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Oil held steady as traders weighed the latest US moves in the global trade war, as well as the prospect of looser restrictions on Iranian crude. West Texas Intermediate settled little changed near $61.50 a barrel, and Brent held below $65. While equities rallied after US President Donald Trump paused import duties on some electronics,...
Oil extended a volatile run as investors assessed abrupt shifts in US trade policy, with futures returning to losses following a relief rally on Wednesday. West Texas Intermediate plunged by 3.7% to settle near $60 a barrel, after flirting with a four-year low throughout the session, while Brent fell to close near $63. In the...
Oil tumbled to a four-year low as markets remained on edge about the next steps for President Donald Trump’s global tariff plans. West Texas Intermediate futures swung in a roughly $5 range before settling near $61 a barrel. Futures had briefly surged earlier on speculation about a pause in some tariffs, which the White House...
Oil plunged the most since July 2022 after suffering a twin hit from President Donald Trump’s tariffs and an OPEC+ decision to increase output faster than previously announced. West Texas Intermediate futures plummeted 6.6% to settle below $67 a barrel, while global benchmark Brent dropped 6.4% to end the session near $70. Trump’s deluge of...
Cnooc Ltd. posted higher annual earnings and boosted its dividend, as growth in energy output offset weaker prices. Net income rose to 137.9 billion yuan ($19 billion) in 2024, from 123.9 billion yuan the previous year, China’s largest offshore oil-and-gas driller said in a filing. While that missed expectations of 144.6 billion yuan, and was...
MOL Plc said it has discovered a new oil field near Somogysámson in Western Hungary. The company found oil at a depth of (4,100 feet) 1,250 meters during exploration drilling in December 2024. According to the results, the well located in the Somogysámson oilfield is capable of producing 1,200 barrels per day, MOL said. Production...
Nigeria’s push to revive oil production and encourage investment has been put at risk by sabotage at the heart of its crude pipeline system. Better security has been key to a recovery in the nation’s output, which rose 40% over the past few years after slumping to little more than half its historic peak. In...
Oil snapped a seven-week losing streak as US equity markets rebounded and peace talks between Russia and Ukraine stalled, damping expectations that Moscow’s crude will return to the market soon. West Texas Intermediate rose almost 1% to settle above $67 a barrel, supported by a weaker dollar and an advance in US equities. Brent climbed...
U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), increased by 1.4 million barrels from the week ending February 28 to the week ending March 7, the U.S. Energy Information Administration (EIA) highlighted in its latest weekly petroleum status report. That report was released on March 12 and included data for...
The industry that paid the highest U.S. oil and gas wage in 2024 was Crude Petroleum Extraction, with an annual average of $227,080. That’s what the Texas Independent Producers & Royalty Owners Association (TIPRO) showed in its latest State of Energy report, which was released recently. The annual average wage for this industry increased by...
