Crude Oil Prices – Page 3

Gasoline price fears stoked by Iran may still roil election

January 10, 2020

Houston Chronicle Donald Trump’s decision to authorize the killing of an Iranian general and reignite Middle East tensions briefly roiled energy markets and underscored a U.S. political reality: Higher gasoline prices can tip elections. The president, who is counting on a robust economy to win re-election in November and maintain Republican control of the Senate, is banking on record-shattering surges

Despite Trump’s claim, U.S. still needs Middle East oil

January 9, 2020

Houston Chronicle President Donald Trump said during an address from the White House Wednesday that the U.S. no longer needs oil from the Middle East, but American refineries still use the kind of oil that region produces. Thanks to booming shale production, the U.S. reduced shipments from the Persian Gulf to a 30-year low last year. Still, Middle East crude

Oil above $61 amid Middle East tensions, shrinking stockpiles

January 3, 2020

Houston Chronicle Oil settled above $61 a barrel after posting its biggest annual gain in three years amid elevated tensions in the Middle East and signs that U.S. crude stockpiles fell further. Futures in New York rose Thursday but are set to post the first weekly decline in five weeks. Defense Secretary Mark Esper said Thursday that the U.S. was

Oil set for strongest year since 2016 on OPEC cuts, trade truce

December 31, 2019

Houston Chronicle Oil in New York headed for its biggest annual increase since 2016, as OPEC’s production cuts tempered supplies while a trade pact between the U.S. and China buoyed the outlook for demand. West Texas Intermediate futures have climbed 36% this year, and were trading above $61 a barrel on Tuesday. Prices have picked up in the past few

Oil hits three-month high on upbeat data, Middle East tension

December 30, 2019

Reuters NEW YORK – Oil prices rose on Monday to three-month highs, lifted by optimism over an expected China-U.S. trade deal and upbeat industrial data, while traders kept a close watch on the Middle East following U.S. air strikes in Iraq and Syria. Brent crude futures LCOc1 gained 55 cents to $68.71 a barrel by 11:17 a.m. EST (1617 GMT).

Oil hits three-month high on falling oil stocks, investor optimism

December 27, 2019

Reuters HOUSTON – Oil prices rose to the fourth consecutive weekly gain on Friday, steadying at three-month highs after new data showed U.S. crude inventories fell far more than expected, while upbeat economic data and optimism over a U.S.-China trade deal fueled a year-end stock market rally. Brent crude LCOc1 rose 24 cents to settle at $68.16 a barrel, the

Oil stays above $60 on U.S.-China trade accord optimism

December 17, 2019

Houston Chronicle Oil edged higher to settle at a three-month high on optimism that a partial trade deal between the world’s two largest economies will spur demand for fuel to power trucks, trains, airplanes and cars. Futures closed above the $60-a-barrel mark for a second straight session Monday in New York. Bullish bets rose the most in three years in

Rig count holds flat as oil prices rise

December 13, 2019

Houston Chronicle The nation’s tally of active drilling rigs held flat this week as rising U.S. crude oil prices flirted with the $60 per barrel threshold, according to the weekly count from the Houston oilfield services firm Baker Hughes. For a U.S. energy sector that’s shed more than 25 percent of its active rigs this year, even holding steady

Oil drops as U.S. data shows unexpected rise in crude stocks

December 11, 2019

Reuters HOUSTON – Oil prices dropped about 1% on Wednesday following a surprise build in U.S. crude inventories, and as investors waited to see if a fresh round of tariffs by Washington on Chinese goods would come into force on Sunday. Brent futures LCOc1 fell 80 cents to $63.54 per barrel by 10:29 a.m. CDT (1629 GMT). West Texas Intermediate

Oil rallies on renewed trade deal prospects before OPEC+ meeting

December 4, 2019

Houston Chronicle Oil gained as the U.S. and China were moving closer to a trade deal and before OPEC+ decides on its output-cut policy later this week. Futures added as much as 1.8% in New York. The U.S. and China are moving closer to agreeing on the amount of tariffs that would be rolled back in a phase-one trade deal

Halliburton to close office in Oklahoma, lay off 800 employees

December 3, 2019

Houston Chronicle Houston oilfield service company Halliburton plans to close an office just west of Oklahoma City where more than 800 employees are losing their jobs. In a Monday morning letter filed with the Oklahoma Office of Workforce Development, Halliburon Vice President of the MidCon Area Michael Queener wrote that the company expects to close its office in El Reno, Oklahoma.

Oil could fall below $40 unless OPEC deepens cuts: Report

December 3, 2019

Houston Chronicle Crude oil prices are expected to plunge to $40 a barrel in 2020 unless OPEC and Russia agree to deepen – and not just extend – their production cuts, according to a new report from the Norwegian research firm Rystad Energy. The Organization of the Petroleum Exporting Countries and their allies, led by Russia, are meeting Thursday and Friday

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