Goldman Steamrolls Iran Oil Output Fears, Sees Crude Hitting $80 In Months

Crude prices fell Monday, a day after major oil producers reached a historic agreement to cut oil production, ending a damaging price war between Saudi Arabia and Russia......»»

Goldman Sachs said on Sunday that the deal between major oil producers to cut output by nearly 10 million barrels per day is 'historic yet insufficient,' adding that no deal would be enough to offset the sharp drop in demand already occurring......»»

The global benchmark for crude oil rose above $70 a barrel on Monday for the first time in over three months, with jitters rising over the escalating military tensions between Iran and the United States......»»

Saudi state oil company Aramco said it will bring back by end September full crude output at Abqaiq and Khurais, the two oil facilities damaged by attacks last weekend that U.S. officials have blamed on Iran......»»

Oil futures rallied on Friday with U.S. crude up 10% in the week and global benchmark Brent gaining 5% on fears of a U.S. military attack on Iran that would disrupt flows from the Middle East, which provides more than a fifth of the world's oil output......»»

Oil prices hovered near six-month highs on Wednesday after data showed U.S. crude stockpiles surged to their highest levels since October 2017, countering fears of tight supply resulting from OPEC output cuts and U.S. sanctions on Venezuela and Iran......»»

Saudi Arabia's energy minister said on Wednesday he saw no need to raise oil output immediately after the United States ends waivers granted to buyers of Iranian crude. David Pollard reports......»»

Oil prices hit their highest in about six months on Tuesday as sources said Gulf OPEC members were ready to raise output only if there was demand before offsetting any shortfall following a U.S. decision to end waivers for buyers of Iranian crude......»»

Oil prices edged down on Wednesday after U.S. government data showed a surprise build in crude inventories, but futures held near their highest in almost five months as OPEC-led output cuts and sanctions on Iran tightened the supply outlook......»»

Oil futures on Friday pop higher, putting U.S. prices on pace to a weekly gain for the first time in nearly two months, as investors focus on tightening crude inventories, including reported signs of shrinking output from Iran......»»

Saudi Arabia will quietly add extra oil to the market over the next couple of months to offset a drop in Iranian production but is worried it might need to limit output next year to balance global supply and demand as the United States pumps more crude......»»

Crude prices rose nearly 2 percent on Wednesday, with Brent hitting its highest this year, on hopes that oil markets will balance later this year, helped by output cuts from top producers as well as U.S. sanctions on OPEC members Iran and Venezuela......»»

Goldman Goes All-In Commodities,.....»»

Oil futures post a loss of more than 6% this week, the largest since October, but analysts at Goldman Sachs this week suggest that prices are merely taking a break from a rally in crude that's set to continue......»»

Oil ends sharply higher on Wednesday as a rise in U.S.-Iran tensions and declines in U.S. crude output prompt a rebound from a 21-year low, and as a smaller-than-expected weekly climb in U.S. gasoline stockpiles lifts futures prices for the fuel......»»

Brent crude oil rose 8.4% on Wednesday, as prospects for extra pledges from major producers to cut output prompted a sharp turn up off a session low that took the global benchmark below $16 a barrel to its lowest since 1999......»»

Stocks on Wall Street slid on Monday over concerns of what the coronavirus pandemic will do to corporate earnings while crude prices were mixed as a global deal on record output cuts failed to quell doubts the pact would head off an oil glut......»»

Stocks on Wall Street slid while crude prices edged higher on Monday as a global deal on record output cuts failed to quell concerns on whether the pact is enough to head off an oil glut as the coronavirus pandemic hammers economies worldwide......»»

Oil slid 1% on Friday as worries about global oil demand and economic growth slowdown caused by the coronavirus outbreak were heightened by concern over non-OPEC crude producers not yet having agreed to cut output further to support prices......»»

Oil slid on Friday as worries about demand for fuel being sapped by the global coronavirus outbreak were heightened by concern over non-OPEC crude producers not yet having agreed to cut output further to support prices......»»