Oil in New York briefly rose above $50 for the first time since May after OPEC said the group and its partners will meet next week to discuss why some nations are falling behind on their pledge to cut production.
As pessimism over oil dissipates and investors flirt with $50 a barrel again, short-sellers are getting out of the way.
The Trump administration may have to reconsider its proposal from earlier this month to curb biofuel use after a U.S. appeals court in Washington ruled that the Environmental Protection Agency doesn’t have the authority to cut quotas while citing inadequate domestic supply.
Representatives of some OPEC and non-OPEC nations will meet in Abu Dhabi on Aug. 7-8 to discuss why some of them are falling behind in their pledges to cut production, according to an OPEC statement.
Oil headed for its biggest weekly gain in a month as sliding U.S. inventories and signs of stronger demand raise speculation a supply glut in the world’s biggest consumer may ease.
Caution lights are flashing for the oil industry.
Brent crude could potentially drop to $40 a barrel or below in the first quarter of 2018 without deeper output curbs by OPEC, according to an oil analyst at industry consultant JBC Energy GmbH.
Oil extended gains from the highest close in seven weeks as industry data showed US crude stockpiles plunged, easing a glut.
Big Oil is starting to beat the crude-market slump as the industry rediscovers how to make money at lower prices.
Petronas’ decision to back out of a giant gas-export project on Canada’s Pacific Coast is the latest hit to the country’s energy sector -- and to Prime Minister Justin Trudeau’s plan of balancing energy exports and climate action.
Barclays sold the last part of its oil book to an unidentified buyer, triggering a surge in trading of exotic options written in the era of higher crude prices, according to people familiar with the matter.
Oil’s bear market may finally be taking its toll on the shale boom.
Oil extended gains toward $47 a barrel as Saudi Arabia promised deep cuts to crude exports next month to help ease a global glut.
The biggest US oil-import hub wants to grab a piece of surging North American crude exports.
Saudi Arabia, OPEC’s biggest oil producer, plans to step up pressure on nations that aren’t complying with their commitment to cut output, including a proposal to start monitoring exports.
Oil rose as Saudi Arabia said it would make deep cuts to its crude exports in August and encourage better compliance with supply reductions from other producers.
Limiting oil output from Nigeria and Libya won’t be on the agenda when OPEC and other producers meet on Monday, with both African nations saying they’ll need to keep pumping at a higher level before they can join a global effort to stem a supply glut, according to two people familiar with the planned talks.
Oil edged toward its second weekly increase as OPEC and its allies prepare to review their plan to clear a global glut that hasn’t worked as they hoped.
OPEC and Russia’s plan to clear the global oil glut hasn’t worked as they hoped, but there’s little expectation the world’s largest producers will act more aggressively when they meet this weekend.
Oil climbed above $50 a barrel in London for the first time in six weeks after further declines in US crude and gasoline inventories eased concerns over a global glut.
Total is in talks with Myanmar to supply the country’s most populous city, Yangon, with liquefied natural gas.
Energy-rich Gulf Arab nations have scrambled to adjust to the slump in oil prices since 2014. Three years on, their economies are mired in weak growth and largely just as dependent on crude as they ever were.
India approved the sale of a $4.6 billion stake in state-run refiner Hindustan Petroleum Corp. to the country’s biggest oil and gas explorer, according to a person with knowledge of the decision.
The Agbada 2 flow station should have been buzzing with activity, pumping crude to one of Nigeria’s largest export terminals. Instead it was idle in the muggy, mid-morning heat as Wilcox Emmanuel, the facility’s manager, shrugged in resignation about the thieves who’d shut him down.
Libya’s rebounding oil output is undermining the supply curbs masterminded by Saudi Arabia and Russia. But any pleas for the OPEC member to exercise restraint will probably be resisted by the technocrat overseeing the North African nation’s turnaround.
