oil

Business

Oil Jumps as Lebanon Explosion Signals Geopolitical Instability

Oil Oil in storage in the United States. (Daniel Acker/Bloomberg News)

Oil extended its rally and hit a two-week high after an explosion at Lebanon’s main port rocked the capital Beirut, pointing to geopolitical instability in the region.

Andres Guerra Luz | Bloomberg News
August 4, 2020
Government, Business, Fuel

Oil Rises With Signs of Economic Recovery Buoying Demand

Oil worker A worker in the Permian basin outside of Midland, Texas. (Brittany Sowacke/Bloomberg News)

Oil rose the most in nearly two weeks as economic data from the U.S. to Europe and Asia signaled a flicker of life in languishing demand.

Andres Guerra Luz | Bloomberg News
August 3, 2020
Business, Fuel

Oil Rallies With Strong Jobs Data Adding to OPEC+ Cut Optimism

Oil headed for a sixth weekly gain after OPEC+ reached a tentative agreement to prolong its record production cuts and U.S. jobs data was better than expected.

June 5, 2020
Government, Business, Fuel, Breaking News

Oil Price Turns Negative in Historic First; Diesel’s Decline Continues

Price of diesel continues slipping Tanker trucks are filled with gasoline at the Valero Energy Corp. oil refinery in Memphis, Tenn. (Luke Sharrett/Bloomberg News)

The price of oil dropped to its lowest level in history April 20, sinking into negative pricing as oil supplies are beginning to overwhelm the globe’s storage capacity.

Dan Ronan | Associate News Editor
April 20, 2020
Government, Business, Fuel

Trump Negotiating to Lease Oil Storage Space to Nine Companies

Oil Storage Space Oil storage tanks in Cushing, Okla. (Dan Acker/Bloomberg News)

The U.S. Energy Department is negotiating with nine companies to rent about 23 million barrels of oil storage capacity in its Strategic Petroleum Reserve as part of a Trump administration bid to help drain the country’s growing glut of crude.

April 14, 2020
Government, Business, Fuel, TCA

Singapore Shipping Liner Fined for Dumping Oil in Pacific

An aerial view of an oil tanker. An aerial view of an oil tanker. (Suriyapong Thongsawang/Getty Images)

A shipping company was ordered to pay a $1.65 million fine and given four years’ probation after one of its vessels was caught dumping oil bilge water into the Pacific Ocean, a short distance from the Golden Gate Bridge.

Nate Gartrell | Palo Alto (Calif.) Daily News
March 23, 2020
Government, Business, Fuel

Trump Orders US to Stock Up Oil Reserve After Price Crash

President Trump holds March 13 press conference Scene from March 13 press conference at the White House. (Evan Vucci/AP)

President Donald Trump ordered U.S. energy officials to purchase “large amounts” of oil to fill up the nation’s emergency reserve after the biggest price crash in a generation.

March 14, 2020
Government, Business

Oil Falls Further After Travel Ban Deals Blow to Demand

Employee walks past crude oil storage tanks  in Saudi Arabia An employee walks past crude oil storage tanks at the Juaymah Tank Farm in Saudi Aramco's Ras Tanura oil refinery and oil terminal in Ras Tanura, Saudi Arabia. (Simon Dawson/Bloomberg News)

Oil headed for the biggest weekly decline since 2008 after President Donald Trump said the U.S. would restrict travel from Europe for the next 30 days in an attempt to contain the coronavirus, pummeling fuel demand.

March 12, 2020
Government, Business, Fuel

America’s Days as Net Oil Exporter Numbered Amid Price Rout

Oil tanker An oil tanker loads at a dock near refineries at the Port of Corpus Christi in Texas. (Eddie Seal/Bloomberg News)

America’s nascent status as a net petroleum exporter is already at risk as plunging oil prices threaten domestic production and give a leg-up to the world’s biggest producers.

Sheela Tobben | Bloomberg News
March 9, 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

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