Ahead of the OPEC meeting in Vienna, oil prices recovered Wednesday from earlier drops triggered by word of a greater-than-expected increase in U.S. crude inventories as well as a comment from Saudi Arabia's oil minister that there would be no need for a production cut. West Texas Intermediate crude for January delivery slipped just 3 cents to $74.06 a barrel on the Nymex, while in London Brent was 5 cents lower to $78.28, Bloomberg reports.
As representatives from Saudi Arabia, Russia, Venezuela and Mexico failed to agree on production cuts ahead of the OPEC meeting later this week, oil prices resumed their slide Tuesday. West Texas Intermediate Crude for January delivery plunged 2.2 percent, or $1.69, to $74.09 on the Nymex, while in London Brent tumbled $1.35 to $78.33, Bloomberg reports.
NEW YORK (AP) — A slump in energy prices pushed the stock market back from record levels on Tuesday.
Energy stocks slid as the price of oil resumed its descent. Traders speculated that member nations of the oil-producing group OPEC would fail to agree on production cuts at an upcoming meeting in Vienna on Thursday. Oil has now dropped almost a third from a peak in June.
NEW YORK (AP) — These are the moments OPEC exists for: A sharp drop in global oil prices has reduced the amount of money OPEC countries take in by nearly $1 billion a day.
The 12-member group's purpose is to coordinate how much oil is produced in order to keep prices high and stable and maximize member countries' revenue while making sure global demand for oil stays strong. A steep, coordinated cut in output could stop and possibly reverse what has been a 30 percent decline in prices over five months.
Speculation that OPEC will agree to cut production at its meeting this week sent oil prices higher early Tuesday, although trading was light as many investors appeared to be waiting for an actual decision. West Texas Intermediate crude for January delivery gained 27 cents to $76.05 a barrel in electronic trading on the Nymex, while in London Brent was 43 cents higher at $80.11, Bloomberg reports.
WILLISTON, N.D. (AP) — Marcus Jundt moved to Williston from Minnesota almost four years ago and has opened four restaurants there since. Food isn't propelling his business, though. It's oil.
"Everything I've done in Williston is a derivative of oil," he says.
That oil has averaged $96 a barrel over the past four years, fueling more drilling, more hiring, and bigger appetites in North Dakota, Texas, Oklahoma and elsewhere. Now oil has hit a rough patch, plunging to $79 from $107 in June on fears of a global glut. Many expect these lower prices are to stick around for a while.
With investors uncertain about whether OPEC will agree on production cuts at this week’s meeting, oil resumed its decline Monday. West Texas Intermediate crude for January delivery lost 1 percent, down 73 cents to settle at $75.78 a barrel on the Nymex, while in London Brent fell 68 cents to $79.68, Bloomberg reports.
Oil prices appeared holding steady early Monday, as the talks over Iran’s nuclear program appeared headed for a break to be resumed next month and ahead of an OPEC meeting that will make key decisions on crude production. U.S. benchmark crude was 15 cents higher at $76.66 a barrel in electronic trading on the Nymex, while in London Brent edged up 4 cents to $80.40, Reuters reports.
U.S crude prices racked up their first weekly gain since September, as news that China cut interest rates to boost its economy raised expectations of increased oil demand in the future. West Texas Intermediate crude for January delivery was up 66 cents to finish Friday’s Nymex session at $76.51 a barrel, while in London Brent jumped $1.03 to settle at $80.36, Bloomberg reports.
The Environmental Protection Agency would limit the amount of mercury, dioxins, acid gas and other substances used in the process of making bricks and clay, under a prospective rule published in the Federal Register that is open for public comment for 60 days, The Hill reports.
Michael Goggin at the American Wind Energy Association is warning that the North American Electric Reliability Corp.’s decision to hire Energy Ventures Analysis Inc. to review the Environmental Protection Agency’s Clean Power Plan risks its credibility given what he calls the firm’s “stark bias” against the proposal, but NERC is defending its selection, citing its long track record with the firm and its transparent analysis process, E&E reports.
The failure of past drilling projects offshore Cuba will likely signal a cautious approach to the prospect from major oil companies despite the thaw in relations between Washington and Havana, FuelFix reports.
Uncertainty over crude oil prices -– presently at five-year lows -– has prompted Chevron to put an indefinite hold on its Arctic drilling plans in Canada, the company told regulators Wednesday, The Wall Street Journal reports.
Marathon Oil Corp. has trimmed its budget by about a fifth – cutting around $1 billion from 2014 spending levels – citing the “continuing dynamic change in crude oil markets” and the impact that is having on oilfield services, FuelFix reports.
Word that oil companies are trimming their plans for future exploration and production gave a boost to oil prices early Thursday, on the back of a hike the day before. U.S. benchmark crude for January delivery had gained $1.83 to $58.30 a barrel in electronic trading on the Nymex, while in London February Brent was up $2.09 at $63.27, Reuters reports.
Rice Energy has raised about $412 million from its initial public offering of shares in Rice Midstream Partners, less than the $500 million it expected, in large part because the crash in oil prices has brought down prices for energy stocks generally, analysts told the Pittsburgh Tribune-Review.
Three Democratic lawmakers -- Sens. Elizabeth Warren and Ed Markey of Massachusetts, and Tammy Baldwin of Wisconsin – have sent a letter to President Obama warning of their concerns over the Trans-Pacific Partnership, a prospective trade pact with Asia, The Washington Post reports.
At least five power plant operators have signalled they’ll be bringing plants back on line or boosting their generating capacity following creation of a new capacity zone in southern New York, according to the New York Independent System Operator, Platts reports.