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Oil Extends Its Decline as Growth Concerns Stoke Mammoth Drop

(Bloomberg) — Oil dropped below $100 a barrel, with Goldman Sachs Group Inc. saying that a plunge driven by fears a recession will hurt demand was overdone. West Texas Intermediate fell as much as 1.9% to trade around $98 a barrel. Brent crude fell over more than $10 on Tuesday, its third-largest ever in dollar […]

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Oil Swings as Traders Grapple With Recession Concerns, Demand

(Bloomberg) — Oil fluctuated as investors weighed concerns that a global slowdown will erode demand against still-solid physical market signals. West Texas Intermediate rose toward $109 a barrel after dropping more than 1% earlier in the session. Trading volumes will likely be weaker than usual on Monday given the holiday in the US for the […]

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JPMorgan Sees ‘Stratospheric’ $380 Oil on Worst-Case Russian Cut

(Bloomberg) — Global oil prices could reach a “stratospheric” $380 a barrel if US and European penalties prompt Russia to inflict retaliatory crude-output cuts, JPMorgan Chase & Co. analysts warned. The Group of Seven nations are hammering out a complicated mechanism to cap the price fetched by Russian oil in a bid to tighten the […]

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Oil Creeps Up as Markets Tighten Before Double Dose of US Data

(Bloomberg) — Oil edged higher for a fourth day as shipments from key Libyan ports were suspended, the latest factor compounding market tightness. West Texas Intermediate edged above $113 a barrel after gaining over the previous three sessions. Libya’s state oil company has suspended shipments from two key eastern ports amid renewed disruption in the […]

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Crude Oil Buckles as Recession Angst Rattles Commodity Investors

(Bloomberg) — Oil sank as investors weighed escalating concerns that the US may be headed for a recession, while the Biden administration prepared to step up its fight against lofty pump prices by calling for a tax holiday on gasoline. West Texas Intermediate tumbled toward $104 a barrel, echoing last week’s retreat, with prices falling […]

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Oil Steadies as Traders Weigh Outlook for Demand, Fed’s Path

(Bloomberg) — Oil steadied in Asia — after plunging almost 7% on Friday — as traders weighed prospects for higher near-term demand against concerns that aggressive US monetary tightening will lead to a recession. West Texas Intermediate traded above $109 a barrel after tumbling by the most since early April last week as escalating worries […]

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Exxon Mobil Shares Zoom From Multi-Decade Low to Record High

(Bloomberg) — Exxon Mobil Corp. shares rose to the highest intraday level ever Wednesday and are on track to close at a record, stoked by an almost 60% surge in crude prices that’s lifting oil supermajors and complicating efforts to fight global inflation. North America’s largest oil company traded as high as $105 in New […]

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Oil Swings After Hitting Three-Month High on Saudi Price Hike

(Bloomberg) — Oil fluctuated after top exporter Saudi Arabia signaled confidence in demand with a bigger-than-expected price increase of its crude for Asia. West Texas Intermediate switched between gains and losses after earlier topping $120 a barrel to trade near a three-month high. Saudi Arabia boosted its official selling prices for Asian customers in July […]

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Oil Slides on Report Saudi Arabia Prepared to Boost Production

(Bloomberg) — Oil tumbled below $113 a barrel following a report that Saudi Arabia is ready to pump more should Russian output decline substantially due to increasing sanctions over its invasion of Ukraine. West Texas Intermediate futures slumped as much as 3% in Asian trading after closing higher on Wednesday. The Financial Times reported that […]

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Oil Rally Evaporates After Touching the Highest Since March

(Bloomberg) — Oil’s rally fizzled following a report that OPEC members are exploring the idea of exempting Russia from its oil-production deal, which could open the door for other producers to pump more oil. West Texas Intermediate futures in New York shed nearly all of its gains to settle under $115 after earlier rising almost […]

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$4.2 Billion Deal to Create Oil Tanker Giant

(Bloomberg) — Frontline Ltd. and Euronav NV are considering an all-stock merger that would produce the world’s biggest tanker fleet, just as Russia’s invasion of Ukraine drives a recovery in the market. The creation of a tanker behemoth — capable of carrying the equivalent of about 100 days of German daily oil demand — would […]

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