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crude oil
Government, Business, Fuel

Oil Surges After OPEC+’s Shocking Production Cut

The sun sets beyond crude oil storage tanks

Oil rallied the most in more than a year after OPEC+ unexpectedly announced output cuts that threaten to tighten the market and deliver a fresh inflationary jolt to the world economy.

Julia Fanzeres | Bloomberg News
April 3, 2023
Government, Business, Fuel

The World’s Most Important Oil Price Is About to Change

Oil rig Permian

The world’s most important oil price is about to be transformed, allowing crude supplies from West Texas to help determine the price of millions of barrels a day of petroleum transactions.

Bloomberg News
March 30, 2023
Business, Fuel

Oil Falls Below $80 En Route to Biggest Run of Weekly Losses This Year

Oil well pump jacks operated by Chevron Corp. in San Ardo, California, U.S.

Oil headed for the longest stretch of weekly losses this year as central banks around the world stepped up the fight against inflation at the cost of economic growth.

Julia Fanzeres and Ilena Peng | Bloomberg News
September 23, 2022
Government, Business, Fuel

Biden Officials Weigh Buying Oil at Around $80 to Refill Reserves

pump jacks

The U.S. may begin refilling its emergency oil reserve when crude prices dip below $80 a barrel, according to people familiar with the matter.

Bloomberg News
September 13, 2022
Government, Business, Fuel

WTI Oil Drops Below $100 as Recession Fears Overwhelm Markets

Image

West Texas Intermediate crude futures dropped below $100 a barrel for the first time since May 11 as concerns grow that a global economic slowdown will ultimately hobble demand.

Julia Fanzeres | Bloomberg News
July 5, 2022
Government, Business, Fuel

Permian Basin Faces Pollution Rules That Could Curb Drilling

Image

The Biden administration is considering triggering tougher anti-smog requirements that could curb drilling across parts of the Permian Basin, the world’s biggest oil field that straddles Texas and New Mexico.

Jennifer A. Dlouhy | Bloomberg News
June 24, 2022
Government, Business, Fuel

WTI Tops $103 as Supply Fears Persist

Image

Oil extended gains after the close as a decision by the U.S. and other major economies to release emergency stockpiles failed to ease concerns of a major shortfall in supplies as sanctions mount on Russia.

Julia Fanzeres | Bloomberg News
March 1, 2022
Government, Business, Fuel

Oil Soars Past $100 After Russia Attacks Ukraine

Image

Oil surged above $105 a barrel for the first time since 2014 after Russia attacked sites across Ukraine, triggering fears of a disruption to energy exports at a time of already tight supplies.

Bloomberg News
February 24, 2022
Government, Business, Fuel

US Taps Strategic Reserve for 13.4 Million Barrels of Oil

Image

The U.S. Department of Energy announced the loan of 13.4 million barrels of crude oil from its strategic reserve as part of a renewed effort by the Biden administration to contain oil prices that have surged to their highest level since 2014.

Ari Natter and Sheela Tobben | Bloomberg News
January 25, 2022
Business, Fuel

Oil Demand Nears Pre-Pandemic Levels, Saudi Aramco Says

Image

Demand for oil is nearing pre-COVID levels and producers globally are investing too little in supply, Saudi Aramco said.

Reema Alothman and Matthew Martin | Bloomberg News
January 24, 2022

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