CNBC Chevron CEO Michael Wirth told CNBC on Thursday that oil prices may not reach $100 for a “long time” thanks to the boom in U.S. shale production. “Oil markets have really changed over the last decade or so,” Wirth said on “Squawk Box” from the World Economic Forum in Davos, Switzerland. “We’ve moved from a period of time where there was a
Reuters NEW YORK – UPDATED– Oil prices fell 3% on Thursday on concern that the spread of a virus from China could lower fuel demand if it stunts economic growth, but losses were limited by a drawdown in U.S. crude inventories. Brent crude LCOc1 futures fell $1.70, or 2.7%, to $61.51 a barrel by 1:03 p.m. EST (1803 GMT). The
Reuters NEW YORK (Reuters) – Oil prices fell more than 2% on Wednesday as a market surplus forecast by the International Energy Agency (IEA) and demand worries outweighed concern over disruptions to Libya’s crude output. Brent crude LCOc1 was down $1.39, or 2.2%, at $63.20 a barrel by 11:09 a.m. ET (1609 GMT). West Texas Intermediate CLc1 fell $1.46, or
Houston Chronicle Oil erased most of its loss for the week, as the price gain after the signing of the U.S.-China trade agreement offset signs that supplies remain plentiful. The phase-one deal committed Beijing to $52.4 billion in additional purchases of American energy in the next two years. The easing of trade hostilities, combined with a solid start to
Reuters LONDON/TOKYO – Oil rose on Thursday as the long-awaited Phase 1 trade deal between the United States and China brought some relief to markets, but the gains were capped after the International Energy Agency said it expected oil production to outpace demand. Brent LCOc1 was up 50 cents, or 0.8%, to $64.50 a barrel by 1449 GMT, and West
Houston Chronicle Oil 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. Futures initially soared to an eight-month high above $65 a barrel in New York on Jan. 8 as Washington and Tehran faced-off after the killing of a
Reuters NEW YORK – Investors are worrying that rising energy costs due to an escalating conflict between the United States and Iran that has caused a spike in oil prices will hurt U.S. corporate earnings. Oil prices briefly jumped to four-month highs overnight after Iran launched missiles at U.S.-led forces in Iraq, but retreated after signs that further military action
CNBC The biggest black swan event in the oil market is a disruption to the most critical chokepoint in the Middle East, according to an analyst from S&P Global Platts. “The market is extremely exposed to any disruption to vessel traffic in the Strait of Hormuz,” Dave Ernsberger, the firm’s global head of commodities pricing, told CNBC’s “Capital Connection” Thursday. Source: CNBC The Strait of Hormuz
CNBC Oil prices would skyrocket if Iran moved to completely cut off the Strait of Hormuz, energy analysts told CNBC on Wednesday. Elevated geopolitical tensions have sparked fears of a widening conflict in the Middle East, with energy market participants increasingly concerned that the fallout could soon disrupt regional crude supplies. Source: CNBC It has thrust the world’s most important
Reuters LONDON – Brent oil futures fell on Wednesday from a four-month peak hit in frenzied early trading after a rocket attack by Iran on American forces in Iraq appeared to have no impact on oil infrastructure or crude flows. Tweets by U.S. President Donald Trump and Iran’s foreign minister also seemed to signal a period of calm – for
Houston Chronicle Oil held above $60 a barrel before U.S. government data forecast to show that crude stockpiles declined again, mitigating concerns that global markets face a renewed surplus next year. Futures rose 0.4 percent in New York. American crude inventories fell by 1.7 million barrels last week, according to a Bloomberg survey before Energy Information Administration data on Friday
Reuters LONDON – Oil prices hovered near three-month peaks on Thursday, buoyed by falling U.S. crude inventories and thawing trade relations between the United States and China. Brent crude futures were up 19 cents at $66.36 a barrel at 1447 GMT, heading for their sixth straight day of gains. U.S. West Texas Intermediate (WTI) crude rose 7 cents to $61.00
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