An oil pumpjack operates in Los Angeles on July 31, 2023. Mario Tama | Getty Images Crude oil futures posted a weekly loss as lackluster demand out of China collided with a market that the International Energy Agency views as well-supplied. The West Texas Intermediate contract for April fell 92 cents, or 1.17%, to settle … Read more
Lone pumpjack located in the middle of large solar array outside of Bakersfield, Kern County, California, USA. Citizens Of The Planet | UCG | Universal Images Group | Getty Images U.S. crude oil futures topped $80 a barrel for the first time in nearly four months, as signs point to a tightening market ahead of … Read more
The oil market will face a supply shortage by the end of 2025 as the world fails to replace current crude reserves fast enough, Occidental CEO Vicki Hollub told CNBC on Monday. About 97% of the oil produced today was discovered in the 20th century, she said. The world has replaced less than 50% of … Read more
Valvoline had last year decided to separate its retail services and global products divisions following a strategic review. Rafael Henrique/SOPA Images/LightRocket via Getty Images Saudi Arabia’s state-controlled Aramco on Tuesday announced it is shelving plans to raise its crude production capacity from 12 million barrels per day to 13 million barrels per day, amid broader … Read more
A drone launch during a military exercise in an undisclosed location in Iran captured in a handout image obtained on Aug. 25, 2022. Iranian Army | West Asia News Agency | via Reuters Oil prices advanced early Monday after missiles launched by Iran-backed militants killed U.S. troops in Jordan on the weekend. Global benchmark Brent traded … Read more
A driver pumps gas at a Sunoco gas station in Washington, DC, US, on Tuesday, Nov. 28, 2023. Al Drago | Bloomberg | Getty Images U.S. crude oil closed out the year more than 10% lower as bearish sentiment has taken over due to worries that the market is oversupplied from record production outside OPEC. … Read more
Markets are confused over the odds of a U.S. recession, and “somebody has got it wrong,” according to hedge fund manager David Neuhauser. The CIO of Livermore Partners told CNBC on Monday that many investors are hoping for a “Goldilocks” scenario, in which the economy doesn’t grow too quickly, or shrink too much. “The outlook … Read more
Gas prices at a Shell gas station in Washington, DC, US, on Tuesday, Nov. 28, 2023. Al Drago | Bloomberg | Getty Images U.S. crude declined nearly 4% on Wednesday with retail gasoline prices hitting the lowest point since January ahead of the holiday shopping and travel season. The West Texas Intermediate contract for January … Read more
Processing towers stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., in Tuapse, Russia, on Monday, March 23, 2020. Andrey Rudakov | Bloomberg | Getty Images Oil prices are expected to rise in the new year after some OPEC+ oil producers voluntarily pledged to cut output. The oil cartel on Thursday released a statement that did … Read more
Russia’s President Vladimir Putin points an announcement in Moscow on June 24, 2023 as Wagner fighters stage rebel within the largest risk to Putin’s quarter-century grip on energy. Pavel Bednyakov | AFP | Getty Photographs Oil costs pared early beneficial properties on Monday, monitoring a broader calm in monetary markets as buyers watched warily to … Read more