CRUDE OIL NEWS Archives - Page 10 of 65

Oil prices hit 5-month high as U.S. crude stockpiles, dollar fall

CRUDE OIL NEWSBy admin August 7, 2020 Leave a comment

NEW YORK – Oil prices rose to their highest since early March on Wednesday after U.S. crude inventories fell sharply and the dollar weakened, but mounting coronavirus infections had investors worried about the demand outlook. Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April…

Oil Jumps as Lebanon Explosion Signals Geopolitical Instability

CRUDE OIL NEWSBy admin August 5, 2020 Leave a comment

Oil extended its rally and hit a two-week high after an explosion at Lebanon’s main port rocked the capital Beirut, pointing to geopolitical instability in the region. U.S. benchmark crude futures climbed as much as 2.5% on Aug. 3 after the blast. Footage showed a huge plume of smoke billowing into the sky over the…

Oil edges up to highest since March on hopes for U.S. stimulus

CRUDE OIL NEWSBy admin August 5, 2020 Leave a comment

NEW YORK – Brent oil futures on Tuesday closed at their highest since early March on hopes the United States is making progress on a new economic stimulus package, as well as curbing the coronavirus spread. Brent rose 28 cents, or 0.6%, to settle at $44.43 a barrel, its highest close since March 6. U.S.…

Oil gains on the back of OPEC cuts, weak dollar

CRUDE OIL NEWSBy admin August 4, 2020 Leave a comment

Oil posted a gain last month, boosted by a steadily weakening US dollar and OPEC’s restraint on production.Deep crude output curbs by the OPEC and its allies have helped futures rebound from their plunge below zero in April, yet the unprecedented cuts are set to ease in a matter of days. On Friday, crude oil…

OPEC July oil output surges as Gulf voluntary cuts end

CRUDE OIL NEWSBy admin August 4, 2020 Leave a comment

LONDON: OPEC oil output has risen by more than 1 million barrels per day (bpd) in July as Saudi Arabia and other Gulf members ended their voluntary extra supply curbs on top of an OPEC-led deal, and other members made limited progress on compliance. The 13-member Organization of the Petroleum Exporting Countries pumped 23.32 million…

Oil sinks on weak U.S. economic data, political uncertainty

CRUDE OIL NEWSBy admin July 31, 2020 Leave a comment

NEW YORK – Oil prices sank on Thursday following poor U.S. economic figures and after U.S. President Donald Trump roiled markets with a suggestion that the nation should delay its November presidential election. Investors sold riskier assets following Trump’s tweet that raised the prospect of delaying the vote. The date of the U.S. election is…

Oil Market Contango Returns In A Sign Of New Glut

CRUDE OIL NEWSBy admin July 31, 2020 Leave a comment

Sluggish oil demand recovery with resurging coronavirus cases in many parts of the U.S. and the world and the return of previously withheld production from OPEC+ and North America have combined to flip the oil futures curve again to a sign of a new glut looming this year. According to Reuters estimates, the Brent Crude…

Oil Rallies On Biggest Crude Inventory Draw Since 2019

CRUDE OIL NEWSBy admin July 30, 2020 Leave a comment

U.S. crude oil inventories shed an impressive 10.6 million barrels in the week to July 24, the Energy Information Administration reported today. This compares with a build of 4.9 million barrels for the previous week. However, inventories remain 17 percent above the five-year seasonal average. A day earlier, the American Petroleum Institute reported an estimated…

Oil prices gain on sharp US crude inventory drop

CRUDE OIL NEWSBy admin July 30, 2020 Leave a comment

Oil prices edged up on Wednesday after a steep drop in US crude inventories, but another record day for COVID-19 cases worldwide kept gains in check.Brent crude futures gained 35 cents to $43.57 a barrel by 10:57 a.m. EDT (1457 GMT). US West Texas Intermediate crude futures were up 18 cents to $41.22. US crude…

US energy use hit 30-year low during pandemic shutdowns

CRUDE OIL NEWS, EXPLORATION NEWS, INTERNATIONAL NEWS, NATIONAL NEWS, NewsBy admin July 30, 2020 Leave a comment

BILLINGS, Mont. — U.S. energy consumption plummeted to its lowest level in more than 30 years this spring as the nation’s economy largely shut down because of the coronavirus, federal officials reported Wednesday. The drop was driven by less demand for coal that is burned for electricity and oil that’s refined into gasoline and jet…

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