Oil gushes to highest since 2014
NYMEX crude is nearing $78 per barrel
Global crude prices surged to multiyear highs on Monday after OPEC stood firm in keeping production at current levels.
NYMEX crude closed up 2.29% to $77.62 per barrel, the highest level since November 2014.
TECH STOCKS HAMMERED AS NASDAQ FALLS 2.1%
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
USO | UNITED STATES OIL FUND - USD ACC | 74.29 | +2.27 | +3.15% |
Brent crude, the global benchmark, jumped 2.50% to $81.26 — the highest since October 2018.
Gas prices continue to climb with the latest average hitting $3.20 per gallon, as tracked by AAA.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
BNO | UNITED STATES BRENT OIL FUND - USD ACC | 29.98 | +0.92 | +3.17% |
In a statement, OPEC and non-OPEC participating countries "reconfirmed the production adjustment plan and the monthly production adjustment mechanism approved at the 19th OPEC and non-OPEC Ministerial Meeting and the decision to adjust upward the monthly overall production by 0.4 mb/d for the month of November 2021, as per the attached schedule."
Edward Moya, senior market analyst for the Americas, warned prices could go even higher.
"OPEC+ is slowly turning into the villain for the global economic recovery. Higher oil prices are coming and the energy traders could easily see $90 oil on any surprise disruption to output, a colder autumn, or the unleashing of pent-up travel demand if COVID cases continue to fall," he said in a reasearch note.
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Recently, Goldman Sachs told clients oil could hit the $90 per barrel level.