US Imports No Saudi Crude Oil for First Time in 35 Years
The U.S. didn’t import any Saudi crude the week of Dec. 28 for the first time in 35 years, a reversal from just months ago when the Kingdom threatened to upend the American energy industry by unleashing a tsunami of exports into a market decimated by the pandemic.
Crude Climbs in Wake of Weaker Dollar, Expected Supply Drop
Oil advanced with support from a weaker dollar and expectations of declining U.S. crude inventories.
Oil’s Brief Rally Fades With Supply Risks Countering Stimulus
A brief rally in crude oil deflated Dec. 28 as investors ignored a broader market surge that pushed equities to an all-time high and focused instead on looming new supply from OPEC+.
Oil Advances to Eight-Month High on Demand Optimism
Oil extended gains, trading at its highest level since March, on mounting optimism that recent breakthroughs on a COVID-19 vaccine will lead to a swift recovery in global energy demand next year.
Oil Jumps Past $45, Dow Eclipses 30,000
Oil reclaimed heights not seen since the pandemic shocked markets in the spring, with the start of the U.S. presidential transition and improved vaccine prospects infusing optimism across markets.
Oil Poised for Weekly Increase on COVID-19 Vaccine Optimism
Oil is poised for a third weekly gain with positive COVID-19 vaccine developments paving the way for a more sustained recovery in oil demand.
Oil Clings to Rally on Signs of Coronavirus Vaccine Progress
Crude held onto a rally amid progress on the development of coronavirus vaccines, with investors shrugging off a smaller-than-expected U.S. inventory build.
China Oil Giant Eyes New Supertankers to Shrink Diesel Glut
China’s biggest refiner is eyeing a creative strategy to help rid Asia of a persistent diesel glut — brand new supertankers usually reserved for crude oil.
November 12, 2020Stocks Rally, Crude Oil Jumps on Election Day
U.S. stocks rose as a gust of optimism swept through global equity markets as millions of Americans headed to vote. The dollar weakened and crude oil increased by the most in a month.
OPEC+ Inches Closer to Delaying Output Hike After Russian Talks
OPEC+ inched closer to delaying its January output increase, with Russia actively discussing keeping its current curbs for an extra three months as oil markets weaken.
November 2, 2020