Oil Rises on Russian Export Cuts, Offsets Virus Demand Jitters
Oil prices rose after Russia slashed exports of its flagship crude Urals to the lowest in at least 10 years, signaling the determination of Moscow to work with its partners at OPEC+ to eliminate an oil glut.
Oil Hovers Near $40 With Investors Weighing Virus Against Demand
Oil hovered near $40 a barrel in New York as investors weighed a resurgence in the coronavirus against signs of rebounding demand.
US Slaps Sanctions on Mexican Companies Helping Venezuelan Oil
The U.S. Treasury Department levied sanctions on Mexican trading company Libre Abordo SA de CV for buying Venezuelan oil via oil-for-humanitarian-aid agreements with the embattled country.
Fears of Second Virus Wave Fizzle Oil Market
Oil fell again as a fresh coronavirus outbreak in China, and increases in cases elsewhere, spurred concerns that a second wave of the virus will derail a nascent economic recovery.
Texas Oil-Export Terminals Start Up Even as Shipments Tumble
Yet another Texas terminal is preparing to export oil, even as the pandemic continues to hammer global demand for U.S. crude.
Oil Set for First Weekly Drop Since April on Second-Wave Fears
Oil is heading for its first weekly loss since April, when prices collapsed below zero.
US Targets Sanctions for Iran-Venezuela Oil Tanker Trade
The Trump administration is preparing sanctions on as many as 50 oil and fuel tankers as part of an effort to cut off trade between Iran and Venezuela, according to a person familiar with the matter.
Diesel Increases by a Penny; Gas Climbs Back Above $2
The nationwide average price of a gallon of diesel increased by 1 cent to $2.396, according to the weekly report from the Energy Information Administration on June 8.
Oil Erases Gains With Saudis Ending Extra Output Cuts
Oil fell after Saudi Arabia said it wouldn’t continue its additional, deeper output curbs after June.
Cristobal Expected to Regain Strength After Storm’s Pass Over Mexico
The hills of the Yucatan Peninsula sapped Tropical Storm Cristobal of some of its power on June 4, but forecasters warn it will likely gain strength as it heads north across the Gulf of Mexico to the U.S coast, where it could bring downpours, high winds and rough surf.