Oil Extends Drop as U.S. Stockpiles Rise, Saudis Pump at Record
Crude inventories rose 2.09 million barrels last week: API Saudi Arabia said to pump 10.67 million barrels a day in July Oil declined for a second day as weekly U.S. Continue Reading
Global glut of oil products threatens crude recovery
Gasoline and diesel stockpiles have swollen to record highs across the globe, leaving refiners and traders few places to dump excess supplies and threatening large-scale production cuts that could derail Continue Reading
Brent oil price held back by crude stored offshore Britain
The volume of crude held in floating storage off Britain’s coast has grown this year due to excess supply, trade sources say, helping to put a cap on some parts Continue Reading
Oil Falls on U.S. Production Forecast
Oil prices fell Tuesday as U.S. government forecasters raised their outlook for domestic production and traders grew skeptical that the Organization of the Petroleum Exporting Countries would consider production caps Continue Reading
Oil pares near 3-percent gains amid oil glut worries
Crude prices inched down on Tuesday in Asia, paring gains of nearly 3 percent from a day earlier, as worries over a global oil glut tempered speculation that OPEC would Continue Reading
Morgan Stanley: Oil To Fall To $35 In A Few Weeks
Oil Tanker Morgan Stanley’s Adam Longson has been one of the most bearish sell-side analysts on oil, and overnight he confirmed he isn’t going to change his opinion any time Continue Reading
Oil Price Retreat Likely Temporary, But OPEC Weighing Its Options
Recent volatility in oil price based on technical issues, questionable announcements and is ultimately, no reason to panic, analysts say. Coming off a turbulent week in which oil prices dropped Continue Reading
The World’s Energy Engine Is Slowing
China’s daily crude imports drop to lowest in six months Coal, natural gas imports slip in July from previous month China’s imports of crude oil, coal and natural gas slowed Continue Reading
U.S. Special Operations troops aiding Libyan forces in major battle against Islamic State
U.S. Special Operations forces are providing direct, on-the-ground support for the first time to fighters battling the Islamic State in Libya, U.S. and Libyan officials said, coordinating American airstrikes and Continue Reading
Power cuts in Basra over unpaid bills
For the second time in two months, residents of Iraq’s oil capital are suffering severe power outages because the government cannot pay its bills. Turkey’s Karkey Company, a subsidiary of Continue Reading