Oil prices are plummeting. Although motorists are smiling at the gas pumps, the economy as a whole doesn’t respond with as much positivity. When fuel prices drop, employees of the oil and gas industry feel the first ripples of the downturn, followed by everyone who has a hand in the energy business. Why are Oil… Read more »
Oil futures made a sudden turn higher Tuesday, with analysts attributing the bounce to technical price triggers, expectations for a weekly decline in U.S. crude supplies and a U.S. plan to help Europe defend against security threats, which highlighted U.S. tensions with Russia. August crude CLQ5, +1.37% tacked on 56 cents, or 0.9%, to $60.94… Read more »
Oil futures climbed on Thursday, with the U.S. benchmark scoring its biggest rally in a month as disappointing manufacturing data from China and the eurozone boosted prospects for economic stimulus measures, which could help increase energy demand. News of a third straight weekly decline in U.S. crude inventories and tensions in the Middle East continued… Read more »
U.S. oil futures closed down 25 cents at $60.50 a barrel on Wednesday despite crude stockpiles slipping for a second straight week, but traders and analysts said inventories were still hefty for this time of year and could undercut the market’s advance. Crude futures have risen between 20 and 25 percent over the past six… Read more »
U.S. crude oil hit a five-month high on Thursday as the dollar slipped to its lowest since February and as more evidence emerged of a gradual balancing of the U.S. domestic market. The U.S. currency fell to a two-month low against a basket of currencies early on Thursday as the euro and yen rallied, making… Read more »
Crude oil prices rose on Wednesday after news U.S. crude stocks increased less than expected last week and inventories at the oil hub at Cushing, Oklahoma, declined for the first time since November, suggesting an oil glut may be beginning to ease. U.S. crude inventories USOILC=ECI rose 1.9 million barrels last week, compared with analysts’… Read more »
Natural gas futures fell on Monday to trade at their lowest level in almost three years, pressured by expectations that U.S. production may soon start to rise just as demand for the energy source slows in the so-called off season. Oil futures, meanwhile, traded a bit higher, holding ground above $57 as turmoil in Yemen… Read more »
Oil prices rose on Wednesday after the U.S. government’s Energy Information Administration (EIA) reported a decline in U.S. production. Brent crude for June delivery LCOc1 was up 66 cents at $62.74 a barrel by 1358 GMT, after touching an intraday low of $61.39. U.S. crude for June delivery CLc1 was up 20 cents to $56.81… Read more »
Industry leaders at the World Economic Forum on East Asia have said they expect oil prices to rise further. The leaders, meeting in the Indonesian capital, Jakarta, said the long-term view was that demand for oil is growing. Oil prices are around their highest levels for the year. The price of Brent crude was at… Read more »
Oil prices repaired early losses to rally above $64 on Friday due to the conflict in Yemen. Brent crude was within sight of its 2015 high reached on Thursday and has rallied 16 percent in April, supported by Yemen and the prospect that lower prices are starting to curb U.S. shale output. At 1509 GMT,… Read more »