oil prices

Business, Fuel

Oil Edges Up After US Crude Supplies Shrink Most This Year

oil refinery Emissions rise from the Royal Dutch Shell Norco Refinery in Norco, La. (Luke Sharrett/Bloomberg)

Oil was propped up by the biggest decline in U.S. crude inventories this year, signaling a bright spot in a market weakened by COVID-19.

Anres Guerra Luz | Bloomberg News
July 29, 2020
Government, Business, Fuel

Falling Oil Prices May Stem Demand for Trucks, Experts Warn

oil tank truck Christina Mendenhall/Bloomberg News

The rapid plunge in oil prices could cut into sales of both tractors and liquid tank trailers as well as the trucks that haul fossil fuel extraction equipment, experts said.

Jerry Hirsch | Contributing Writer
March 25, 2020
Government, Business, Fuel

US Oil Output to Fall Next Year for First Time Since 2016

oil pump in North Dakota A pumpjack operates above an oil well at night in the Bakken Formation on the outskirts of Williston, N.D. (Bloomberg)

U.S. oil output will average 12.7 million barrels a day in 2021, down from an expected 13 million barrels this year, the Energy Information Administration said March 11.

Stephen Cunningham | Bloomberg News
March 11, 2020
Government, Business, Fuel

Oil Traders Are Big Winners in Saudi-Russia Price War

Oil refinery in Russia A worker overlooks the Novokuibyshevsk oil refinery plant, operated by Rosneft PJSC, in Russia. (Andrey Rudakov/Bloomberg)

Saudi Arabia and Russia’s price war is handing over a multibillion-dollar profit opportunity to the world’s largest oil traders.

Javier Blas | Bloomberg News
March 11, 2020
Government, Business, Fuel

Saudi Arabia Increases Oil Output to Record High

Masked person at Saudi Aramco A security person wears a mask as he checks vehicles entering a compound for Saudi Aramco in Jiddah, Saudi Arabia, on March 9. (Amr Nabil/AP)

DUBAI, United Arab Emirates — Saudi Arabia’s state-run oil giant Saudi Aramco said March 10 it would increase its crude oil production to 12.3 million barrels a day in April, a record amount.

Jon Gambrell | Associated Press
March 10, 2020
Government, Business, Fuel

Global Markets Pick Up After Plunge on Coronavirus, Oil

Maked woman walking by statue A woman wearing a face mask walks by the investment icon bull statue on display outside a bank in Beijing on March 10. (Andy Wong/AP)

BEIJING — Global stock markets rebounded March 10 from record-setting declines after U.S. President Donald Trump said he would ask Congress for a tax cut and other measures to ease the pain of the spreading coronavirus outbreak.

Joe McDonald | Associated Press
March 10, 2020
Government, Business, Fuel

Stocks, Oil Plunge Over Global Fight for Crude Production

Man in mask in Hong Kong A man wearing a mask walks past a share index board outside a bank in Hong Kong. (Kin Cheung/AP)

BEIJING — Global stock markets and oil prices plunged March 9 after a fight among major crude-producing nations jolted investors who already were on edge about the surging costs of a virus outbreak.

Joe McDonald | Associated Press
March 9, 2020
Government, Business, Fuel

Oil Demand to Drop This Year for First Time Since 2009, IEA Says

oil drilling rig Luke Sharrett/Bloomberg News

Global oil demand will decline this year for the first time since the 2009 financial crisis as the coronavirus slams the world economy.

Grant Smith | Bloomberg News
March 9, 2020
Government, Business, Fuel

Oil Plummets in Worst Week Since 2008 Amid Coronavirus Panic

Persian Gulf oil platform Gas flares burn from pipes aboard an offshore oil platform in the Salman Oil Field near Lavan island, Iran. (Ali Mohammadi/Bloomberg)

Oil plunged to the lowest level in 14 months as panic from the fast-spreading coronavirus spiraled global markets deeper into losses for the seventh straight day.

Jackie Davalos | Bloomberg News
February 28, 2020
Government, Business, Fuel

Oil Set for Biggest Weekly Loss Since July as Mideast Risk Eases

Protesters in Tehran Protesters demonstrate over the U.S. airstrike in Iraq that killed Iranian Revolutionary Guard Gen. Qassem Soleimani in Tehran, Iran, on Jan. 3. (Ali Mohammadi/Bloomberg)

Oil is headed for its biggest weekly loss since July as the prospect of an immediate confrontation between the U.S. and Iran abated, allaying fears of disruption to Middle East energy supplies.

Sharon Cho and Grant Smith | Bloomberg News
January 10, 2020