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The ongoing oil selloff is probably not happy news for OPEC+, which announced on Sunday that it would continue to cut supplies by 2 million barrels a day to firm up prices.
“There’s a much much larger risk of a big price drop to $50 or $60 than there is to something like the $80+ range," Tom Kloza, OPIS global head of energy analysis told Yahoo Finance.
Libya doesn’t have a quota and is now producing about 1.1 million barrels of oil per day. Iran is producing 3.2 million, and the oil minister said he wants to get to 3.6 million by the end of ...
If correct, that would be the first time energy firms pulled oil out of storage for four weeks in a row since August, and would compare with an increase of 2.9 million barrels in the same week ...
Brent is on course to finish the week 1.7% higher, a notable turnaround after it fell 11.3% last week, logging its biggest weekly drop since March. Price rises this week put Brent back on course ...
Despite Friday's upward move, oil is still headed for a weekly loss after futures plunged more than 6% on Monday in their biggest daily drop in more than two years after an Israeli strike against ...
Oil prices fell more than 3% amid rising inventories and a diplomatic push for a ceasefire between Israel and Hamas. On Wednesday West Texas Intermediate ( CL=F ) declined for a third day in a row ...
Oil reversed earlier declines Wednesday after new data showed US inventories fell last week, but futures are still down roughly 8% from their April peak. ... a surprise fall of 1.4 million barrels ...