Oil slumps to six-year low as U.S. production seen filling tanks
Oil slumped for a fourth week after government data showed U.S. output and stockpiles expanded to the highest levels in more than three decades.
View ArticleRecord gasoline output to curb biggest U.S. oil glut in 85 years
Refiners are enjoying the best margins in two years as they finish seasonal maintenance of their plants before the summer driving season.
View ArticleU.S. oil inventories rise by almost 2 million barrels, but below expectations
Crude oil inventories across the U.S. posted another build last week, but the pace at which crude tanks are filling remained much slower than in weeks past. The oil markets shot up.
View ArticleOPEC oil output near 2 1/2-year high as Saudis show no letup
Prices tumbled the first quarter of this year as U.S. output surged to the highest level in more than four decades and OPEC members pumped more barrels.
View ArticleThe oil slump is emptying the stores of Dubai
With the plunge in crude throttling economies across the Middle East, gold buyers are harder to find.
View ArticleOPEC seen backing Saudi Arabia’s plan to keep supplies elevated
Crude plunged for eight of nine weeks prior to the group’s November gathering, when the kingdom faced down opposition from the majority of fellow members, who advocated output reductions to tackle a...
View ArticleRussian oil production surges in May ahead of OPEC meeting
Global supplies have continued to outpace demand six months after the group adopted a policy aimed at keeping its market share. Saudi Arabia and Russia are both pumping oil at near record levels.
View ArticleIran and Iraq declare their plans to expand oil production
The Organization of Petroleum Exporting Countries has been pumping above its production quota for months, determined to subdue supply from higher-cost producers. The strategy is working, with a record...
View ArticleCrude oil rises to one-month high as U.S. supply seen falling
U.S. output will decline after reaching the highest level since 1972 in May after drillers cut the number of oil rigs to the lowest level in four years. Production from prolific shale formations will...
View ArticleOil prices rise to 2015 high after a big drop in crude storage
U.S. crude storage dropped dramatically from last week, contributing to oil prices closing Wednesday at a high for the year.
View ArticleIEA’s “missing barrels” may take a bite out of crude supply glut
The sea of oil drowning oil markets may be only half as deep as the International Energy Agency is estimating, according to analysts.
View ArticleRaymond James lowers oil forecast for 2016
Analysts at Raymond James said that they had cut their U.S. benchmark crude oil forecast to $50 per barrel in 2015 and lowered their 2016 projection by $10 per barrel to an only slightly higher $55 per...
View ArticleDespite currency collapse, China continuing to hoard crude
As a glut dragged down benchmark oil prices over the past year, China sought to take advantage of the slump and build a strategic petroleum reserve to stock emergency supplies.
View ArticleSaudi stocks bear market as oil slides on supply glut
An unexpected increase in U.S. crude stockpiles and record oil production from Saudi Arabia in June has deepened concern that growing oversupply will continue to impact oil prices as nations tussle...
View ArticleOil closes lower as global fears outweigh inventory draw
The U.S. Energy Information Administration said that the amount of oil in U.S. tanks fell by 5.5 million barrels last week.
View ArticleTrade gap in U.S. narrows on lowest oil imports in a decade
The narrowing meant trade had little impact on the economy in the third quarter, easing concern that slower global growth and a stronger dollar would cause exports to slump.
View ArticleOil prices resume fall after inventories show big build
The total amount of crude in storage grew to 487 million barrels, an at least 80-year seasonal high, according to the EIA.
View ArticleOil gains despite mixed inventory report
West Texas Intermediate oil for delivery in February rose by 19 cents or 0.6 percent to $30.63 per barrel in early trading.
View ArticleCrude falls below $27 as Dow plunges 322 points
Crude dropped below $27 a barrel for the first time since 2003 on Wednesday after another slide in Chinese stocks.
View ArticleBanks cut oil price forecasts on demand concerns
The Washington D.C.-based World Bank lowered its expectations for 80 percent of the commodities it tracks amid signs of slowing growth in emerging economies, which have bolstered commodity prices for...
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