Crude Oil Prices – Page 3

Oil jumps ahead of OPEC-led talks on output cuts

April 8, 2020

CNBC Oil prices jumped on Wednesday, supported by hopes that a meeting between OPEC members and allied producers on Thursday will trigger output cuts to shore up prices that have collapsed due to the coronavirus pandemic. Thursday’s videoconference meeting between the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia is expected to be more successful than their gathering in March, which

OPEC+ debates biggest-ever oil cut as virus destroys demand

April 3, 2020

Reuters DUBAI/LONDON/MOSCOW – OPEC and its allies are working on a deal for an unprecedented oil production cut equivalent to around 10% of global supply, an OPEC source said after the U.S. president called on producers to stop the market rout caused by the coronavirus pandemic. The meeting of OPEC and allies such as Russia has been scheduled for Monday,

Oil prices rise on stimulus package, fuel demand sinks

March 25, 2020

Reuters NEW YORK – U.S. crude prices rose slightly on Wednesday, bolstered by progress on a massive pending U.S. economic stimulus package, but government data shows the coronavirus pandemic started to hurt U.S. fuel demand last week. Demand for oil products, especially jet fuel, is falling dramatically as governments globally announce nationwide lockdowns to slow the spread of coronavirus. Fuel

Plunging oil prices might be just what U.S. gas drillers needed

March 9, 2020

Houston Chronicle As the collapse of OPEC+ talks on production cuts sent energy stocks into a tailspin, one corner of the industry defied the rout: U.S. natural gas drillers. Shares of gas producers including Cabot Oil & Gas Corp., Southwestern Energy Co., Range Resources Corp. and EQT Corp. climbed on speculation that the nosedive in crude prices will force oil

Oil prices edge down as traders assess China’s oil demand, await OPEC+ cuts

February 10, 2020

BOE Report Oil prices edged down on Monday but held recent ranges as traders assessed China’s oil demand following the coronavirus outbreak and awaited a decision by major producers to cut output further to balance markets. Oil is off more than 20% from peaks struck in January after a spreading virus hit demand in the world’s largest oil importer and

Gasoline prices are falling again

January 20, 2020

Houston Chronicle Prices at the pump are falling once again now that crude oil prices have stabilized below $60 per barrel in the United States. The average cost of a gallon of regular unleaded in the Houston area dipped by nearly 3 cents last week down to $2.19, while the national average fell 2 cents to $2.55 per gallon. Prices

Oil back in positive territory ahead of U.S.-China trade deal

January 14, 2020

Reuters LONDON – Global oil benchmark Brent crude rose to more than $64.50, recovering from four days of declines on easing Middle East tensions, as the United States and China prepared to sign a preliminary trade deal. Brent crude LCOc1 gained 43 cents, or 0.7%, to $64.63 a barrel by 1507 GMT. U.S. West Texas Intermediate crude futures CLc1 rose

Oil falls 1% as Mideast tensions ease, U.S. gasoline stocks weigh

January 13, 2020

Reuters HOUSTON – Oil prices fell about 1% on Monday as Middle East tensions eased and investors turned their focus to lackluster seasonal demand following a bearish U.S. report last week showing a large gasoline stockbuild. Brent crude LCOc1 was down 64 cents at $64.34 per barrel at 9:59 a.m. CST (1559 GMT), while West Texas Intermediate (WTI) crude CLc1

Gasoline price fears stoked by Iran may still roil election

January 10, 2020

Houston Chronicle Donald Trump’s decision to authorize the killing of an Iranian general and reignite Middle East tensions briefly roiled energy markets and underscored a U.S. political reality: Higher gasoline prices can tip elections. The president, who is counting on a robust economy to win re-election in November and maintain Republican control of the Senate, is banking on record-shattering surges

Despite Trump’s claim, U.S. still needs Middle East oil

January 9, 2020

Houston Chronicle President Donald Trump said during an address from the White House Wednesday that the U.S. no longer needs oil from the Middle East, but American refineries still use the kind of oil that region produces. Thanks to booming shale production, the U.S. reduced shipments from the Persian Gulf to a 30-year low last year. Still, Middle East crude

Oil above $61 amid Middle East tensions, shrinking stockpiles

January 3, 2020

Houston Chronicle Oil settled above $61 a barrel after posting its biggest annual gain in three years amid elevated tensions in the Middle East and signs that U.S. crude stockpiles fell further. Futures in New York rose Thursday but are set to post the first weekly decline in five weeks. Defense Secretary Mark Esper said Thursday that the U.S. was

Oil set for strongest year since 2016 on OPEC cuts, trade truce

December 31, 2019

Houston Chronicle Oil in New York headed for its biggest annual increase since 2016, as OPEC’s production cuts tempered supplies while a trade pact between the U.S. and China buoyed the outlook for demand. West Texas Intermediate futures have climbed 36% this year, and were trading above $61 a barrel on Tuesday. Prices have picked up in the past few

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