Barrel of oil leaking

The OPEC monitoring committee met today. They have the ability to call for a full OPEC meeting but no one was expecting them to do that this month. They generally meet monthly but they've pushed the next get-together back until April so it's steady-as-she goes for OPEC.

The next big thing to watch is the Russia oil product ban, which is set for February 5 but the EU may change it to a price cap.


crude oil
is up 55-cents today to $79.44 despite a bearish private oil inventory report. We get the EIA data today at 10:30 am ET.

Oil looked like it might break down on Monday and early Tuesday but it steadied itself. Now we wait for Powell.

Update: Oil has now taken a bit of a dive, though there isn't any other news out there.

oil 3 mins