID-19 patients needing a ventilator or dying compared to those taking a placebo.<keyword id="1065852" type="ORGANIZATION" weightage="60" keywordseo="WTI-crude">WTI crude</keyword> traded at $41.92 per barrel as of 8:40 a.m. ET Tuesday. Brent crude traded at $44.49.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://www.businessinsider.com/economic-coronavirus-stimulus-bill-focus-schools-unemployment-checks-vaccines-mnuchin-2020-7">Treasury Secretary Mnuchin says next coronavirus stimulus package will focus on 'kids and jobs and vaccines'</a><a href="https://markets.businessinsider.com/news/stocks/tech-stock-market-rally-similar-dot-com-bubble-mark-cuban-2020-7-1029410679">'Everybody's a genius in a bull market': Mark Cuban says behavior around the stock market's current rally is eerily similar to the 1999 dot-com bubble</a><a href="https://www.businessinsider.com/economic-coronavirus-stimulus-bill-focus-schools-unemployment-checks-vaccines-mnuchin-2020-7"></a><a href="https://www.businessinsider.com/how-to-invest-in-election-volatility-options-trades-goldman-sachs-2020-7">GOLDMAN SACHS: These 17 trades can help investors maximize their gains from the stocks most affected by the US elections in November</a><a href="https://www.businessinsider.com/economic-coronavirus-stimulus-bill-focus-schools-unemployment-checks-vaccines-mnuchin-2020-7"> </a><a href="https://markets.businessinsider.com/commodities/oil-price?type=wti"><div type="image" title="WTI" height="1444" width="1996" msid="77088577" hostid="261"></div></a>

Oil soars to highest since March as investors boost optimism for economic recovery

<ul class="summary-list"><li>Oil prices will continue to rise in the second half of 2022 on the back of a "triple deficit," Morgan Stanley said.</li><li>The bank sees the price of <keyword id="11899370" type="UNKNOWN" weightage="60" keywordseo="brent-crude-oil" source="Orion">Brent crude oil</keyword> hitting $90 per barrel by the second half of this year.</li><li><keyword id="11899369" type="UNKNOWN" weightage="60" keywordseo="brent-crude" source="Orion">Brent crude</keyword> hovered near two-month highs Wednesday, trading at $84.96 per barrel.</li></ul>Oil prices will continue to rise in the second half of the year on the back of a "triple deficit" — low inventories, low spare capacity, and low investment — that is pushing the cost of the commodity higher, according to Morgan Stanley.The investment bank sees the price of Brent crude oil hitting $90 per barrel by the second half of 2022, according to a recent note by its commodities strategist and head of European oils, Martijn Rats. Morgan Stanley said it assumes an average Brent price of $78 per barrel in 2022.<a href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">Brent crude,</a> oil's international benchmark, was hovering near a two-month high around at $84.96 per barrel on Wednesday. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti%3Futm_source%3Dmarkets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets" target="_blank" rel="noopener">West Texas Intermediate crude</a> also jumped, trading at $82.84 per barrel. Prices pulled back some on Thursday, eating into gains in the previous two sessions."In the short term, the balance in the oil market is a function of the pace at which demand recovers from the COVID-19 pandemic, and supply grows as OPEC normalizes its production cuts," Rats said in the note. "That balance can still swing around, but once these trends have played out, the oil market appears to be heading for a "triple deficit."The forecast comes as the emergence of the Omicron coronavirus variant rocked the prices of global commodities and equities. Oil prices in particular have rallied 50% in 2021.As a result, the Organization of the Petroleum Exporting Countries and its allies, also known as OPEC+, said it will gradually relax the output cuts it had implemented when demand slumped in 2020 while large swathes of the global economy were in lockdown. Still, producers of OPEC+ continue to hold back more than 3 million barrels of output per day.Other risks that may challenge this outlook are Iranian oil exports constrained by US sanctions, the pace at which US shale ramps up, and the impact of the pandemic and hybrid working, Morgan Stanley added.On Tuesday, the US Energy Information Administration <a href="https://www.reuters.com/business/energy/us-natgas-output-rise-demand-ease-2022-eia-2022-01-11/">upgraded</a> its oil demand outlook. The agency is now predicting that demand in the country will rise by 840,000 barrels per day in 2022, higher than its previous 700,000 forecast.The International Energy Agency on Wednesday also <a href="https://www.bloomberg.com/news/articles/2022-01-12/iea-says-oil-demand-dynamics-proving-stronger-than-expected">said</a> it expects oil demand to continue to be strong."Demand dynamics are stronger than many of the market observers had thought, mainly due to the milder Omicron expectations," IEA Executive Director Fatih Birol said on a call, <a href="https://www.bloomberg.com/news/articles/2022-01-12/iea-says-oil-demand-dynamics-proving-stronger-than-expected">Bloomberg reported</a>.This could mean that the IEA will upwardly revise its demand forecast when it publishes its monthly report next week, according to Commerzbank strategists Daniel Briesemann and Carsten Fritsch.

Oil prices are going to $90 per barrel in the 2nd half of this year on the back of a 'triple deficit' for the commodity, Morgan Stanley says

<ul class="summary-list"><li>Oil prices have jumped this year amid a surge in global demand and limited supply increases from OPEC+.</li><li>Some experts project the commodity could reach $100 per barrel - but Mohamed El-Erian is not one of them.</li></ul>Oil prices have jumped this year, and some experts project the commodity could reach $100 per barrel - but Mohamed El-Erian is not one of them.For the chief economic adviser of Allianz, oil is unlikely to hit the three-digit figure as a probable slide in demand will keep a lid on prices even as supply is squeezed."If you look at what is happening on the demand side, there you get some questions," he told <a href="https://www.cnbc.com/2021/11/15/mohamed-el-erian-pours-cold-water-on-calls-for-100-oil.html">CNBC</a> Monday. "Demand is robust today but will it be robust in six months' time? There are really big questions in terms of demand destruction - people buying less because prices are higher - and in terms of whether policy becomes contractionary or not."While El-Erian acknowledged oil prices spiked to unexpected levels this year, he has yet to seriously consider the $100-per-barrel range."If you were to focus only on the supply side, you could get to oil at $100, because there has been underinvestment in the industry in general, and demand will stay robust," he told CNBC during the ADIPEC energy conference in Abu Dhabi.Oil prices recently hit <a href="https://markets.businessinsider.com/news/commodities/oil-price-outlook-vladimir-putin-russia-100-wti-demand-2021-10">the highest levels in seven years</a> as major economies around the world simultaneously restarted after the devastation brought about by the pandemic lockdown.Prices also got a boost from OPEC+, which continues to keep its existing schedule of <a href="https://markets.businessinsider.com/news/commodities/oil-price-outlook-brent-wti-opec-gradual-output-hike-production-2021-10?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">gradual hikes in oil production</a>, ignoring growing calls for opening the taps at a faster rate to bring down prices.Bank of America in <a href="https://markets.businessinsider.com/news/commodities/oil-prices-outlook-100-inflation-winter-bank-america-bofa-crisis-2021-10">October</a> said <a href="https://markets.businessinsider.com/commodities/oil-price?type=brent?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestm=ingest" target="_blank" rel="noopener">Brent crude</a>, the global benchmark <keyword id="12194890" type="UNKNOWN" weightage="60" keywordseo="oil-price" source="Orion">oil price</keyword>, could surge above $100 per barrel for the first time since 2014 in the event of another cold winter, among other factors.But even if El-Erian, who is also president of Queens' College, Cambridge University, thinks the surge in oil prices will threaten global economic recovery, it doesn't pose as much risk compared to the "miscalculation in inflation," he told CNBC.The economist in <a href="https://markets.businessinsider.com/news/stocks/inflation-outlook-federal-reserve-mohamed-el-erian-worst-ever-cpi-2021-11">November</a> criticized the Federal Reserve's long-standing narrative of transitory inflation as one of the worst calls ever made.

You Searched For "crude oil prices" and got 13 results

Oil drops 4% after resumed production at Libyan field threatens market oversupply

Ben Winck

Oil plunges after Fed and OPEC+ sound alarms on long-term demand weakness

Ben Winck

Oil jumps to highest since early September on latest sign of vaccine progress

Ben Winck

Oil rises after Saudi Aramco sees Asia demand nearing full rebound

Ben Winck

Oil prices rise after G7 nations cap the price of Russian crude at $60/barrel

IANS

Oil leaps as major producers look to extend record production cuts through July

Ben Winck

Oil plummets 21% to 21-year low as sinking demand spurs uncertainty around storage

Joe Ciolli

JPMORGAN: The struggling oil market finally stabilized, but recovery will take up to 3 months

Ben Winck

Oil plunges 12%, continues deep slump as dismal outlooks for global demand persist

Carmen Reinicke

Moody oil prices will keep Modi on the edge as the second term rolls on

Katya Naidu

Oil soars to highest since March as investors boost optimism for economic recovery

Ben Winck

Oil prices are going to $90 per barrel in the 2nd half of this year on the back of a 'triple deficit' for the commodity, Morgan Stanley says

Isabelle Lee

Oil isn't likely to hit $100 per barrel as 'demand destruction' keeps a lid on prices even as supply is squeezed, Mohamed El-Erian says

Isabelle Lee

Popular Keywords

Buying Guides