-US oil prices are still falling as investors continue to fret about an excess supply of crude at a time when no one wants any. West Texas Intermediate fell more than 7% early Tuesday to $11.81 a barrel. Earlier the US benchmark contract for oil to...
Oil prices fell on Monday on signs that worldwide oil storage is filling rapidly, raising concerns that production cuts will not be fast enough to fully offset the collapse in demand from the coronavirus pandemic. U.S. oil futures led losses on fears that storage at Cushing,...
Oil prices were up on Friday morning in Asia after jumping nearly 20% during the previous session. Brent oil futures rose 0.32% to $21.89 by 9:30 PM ET (2:30 AM GMT) and WTI futures jumped 3.33% to $17.05. During the previous session, President Donald Trump’s threat...
Oil extended gains on Thursday amid signs that producers are cutting production to cope with a collapse in demand for fuel as the coronavirus outbreak ravages the world’s economies. Brent crude was up 33 cents, or 1.6%, at $20.70 a barrel by 0254 GMT after rising...
Oil prices swung wildly on Wednesday as traders tried to make sense of the historic implosion earlier in the week. Brent crude futures, the main benchmark for global contracts, plunged by as much as 17% to their lowest level since 1999 before surging later in the...
The price of US oil has turned negative for the first time in history. That means oil producers are paying buyers to take the commodity off their hands over fears that storage capacity could run out in May. Demand for oil has all but dried up as...
-Oil edged higher on Thursday following sharp losses in the previous session on hopes that a big build-up in U.S. inventories may mean producers have little option but to deepen output cuts as the coronavirus pandemic ravages demand. With official data showing U.S. inventories surging the...
-Crude prices tumbled 10% Tuesday as OPEC’s plan for deep global cuts in output ran into resistance in Texas where some drillers in the largest U.S. oil producing state balked at making more reductions than they deemed necessary. Expectations that the government will report on Wednesday...
-Oil prices rose more than 1% on Tuesday after the main U.S. energy forecasting agency predicted shale output in the world’s biggest crude producer would fall by the most on record in April, adding to cuts from other major producers. Brent futures rose 53 cents, or 1.7%,...
Worldwide oil producers, led by OPEC, are expected to cut production by roughly 20 million barrels per day (bpd), roughly equal to 20% of global daily supply, through a combination of mandated cuts, production falls due to poor economics, and purchases into oil reserves. WHO IS...
