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Oil prices steadied on Tuesday, after falling more than 2% in the previous session, as investors assessed the impact of harsher U.S. secondary sanctions against Iran.
Crude oil's price action has been bearish even though headlines suggest bullish moves, says Carley Garner. She further explains the "disconnect" she sees in headlines centered on crude oil supply — and who benefits from higher prices.
Oil edged higher as traders assessed new U.S. measures against Iran.
Expion Energy (NASDAQ:XPON) said it closed the initial tranche of a private placement raising $9 million, with the potential for an additional $91 million from the same group of investors, as the company moves to fund its newly acquired oil and gas exploration assets in Eastern Louisiana. Shares of the company, formerly known as Expion360, jumped 97% in afternoon trading.
Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by about 3.7 million barrels to 289.7 million barrels last week, the lowest level since November 1982, according to data from the Department of Energy.
WTI and Brent crude oil forecasts focus on quiet Middle East headlines, Brent's key $93 level and potential moves toward $88 support or $100.
The International Energy Agency is not discussing a second release of strategic oil reserves at this time, IEA chief Fatih Birol told Reuters on Monday.
Firms that count ships, oil output and imports aren't able to verify U.S. claims about the volume of oil getting through Iran's chokehold.
SEC filings for BNO aren't indexed yet — common for recently launched funds. Browse the issuer's filings on SEC EDGAR directly.