oil News Updates

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.

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.

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.

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.

Oil advanced for a second day after an OPEC+ committee recommended a larger supply cut to offset lost demand from the spread of the coronavirus.

NEW YORK — With the coronavirus outbreak spreading to more countries, the price of oil has dropped precipitously as global demand weakens even further.

Oil ended the session Feb. 18 flat after U.S. sanctions on Russia’s largest oil producer helped to erase losses driven by lingering concerns that coronavirus will cut demand.

Oil gained for a fourth session, the longest rising streak this year, amid signs that the worst impacts of the coronavirus outbreak may be easing.

The International Energy Agency expects demand for oil to fall in the first quarter as a result of the virus outbreak that emanated in China. Any fall would represent the first quarterly decline in a decade.

Oil traders in Asia are expecting refineries to cut operating rates and extend shutdowns as the spread of coronavirus stops people from flying or traveling by road.