FILE PHOTO: An oil pump jack pumps oil in a field near Calgary, Alberta, Canada on July 21, 2014. REUTERS/Todd Korol TOKYO (Reuters) – Oil rose on Tuesday amid hopes that the world’s biggest producers of crude will agree to curtail production as the coronavirus pandemic ravages the global economy, Continue Reading
Oil
Ten signs the oil industry is bent out of shape
(Reuters) – The oil industry has been hit by a simultaneous demand and supply shock in March as the coronavirus pandemic cuts fuel consumption and top producer Saudi Arabia raises output to full capacity to fight a price war with rivals. FILE PHOTO: The sun sets behind a crude oil Continue Reading
Saudi Arabia, Russia raise stakes in oil standoff
DUBAI/MOSCOW (Reuters) – Saudi Arabia said on Tuesday it would increase its crude oil supply to a record high, raising the stakes in its price war with Russia and effectively rejecting Moscow’s overtures for new talks. FILE PHOTO: Saudi Aramco logo is pictured at the oil facility in Khurais, Saudi Continue Reading
Asian shares hit 18-month top in festive cheer; oil, gold hold gains
SYDNEY (Reuters) – Asian shares jumped to an 18-month high on Friday while gold and oil prices stayed buoyant in a holiday-shortened week, as investor optimism was boosted by hopes a U.S.-China trade deal would soon be signed. FILE PHOTO: A man is reflected on a stock quotation board outside Continue Reading
‘Broken system’ starves U.S. oil boom of immigrant workers
HOBBS, N.M. (Reuters) – New Mexico oil man Johnny Vega laid out his predicament as his crew hoisted pipes from a well during the biggest oil boom in U.S. history. FILE PHOTO: Oil field worker, Miguel Holguin, operates a swabbing rig in a field in Seminole, TX, U.S. September 19, Continue Reading
Oil soars after Saudi facility attacks, weak China data hits shares
SYDNEY (Reuters) – Oil surged to four-month highs on Monday after weekend attacks on crude facilities in Saudi Arabia sparked supply fears, while shares in Asia extended losses as bleak economic data from China sapped investors’ risk appetite. FILE PHOTO – Passersby are reflected on a stock quotation board outside Continue Reading
Oil gains a fifth day after U.S. stockpile drop amid rate optimism
TOKYO (Reuters) – Oil prices rose for a fifth day on Wednesday, buoyed by a bigger-than-expected drop in U.S. inventories and as investors awaited a widely expected cut in interest rates by the Federal Reserve, the first in more than 10 years. FILE PHOTO: A wastewater injection well owned by Continue Reading
Oil prices edge higher on Chinese economic data
LONDON (Reuters) – Oil prices rose slightly on Monday as Chinese industrial output and retail data topped expectations but gains were capped by overall figures showing the country’s slowest quarterly economic growth in decades. A horizontal drilling rig on a lease owned by Parsley Energy operates at sunrise in the Continue Reading
Oil hits six-week high on Gulf of Mexico storm, Iran tensions
LONDON (Reuters) – Oil prices hit a six-week high on Thursday as oil rigs in the Gulf of Mexico were evacuated ahead of a storm, while an incident with a British tanker in the Middle East highlighted tensions in the region. FILE PHOTO: An oil pump is seen at sunset Continue Reading
Oil prices dip on signs of slowing U.S. demand, economic concerns
LONDON (Reuters) – Oil prices fell on Thursday, weighed down by data showing a smaller-than-expected draw on U.S. crude stockpiles along with worries about the global economy. FILE PHOTO: Pumpjacks are seen against the setting sun at the Daqing oil field in Heilongjiang province, China December 7, 2018. Picture taken Continue Reading