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Trump hopes Saudi Arabia, Russia 'announce something soon'
President Trump, speaking about a potential agreement between Saudia Arabia and Russia in their oil price dispute, said "I think they'll hopefully announce something soon."They may agree to cu
Trump expects 10M-barrel oil production cut announcement soon - CNBC
Pres. Trump tells CNBC he spoke to Russia's Putin and Saudi's Mohammed Bin Salman and expects the two countries to announce a 10M-barrel production cut and potentially a 15M-barrel cut.The news has se
U.S. may lease space to energy companies to store oil in reserve
The U.S. Department of Energy reportedly is set to announce it will allow oil companies - currently awash in a glut of crude - to lease space in the country's emergency oil reserve.The move would help
U.S. crude supply rose 10.5M barrels last week, API says
The American Petroleum Institute reportedly shows a build of 10.48M barrels of oil for the week ended March 27, its first increase after two straight declines.Gasoline inventories reportedly show a bu
Oil below $20 as market drowns in crude
Traders are now betting on production shutdowns to cope with the collapse in demand, triggering WTI crude prices to drop 6% to under $20/bbl overnight to levels not seen since 2002.A price war between
U.S. drilling rigs sink by 44, Baker Hughes reports
The count of active U.S. drilling rigs in the U.S. plunges by 44 to 728, after falling by 20 a week earlier, according to the latest weekly survey from Baker Hughes.U.S. oil rigs fell by 40 to 624, wh
Russia looks to widen OPEC+ membership
A new OPEC+ deal to balance oil markets might be possible if other countries join in, according to Kirill Dmitriev, head of Russia’s sovereign wealth fund.Dmitriev and Energy Minister Alexander Novak
We're on the verge of an unprecedented oil glut - Goldman
The unprecedented collapse in oil demand will lead to a massive oil glut that that not even a supply production freeze or cut from OPEC can rectify, Goldman analysts say.Goldman predicts a 14M b/d sur
U.S. crude supply fell 1.25M barrels last week, API says
The American Petroleum Institute reportedly shows a draw of 1.25M barrels of oil for the week ended March 20, its second straight drop after a string of seven consecutive weekly gains.Gasoline invento
U.S. oil rigs tumble by 20, Baker Hughes reports
The count of active U.S. drilling rigs in the U.S. falls by 20 to 772, Baker Hughes says in its latest weekly report.U.S. oil rigs dropped 19 to 664, the biggest one-week decline since April 2019, whi
U.S. crude supply fell 421K barrels last week, API says
The American Petroleum Institute reportedly shows a draw of 421K barrels of oil for the week ended March 13, breaking a string of seven straight weekly increases.Gasoline inventories reportedly show a
Crude oil futures zip higher, then sink lower after Fed bazooka
Brent crude oil popped nearly 6% after the Fed slashed its Fed Funds rate to 0.0%-0.25% and launched a new $700B QE program, but the gain quickly evaporated, with futures now -5.3% to $32.06/bbl; WTI
Total U.S. rigs, oil rigs each add 1 in Baker Hughes count
The count of active U.S. drilling rigs in the U.S. falls by 1 to 792, according to the latest weekly report from Baker Hughes.Oil rigs added 1 to 683, gas rigs fell by 2 to 107 and 2 rigs remain class
Worst week for oil since '08; shale hedges in focus
Despite a 3% rise this morning to $32/64.bbl, crude oil is set to record a nearly 21% drop this week, marking the worst week since the financial crisis (its down almost 50% YTD).Just as travel bans, c
OPEC guides for flat oil demand growth as coronavirus curbs outlook
OPEC cuts its forecast for global growth in oil demand this year due to the coronavirus outbreak, seeing a gain of just 60K bbl/day in 2020 vs. 920K bbl/day in its previous report."Considering the
Saudis boosting output even further; crude -2%
Crude turns lower after Saudi Aramco (ARMCO) received a directive from the kingdom’s energy ministry to up its output capacity to 13M barrels a day, though it didn't say when the capacity increase wou
Mexico seeks to mediate recent oil row
Mexico and other countries are looking to mediate between Russia and Saudi Arabia to end an oil price war that has battered global markets.Past model. In 1998, after a year of secret diplomacy and neg
U.S. crude supply rose 6.4M barrels last week, API says
The American Petroleum Institute reportedly shows a build of 6.41M barrels of oil for the week ending March 6, the seventh straight weekly increase.Gasoline inventories reportedly show a draw of 3.1M
Oil prices wrap biggest one-day collapse since 1991
Crude oil concludes its worst day since the 1991 Gulf War after Saudi Arabia slashed prices and promised to raise production.April WTI (NYSEARCA:USO) settled -24.6% to $31.13/bbl, the benchmark's seco
Oil set to plunge another $10 on the open
Veteran oil trader Mark Fisher tells CNBC's Scott Wapner that oil is indicated to open below $32 per barrel - nearly $10 less than where it closed on Friday, and about $15 per barrel below where it cl
U.S. rig count ticks higher in Baker Hughes report
The count of active U.S. drilling rigs in the U.S. rises by 3 to 793, Baker Hughes says in its latest weekly report.Oil rigs rose by 4 to 682, the highest amount since Dec. 20, gas rigs fell by 1 to 1
Crude oil craters as OPEC+ talks on verge of collapse
Crude oil futures (USO -7.3%) extend losses, falling as much as 6.5% with OPEC+ talks said to be on the verge of collapse; April WTI -5.7% to $43.27/bbl, May Brent -5.6% to $47.18/bbl.Russia reportedl
Oil tumbles 4% on OPEC standoff, market selloff
A Russian high-level source told Reuters on Friday that the country would not back an OPEC call for extra reductions in oil output, saying, the "position won't change."OPEC ministers told Mosc
OPEC ministers said to agree to 1.5M bbl/day cut, but is Russia on board?
Crude oil prices (NYSEARCA:USO) popped higher following a Bloomberg report that OPEC ministers agreed to cut production by a larger than expected 1.5M bbl/day in response to the coronavirus, citing de
OPEC+ nears deal for 1M bpd in output cuts
After initially recommending a cut of 600K barrels per day to support prices, the OPEC+ Joint Technical Committee has proposed slashing oil output by an extra 1M bpd during the second quarter.That wou
Global oil demand to shrink, Goldman says in new forecast
Goldman Sachs forecasts global oil demand will shrink 150K bbl/day this year, including a global demand loss of 2.1M bbl/day in H1, and cuts its price forecast for Brent crude (NYSEARCA:BNO) to $47/bb
U.S. crude supply rose 1.7M barrels last week, API says
The American Petroleum Institute reportedly shows a build of 1.7M barrels of oil for the week ending Feb. 28, the sixth consecutive weekly increase.Gasoline inventories reportedly show a draw of 3.9M
OPEC committee recommends 600K bbl/day output cut
Crude oil prices pare earlier advances as OPEC's joint technical committee reportedly recommends the group cut crude production by 600K bbl/day in Q2 and extending existing cuts to the end of the year
U.S. oil production tops 12M bbl/day for the first time
Annual oil production in the U.S. broke another record last year, rising more than 11% from 2018 to reach 12.23M bbl/day, although the annual rate of growth slipped from 17% in the prior year, the U.S
Russia OK with oil prices, prepared to act
Current oil prices are "acceptable" for the Russian budget and economy, according to President Vladimir Putin, though "it is difficult to predict how long-term the trend will be."The f
U.S. rig count again little changed, Baker Hughes reports
The count of active drilling rigs in the U.S. falls by 1 to 790, remaining virtually flat the past five weeks, according to the latest report from Baker Hughes.The oil rig count also falls by 1 to 678
Energy stocks, oil prices bounce off session lows
The S&P 500 energy sector (XLE -1.3%) has climbed off its lows of the day but remains firmly in the red, extending its dismal YTD run as the market's weakest sector with a 23% drop since the end o
OPEC cut won't do much in short term - S&P Global Platts
Even if OPEC slashes production by 600K barrels per day, the price of oil "could still be weak in March and April, before it improves in the summer," said Kang Wu, head of Asia analytics at S&
U.S. crude supply rose 1.3M barrels last week, API says
The American Petroleum Institute reportedly shows a build of 1.3M barrels of oil for the week ending Feb. 21, the fifth consecutive weekly build.Gasoline inventories reportedly show a build of 74K bar
OPEC+ hasn't 'run out of ideas' despite bear market
OPEC and its allied oil-producing nations are still working to rebalance global crude markets amid speculation of tensions in the alliance over whether to cut output further."We do communicate wit
Oil prices -4% as spreading virus sparks demand concerns
Crude oil futures plunge as worries about the impact of the coronavirus spike, with the number of infections rising outside of China; April WTI -3.8% to $51.35/bbl, April Brent -4% to $56.17/bbl."
Crude oil slips on reported Saudi-Russian rift
Oil futures (NYSEARCA:USO) ended an up week on a downbeat note, pressured by a reported rift in the oil production alliance between Saudi Arabia and Russia, alongside renewed concerns about the potent
U.S. rig count adds 1, Baker Hughes reports
The count of active drilling rigs in the U.S. rises by 1 to 791 after staying unchanged for three consecutive weeks, Baker Hughes reports in its latest weekly survey.Oil rigs added 1 for the second st