Oil

Crude prices fell nearly 1% on Thursday with the market bracing for a surge in supplies after reports that an output deal between the Organization of the Petroleum Exporting Countries (OPEC) and its allies has been reached.

Global oil markets are about to “tighten significantly” unless the Organization of Petroleum Exporting Countries (OPEC) and its allies resolve their issues and step up production, the International Energy Agency (IEA) warns.

The Organization of the Petroleum Exporting Countries (OPEC) and allied producers failed to agree terms on an oil output deal once again on Monday, prompting crude prices to rise to a three-year high.

The Trump administration said it will begin leasing oil exploration blocks in Alaska's Arctic National Wildlife Refuge (ANWR), inflaming opposition at a time when it may not even be economically attractive to drill in the region.

Given the dire state of Russia-US political relations, and Washington's steadfast defense of its alliance with Saudi Arabia, it seems almost unbelievable that Moscow sends more energy exports America's way than Riyadh.