Oil prices flipped between gains and losses Friday, as investors weighed the prospects for lower production levels against building oil products in storage..
OPEC’s recent agreement to limit crude production is unleashing a tide of bets that oil prices will rise, and that speculation raises the prospect that the oil market could reverse suddenly if the cartel fails to deliver.
Oil prices swung between gains and losses on Thursday, paring earlier gains after inventory data showed massive additions to gasoline and diesel stockpiles.
Gold prices approached a one-month high Thursday, as a weaker dollar helped the metal regain momentum following a swift selloff late last year.
Saudi Arabia has cut its crude-oil production by at least 486,000 barrels a day since October, bringing the world’s largest exporter of petroleum swiftly into line with OPEC’s deal to raise prices.
Oil prices ticked higher Wednesday as the dollar fell and analysts said they expect U.S. stockpiles declined last week.
Gold prices pushed higher on Wednesday as a weaker U.S. dollar helped give the precious metal a boost and investors digested minutes from the Federal Reserve’s December meeting that cited uncertainty over policy in 2017.
Oil futures tumbled as the dollar rose and doubts about whether major producers will be able to follow through on an agreement to cut production continued to weigh on the market.
Natural-gas futures are having their worst day in nearly two years, as forecasts of mild weather are replacing predictions of severe cold.
Gold prices closed at a three-week high on Tuesday, reversing losses from a rising U.S. dollar amid renewed investor interest in the new year.
Energy companies that sold shares in the last two years to survive the vicious collapse in oil prices finished on top in 2016.
Oil in 2016 had its biggest annual gain since the financial crisis, even in a year that also sent prices dipping to a decade low.
Gold snapped a three-year losing streak with prices rising 8.5% in 2016, but those gains came early while the metal ended the year under a cloud of relentless selling.
Oil prices ticked down late Thursday morning after data showing an unexpected rise in U.S. crude stockpiles and declines in refined-fuel stockpiles sent mixed signals about the oil market.
Natural gas prices retreated Thursday as moderating weather forecasts had traders pulling back slightly from a strong rally despite a larger-than-expected withdrawal from stockpiles.
Gold prices notched their biggest gain in nearly three months Thursday, boosted by a weaker dollar and a holiday-thinned market.
Oil prices continued to edge higher Wednesday as investors anticipate that major producers will follow through with a planned production cut to help reduce a global supply glut next year.
Crude oil futures rose Tuesday amid muted holiday trading as investors remain in a wait-and-see mode ahead of a landmark effort by oil producers to reduce global supply.
Gold prices rose Tuesday, as some investors bet that a strengthening U.S. economy will bring inflation in the new year.
An important accounting metric investors use to compare oil companies is unlikely to reflect recent rally as it relies on average historic oil prices.