The July WTI and August Brent contracts each lost more than $3 Friday.West Texas Intermediate (WTI) crude oil for July delivery plunged again Friday, losing $3.09 to settle at $53.50. The WTI traded within a range from $53.10 to $56.61.The August Brent contract also fell sharply Friday, declining $3.34 to...
Russian Energy Minister: Oil Could Still Drop To $30
There is a risk that oil prices could drop to as low as $30 a barrel because OPEC and its Russia-led allies could produce more oil by the end of the year than market demand, Russia’s Energy Minister Alexander Novak said on Monday in comments suggesting that Russia could be...
The U.S. Production Boom Is Becoming A Problem
Markets U.S. energy demand shot up by half a million barrels daily last year, BP said in its latest annual review of the industry out this week, adding this was the highest annual increase in a decade, coming on the back of rising shale oil and gas production that was...
Tanker Attacks Could Have A Lasting Effect On Oil Prices
The second apparent attack on oil tankers in the Middle East in a month rekindled tensions in the region and had the oil market forget, at least for a day, the increasingly gloomy outlook on global oil demand growth. Oil prices jumped on Thursday when news of the suspected tanker...