A glut of crude may keep oil prices low for the next 15 years, according to Goldman Sachs Group Inc. There’s less than a 50 percent chance that prices will drop to $20 a barrel, most likely when refineries shut in October or March for maintenance,...
U.S. crude prices rose on Tuesday as a tropical storm moved ashore in the oil-producing state of Texas, but global oversupply limited gains and pressured Brent futures. Expectations that U.S. crude inventories fell again last week and strong RBOB gasoline futures also lent support. U.S. July crude...
Oil prices fell on Friday on a stronger dollar and continuing concerns about oversupply ahead of the latest U.S. oil drilling data. Brent crude for July delivery was recently down 0.8% to $64.54 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange,...
Oil prices fell on Thursday due to a stronger dollar and a gloomy economic outlook from the World Bank, while a bullish report about global demand from the International Energy Agency (IEA) failed to dispel concerns about a supply glut. In its twice-yearly Global Economic Prospects...
Crude oil prices jumped 3 percent on Tuesday, and gasoline and diesel rose as much, as bulls ramped up bets across the oil complex for another weekly drop in U.S. stockpiles. U.S. crude inventories likely fell for a sixth straight week in the week ended June...
Oil futures rallied by more than 3% on Tuesday as signs of an overall slowdown in U.S. crude production expected later in the year helped lift prices for the U.S. crude benchmark back above $60 a barrel. May oil output was at its highest monthly level...
