crude oil

Business, Fuel

Oil Supertankers Fetch Astronomical Rates With Vessels Scarce

An Iranian crude oil tanker sits anchored off the coast of Gibraltar in July 2019. An Iranian crude oil tanker sits anchored off the coast of Gibraltar in July 2019. (Marcelo del Pozo/Bloomberg News)

Oil companies are being forced to pay exorbitant prices for oil tankers as shipowners book vessels for storage and Saudi Arabia snaps up ships as it prepares to flood the market with crude.

Firat Kayakiran | Bloomberg News
March 16, 2020
Business, Fuel

Oil Slumps to Lowest Since 2016 as Demand Collapse Triggers Rout

Shadows of drilling rig workers in Texas. (Spencer Platt/Getty Images)

Oil’s spectacular collapse deepened as widening global efforts to fight the spread of the coronavirus looked set to trigger the most severe contraction in annual oil demand in history.

Alex Longley | Bloomberg News
March 16, 2020
Government, Business, Fuel

OPEC+ Talks Collapse, Threatening Russia-Saudi Oil Alliance

Oil refinery plant in Russia Lights illuminate the low-temperature isomerization unit at the Novokuibyshevsk oil refinery plant in Novokuibyshevsk, Russia. (Andrey Rudakov/Bloomberg News)

OPEC+ talks ended in dramatic failure, signaling the possible end of a diplomatic alliance between Saudi Arabia and Russia that has underpinned crude prices and changed the balance of power in the Middle East.

March 6, 2020
Government, Business, Fuel

Oil Dives After CDC Warns of Potential Virus Outbreak in US

Oil prices graphic

Oil deepened a three-day rout as panic over a coronavirus outbreak in the U.S. gripped investors and sent shockwaves through commodity, equity and debt markets.

Jackie Davalos | Bloomberg News
February 25, 2020
Business, Fuel

Oil Extends Rally Above $50 Amid Signs Virus Spread Is Easing

Oil has extended its rally about $50 as fears of the coronavirus spread have eased. (Carina Johansen/Bloomberg News)

Oil extended its rebound above $50 a barrel as tentative signs that Asia’s coronavirus may be easing spurred speculation that the worst of crude’s sell-off could have passed.

Grant Smith | Bloomberg News
February 12, 2020
Business, Fuel

Coronavirus Has Oil Traders Seeking Ships to Hoard Unsold Crude

An Iranian oil tanker sits anchored off the Strait of Gibraltar in July 2019. An Iranian oil tanker sits anchored off the Strait of Gibraltar in July 2019. (Marcelo del Pozo/Bloomberg News)

Oil traders and sellers are making more inquiries for supertankers to hoard crude at sea in the latest indication of the crushing impact the coronavirus is having on demand in the world’s biggest importer.

Serene Cheong | Bloomberg News
February 5, 2020
Government, Business, Fuel

Canadian Oil Prices Bounce Back From One-Year Low

Jason Kenney, United Conservative Party leader and Premier-Designate, delivers a victory speech in April 2019. Jason Kenney, United Conservative Party leader and Premier-Designate, delivers a victory speech in April 2019. (Chris Bolin/Bloomberg News)

Canadian crude rebounded from a one-year low after inventories fell and Alberta’s premier pledged to defend prices.

Robert Tuttle | Bloomberg News
January 29, 2020
Business, Fuel

Oil’s Drop to Eight-Week Low Tempered by WHO Decision, Stock Draw

Oil's drop was tempered by WHO's decision not to declare China's coronavirus outbreak a global health emergency. Oil's drop was tempered by WHO's decision not to declare China's coronavirus outbreak a global health emergency. (Callaghan O'Hare/Bloomberg News)

Though oil slid to an eight-week low, the drop was tempered by an unexpected decline in U.S. crude inventories and as the World Health Organization opted against declaring the virus a global health emergency.

Jackie Davalos | Bloomberg News
January 24, 2020
Government, Business, Fuel, Logistics

Canadian Crude-by-Rail Shipments to Surge, Spurring Investment

Canadian National Railway Co. Western Canadian rail loadings had already climbed as high as 411,000 barrels a day in November despite a weeklong Canadian National Railway strike that disrupted shipments. Now they’re set to reach 550,000 barrels a day. (Brent Lewin/Bloomberg News)

Canadian shipments of crude by rail are poised to surge next year, spurring investment in new export infrastructure.

Robert Tuttle | Bloomberg News
December 19, 2019
Government, Business, Fuel

Saudi Aramco Gains 10% in Debut to Clinch Top Seat at $1.8 Trillion

Saudi Aramco debut Saudi Armco and stock market officials celebrate during the official ceremony marking the debut of Aramco's (IPO) on Riyadh's stock market in Riyadh, Saudi Arabia, on Dec. 11. (Amr Nabil/AP)

RIYADH, Saudi Arabia — Saudi Arabia’s oil company Aramco gained 10% in its first moments on the stock market Dec. 11 in a dramatic debut that held until closing and pushed its value up to $1.88 trillion, surpassing Apple as the largest listed company in the world.

Aya Batrawy | Associated Press
December 11, 2019

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