(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 […]
Read More(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 […]
Read More(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 […]
Read More(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 […]
Read More(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 […]
Read More(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 […]
Read More(Bloomberg) — Oil posted its biggest weekly loss in more than 10 years after the Biden administration ordered an unprecedented release of U.S. strategic reserves to tame rampant prices. West Texas Intermediate dropped 1% on Friday and over $14 dollars this week, the most since 2011. The U.S. plans to release 1 million barrels a […]
Read More(Bloomberg) — Visa Inc. and Mastercard Inc. are planning a raft of changes to rules for gas stations to allow larger transactions after a surge in fuel prices across the U.S. made it hard for some drivers to fill up using credit cards. Many gas stations have a $125 limit for Visa transactions at the […]
Read More(Bloomberg) — Oil posted its first weekly gain in three weeks as the European Union continued to debate how it can decrease its reliance on Russian exports and Saudi Arabian energy assets came under attack. Futures in New York gained $9.20 this week, the second biggest dollar gain since 2011. Oil reversed its losses earlier […]
Read More(Bloomberg) — One year after Wells Fargo & Co. became one of the last big U.S. banks to make a net-zero promise, essentially marking its enormous oil and gas loan business for extinction, the bankers who dole out billions of dollars to fossil fuel aren’t panicking. The specialists in oil and gas have worked through […]
Read More(Bloomberg) — Crude futures dipped lower as the United Arab Emirates called on its fellow OPEC+ members to boost oil output faster. Brent extended earlier losses to fall as much as 7.1% Wednesday after the UAE said it will call on its fellow OPEC+ members to increase output faster. The statement marks a dramatic U-turn […]
Read MoreWith gasoline prices poised to reach a new all-time high within days, President Joe Biden recently issued a stern warning to the nation’s oil producers and gas retailers. “American oil and gas companies should not – should not exploit this moment to hike their prices to raise profits,” Biden said in a speech. Are they, […]
Read More(Bloomberg) — Oil soared in Asia — jumping as much as 18% early in the session — after reports that the U.S. was discussing a ban on Russian crude imports sent shock waves through an already-reeling market. Brent quickly pared around half those gains to trade near $130 a barrel, a level that’s still exacerbating […]
Read More(Bloomberg) — Traders piled into options that oil could surge even further after rising to the highest since 2008, with some even placing low-cost bets that futures will rise above $200 before the end of March. Prices to buy call options for higher crude prices surged Monday as the market assessed the possibility of a […]
Read More(Bloomberg) — Historically, a surge in crude-oil prices of this magnitude have ended U.S. economic expansions and tipped the U.S. economy into recession, according to Pictet Asset Management. In the past 50 years, every time oil prices, adjusted for inflation, rose 50% above trend, a recession followed, data from Luca Paolini, chief strategist at Pictet, […]
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