Oil prices slip as short-covering rally fizzles
Oil prices dipped on Friday, ending a two-day rally, as a glut of crude and refined products weighed on markets and investors eyed a possible stutter in China’s imports. U.S. Continue Reading
Oil Prices Decline on Crude Stocks Growth
Oil prices slipped on Thursday, after a sharp fall in U.S. gasoline stocks was outweighed by an increase in crude stocks. Brent crude, the global oil benchmark, fell 0.7% to Continue Reading
Oil prices give up early gains as oversupply weighs
Oil prices slipped after gains earlier on Thursday and the previous day as overproduction and large volumes of unsold crude and ample refined products around the world weighed on markets. Continue Reading
Oil Soars 6 % As Andy Hall Warns Of A “Violent Reversal”
WTI Crude is up over 6 percent in 24 hours since yesterday’s surprise build (and production cut), as the machines squeeze out an over-exuberant short positioning once again. However, just Continue Reading
Crude Slump Sees Oil Majors’ Debt Burden Double to $138 Billion
Net debt for top five oil firms has risen tenfold since 2008 Big oil companies tell investors debt load will rise further When commodity prices crashed in late 2014, oil Continue Reading
Major Banks Growing More Bearish On Oil Prices
The renewed downturn in oil prices has forced major banks to slash their price forecasts for 2017 as a new bear market induces heightened pessimism. The Wall Street Journal surveyed Continue Reading
OPEC’s New Chief Says Oil Above $100 a Barrel Was ‘Abnormal’
Oil above $100 was ‘unsustainable’ risk to economy: Barkindo Rise in U.S. rigs unlikely to boost output or hurt price: OPEC Oil’s climb above $100 a barrel before prices crashed Continue Reading
Angolan/OPEC Relations: Toxic or Worse?
On Tuesday, news broke of Angola’s decision to back out of a deal with Cobalt International Energy to purchase an oil discovery for $1.8 billion. Sonangol, Angola’s state energy firm, Continue Reading
Amid economic hard times, Venezuelans turn to city farming
Facing a national food crisis, Venezuela’s pumpkin-growing socialist president is exhorting compatriots to grow fruit and vegetables on balconies and roofs and in barracks across the country. His government’s “Great Continue Reading
Continental Resources expecting production gains
Though reporting both a net loss for the second quarter and declining output, U.S. shale player Continental Resources raised its forecast for production. Continental said in emailed results for the Continue Reading