US Oil Ends Above $56 A Barrel, Best Close Of The Year

U.S. oil closed at its highest level of the year on Wednesday after a lower than expected build of crude oil stocks in the United States. U.S. crude oil futures closed up $3.10, or 5.8 percent, at $56.39 a barrel. That was the highest closing level since December 23, and its fourth best day for […]

Oil Rallies On U.S. Data, Bullish EIA Monthly Report

Oil futures rallied on Tuesday and U.S. crude approached 2015 highs on strong jobs data and government forecasts for lower U.S. crude production growth and higher global demand for oil. U.S. job openings surged to a 14-year high in February the Labor Department’s monthly Job Openings and Labor Turnover Survey (JOLTS) said, helping erase oil’s […]

US Crude Inventories Rise By 8.2M Barrels, More Than Expected

Brent crude oil prices rose on Wednesday as the euro strengthened against the dollar following a boost in business morale in the euro zone’s top two economies. The euro was up 0.6 percent against the dollar, the currency in which crude oil futures trade. The dollar lost 0.5 percent against a basket of currencies, making […]

5 Biggest Oil Production States in the US

It’s hard to believe that it has been over 50 years since Jed Clampett struck it rich when his hunting rifle accidentally went off and unleashed a backwoods gusher. Since then, rifles and shotguns have been replaced by more sophisticated methods of exploration and extraction, leading to an oil boom the likes of which haven’t […]

US Crude Inventories Rise By 9.6M Barrels To Record Highs

Oil futures held above $42 per barrel on Wednesday after government data showed inventories of U.S. commercial crude rose again, marking a 10th straight week of record builds. Stockpiles of crude rose by 9.6 million barrels in the week ending March 13, the Energy Information Administration reported. Total inventory stood at 458.5 million barrels, the […]

Report: Removing US Oil Ban Would Create Jobs Beyond Drilling

WASHINGTON, March 17 (Reuters) – Lifting a 40-year-old U.S. ban on crude exports would create a wide range of jobs in the oil drilling supply chain and broader economy even in states that produce little or no oil, according to a report released on Tuesday. Some 394,000 to 859,000 U.S. jobs could be created annually […]

Oil Slumps to Six-Year Low as U.S. Production Seen Filling Tanks

U.S. oil futures slumped to the lowest level since March 2009 on speculation that record supply may start to strain the country’s storage capacity. U.S. crude inventories have increased to the highest level since at least 1982, according to the Energy Information Administration. Stockpiles at Cushing, Oklahoma, the delivery point for New York futures, reached […]

Brent Crude Oil Trades Near $58 As Dollar Weakens

Brent oil futures rose above $58 a barrel on Thursday as the dollar weakened and Iraqi security forces battled Islamic State fighters in Tikrit. The dollar was down 0.47 percent against a basket of currencies, making dollar-traded commodities such as crude oil more attractive to holders of other currencies. “A slightly weaker dollar is helping […]

Natural Gas Production Growth Swells Despite Fewer Rigs

Natural Gas Production Since mid-2011, natural gas production has increased even though there are fewer natural gas-targeted rigs in operation. The U.S. Energy Information Administration, or EIA—in its “Short-Term Energy Outlook,” that was released in February 2015—reported that dry natural gas production is set to increase to 72.80 billion cubic feet, or Bcf, per day in […]

Brent Crude Oil Drops Below $65 as OPEC Sees Less Demand

Brent fell below $65 for the first time in more than five years as OPEC cut the demand forecast for its crude oil to a 12-year low. West Texas Intermediate dropped near $60 as U.S. inventories grew. Both benchmarks are more than 40 percent below their 2014 peaks in June. OPEC reduced its projection for […]