Oil rises, but ends wild week lower as coronavirus slashes fuel demand
Crude futures rebounded late in the day after U.S. rig count figures showed producers aggressively pulling back on drilling.
Brent LCOc1 futures rose 11 cents, or...
Drowning in crude, U.S. drillers say Trump strategic reserve plan is no lifeline
Trump announced his intention to fill the U.S. Strategic Petroleum Reserve “to the top” on March 13 as global oil prices went into freefall during the coronavirus outbreak as...
Oil hits lowest this century as coronavirus crisis hammers demand
A glut has been building since OPEC+, led by Saudi Arabia and Russia, failed to renew output cuts last month. OPEC+ agreed new curbs this month, but government lockdowns...
Oil price plunge below zero sends ‘oil tourists’ on wild ride
Since then it has been a wild ride with prices plummeting far below $0 a barrel for the first time in history on Monday. While he is down now,...
Record wide gap opens in U.S. oil futures contracts
That gigantic spread CLc1-CLc2 is the result of the shocking fall in demand due to the coronavirus pandemic and glut of global crude supply hitting the markets simultaneously. While...
Oil prices rise after sharp losses caused by U.S. stockpile surge
With official data showing U.S. inventories surging the most on record, U.S. West Texas Intermediate (WTI) fell on Wednesday to its lowest since February 2002, while Brent fell by...
Russian oil majors examine assets for cuts, some may be lost forever
The Organization of the Petroleum Exporting Countries and other oil nations including Russia, the group known as OPEC+, agreed to their deepest oil cut ever - 10 million barrels...
Oil slips as producer cuts fail to banish demand fears
Brent LCOc1 futures fell 8 cents, or 0.3%, to $31.66 a barrel by 1045 GMT after settling 0.8% up on Monday. U.S. West Texas Intermediate (WTI) crude CLc1 was...
Russia hails oil deal it says will save millions of U.S. jobs
Having been in a stand-off with western nations - most notably the United States - from 2014 on everything from Crimea’s annexation from Ukraine to allegations of election meddling,...
U.S. banks prepare to seize energy assets as shale boom goes bust
JPMorgan Chase & Co, Wells Fargo & Co, Bank of America Corp and Citigroup Inc are each in the process of setting up independent companies to own oil and...
