Wednesday, August 19, 2026
Oil up on weak dollar though U.S.-China tensions, virus weigh- oil and gas 360

Oil up on weak dollar though U.S.-China tensions, virus weigh

Reuters SINGAPORE/LONDON  – Oil prices edged higher on Monday helped by a weak dollar and expected U.S. stimulus measures but gains were capped by rising global coronavirus cases and tensions between the United States and China. Brent crude LCOc1 rose 32 cents, or 0.7%, to $43.66 a barrel by 1205 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 was

Early 2020 drop in crude oil prices led to write-downs of U.S. oil producers’ assets

EIA According to publicly filed financial statements, 40 U.S. oil producers collectively wrote down $48 billion worth of assets in the first quarter of 2020, the largest quarterly adjustment since at least 2015. Low crude oil prices contributed to significant declines in revenue and the value of these companies’ proved reserves. Write-downs reflect negative adjustments in asset values, for example, when a producer acknowledges the