Prices

Oil

Oil skyrockets on stock market rally

Source: 
The Financial Times

Gains in global stock markets alongside a pipeline shutdown in Nigeria sent oil prices soaring Thursday. U.S. benchmark crude jumped $2.93 a barrel to $41.55 on the Nymex, while in London Brent rose $3 a barrel to $46.32, The Financial Times reports.

Oil

Ecuador's president says country now producing oil at a loss

QUITO, Ecuador (AP) — Ecuadoreans are already contending with a rumbling, ash-spewing volcano and rising living costs because they use the appreciating U.S. dollar as their currency.

Now they've been told that Ecuador's oil — its principal export and a vital source of government funding — costs more to produce than it earns.

Oil

Oil slips on gain in gasoline stocks

Source: 
Reuters

Energy Information Administration data showing a greater-than-expected build in gasoline stocks were pressuring oil prices Wednesday. U.S. benchmark crude lost 20 cents to $39.11 a barrel on the Nymex, while in London Brent was unchanged at $43.21, Reuters reports.

Oil

Oil recovers from Monday plunge

Source: 
The Wall Street Journal

Bargain hunting and short covering sparked a rally in the oil market Tuesday, following a slump that saw U.S. benchmark crude settle below $40 a barrel a day earlier. Light, sweet crude for October delivery was $1.05 higher to $39.29 a barrel on the Nymex, while in London Brent was up 82 cents to $43.51, The Wall Street Journal reports.

Oil

Oil price drop could deepen Mideast political troubles

Source: 
Quartz

The renewed slide in oil prices – which several analysts say is likely to persist – may bring with it an intensified wave of unrest in the Middle East, Quartz reports.

Oil

Russian ruble collapses to 7-month low on weak oil prices

MOSCOW (AP) — The Russian ruble plunged 2.9 percent on Monday to hit a seven-month low amid a further drop in oil prices, the country's key export.

The ruble was trading at 71.04 to the dollar at the close of trading in Moscow, its lowest level since Jan. 30, when Russian markets were hit by a combination of low energy prices and Western sanctions. After the market closed, the ruble recovered slightly in futures trading in an indication that it may recover some of its losses.

Oil

US crude closes under $40 a barrel to breach long-time low

NEW YORK (AP) — The price of U.S. oil closed under $40 a barrel on Monday for the first time since the days of the global economic crisis on fears of a slowdown in the world economy.

Already trading at six-year lows on a prolonged slump, U.S. crude fell $2.21 to finish at $38.24 per barrel. Oil hadn't closed below $40 since February 2009, although it briefly traded below that level on Friday. Monday's closing price was the lowest since Feb. 18, 2009.

Oil

Oil slides on China’s stock dive

Source: 
Reuters

The plunge in Chinese stocks sent oil prices tumbling in tumultuous trading Monday morning, although they recovered slightly from six and a-half year lows. U.S. benchmark crude lost $1.94 to $38.51 a barrel on the Nymex, while in London Brent was down $2.33 to $43.13, Reuters reports.

Oil

Survey: US gasoline price holds steady over past 2 weeks

CAMARILLO, Calif. (AP) — The average price of gasoline has remained steady over the past two weeks, holding at $2.71 a gallon.

Industry analyst Trilby Lundberg said Sunday that while the average remains unchanged, many Midwest cities saw prices jump due to a partial shutdown of an Indiana refinery. Many West Coast cities experienced price drops.

Oil

Oil slumps on China data

Source: 
Reuters

Oil slid alongside other global markets Friday as investors became alarmed about shrinking Chinese manufacturing. U.S. benchmark crude lost 2.5 percent, down $1.02 to $40.29 a barrel in late morning trading on the Nymex, threatening the longest weekly losing streak since 1986, while in London, Brent tumbled $1.28 to $45.33

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