Prices

Oil

Oil prices jump almost 5 percent as tensions mount in Yemen

The price of oil rose sharply on Thursday as mounting tensions in Yemen got traders worried that the flow of crude from the Persian Gulf region could be disrupted.

Saudi Arabia and other Gulf states launched strikes on key military installations in Yemen. They aim to oust Shiite rebels who forced the country's embattled president to flee.

Oil

Shell cuts staff numbers in North Sea operations

LONDON (AP) — Shell U.K. says it will cut at least 250 staff and contractors in the North Sea, amid sharp drops in the price of oil.

The oil company said Thursday the cuts are part of a range of initiatives it has been pursuing to manage costs and improve competitive performance.

Oil

Oil soars over $50 on Yemen fighting

Source: 
Reuters

The start of a military operation in Yemen by Saudi Arabia and its allies has fueled another climb in oil prices early Thursday. U.S. benchmark crude jumped $2.18 to $51.39 a barrel in electronic trading on the Nymex, while in London Brent zoomed $2.39 higher to $58.87, Reuters reports.

Oil

Yemen conflict's proximity to Saudi Arabia concerns oil markets

Source: 
Bloomberg

Yemen’s own oil production isn’t worrying markets as the conflict ramps up there, but the country’s proximity to Saudi Arabia and Saudi involvement in the fighting is causing concern, Bloomberg reports.

AP Photo/Gregory Bull
Oil

Crude export ban hurting price of higher quality U.S. oil, study says

A new analysis of the nation’s 40-year-old ban on crude oil exports found that the policy “presents a binding constraint” on the U.S. oil market, creating artificially low prices for lighter, sweeter crudes extracted from shale.

The report, released by Rice University’s James A. Baker Institute for Public Policy, differs from previous studies on the issue, as it examines prices for several varieties of crude oil beyond the benchmark West Texas Intermediate and Brent crude.

The approach allowed the research to analyze the potential economic value of different grades of U.S. crude on an international market, study author Kenneth Medlock said.

Oil

Oil gains on Yemen concerns

Oil prices soared Wednesday amid concerns of spreading turmoil in the Middle East, after Saudi Arabia reportedly began amassing troops near its border with strife-torn Yemen. 

Driven weeks ago from the capital by Shiite rebels, President Abed Rabbo Mansour Hadi abandoned the country entirely, leaving on a boat from the southern port of Aden, Yemeni security officials said. His departure came after air strikes rained down on his troops, while on the ground, the rebels were advancing toward his position.

Benchmark U.S. crude rose $1.70 to close at $49.21 a barrel in New York. 

Oil

Oil steady despite storage crunch

Source: 
Reuters

Oil prices were holding up early Wednesday despite reports that the U.S. and China are approaching their limits on crude storage. U.S. benchmark West Texas Intermediate edged down 4 cents to $47.47 a barrel in electronic trading on the Nymex, while in London Brent gained 32 cents to $55.43, Reuters reports.

Oil

Oil price drop forces North Dakota to consider austerity

BISMARCK, N.D. (AP) — Two years ago, North Dakota was so flush with money from the energy boom that lawmakers spent over $1 million to spruce up the cafe at the state Capitol. Now, the fall in oil prices has tightened the revenue tap and the nation's fastest-growing state is contemplating a dose of austerity.

Oil

WTI up but Brent down

The price of U.S. crude rose slightly Tuesday as traders anticipated the release of weekly supply information. Benchmark U.S. crude rose 6 cents to close at $47.51 a barrel in New York.

Brent crude, a benchmark for international oils used by many U.S. refineries, fell 81 cents to close at $55.11 in London. The price slipped on weak Chinese manufacturing data that suggested lower global demand.

Oil

Declining dollar boosts oil prices

Source: 
Reuters

Weakness in the U.S. dollar overshadowed disappointing Chinese data and reports of record Saudi crude production to help oil prices reverse an early decline Tuesday. U.S. benchmark crude gained 60 cents to $48.05 a barrel, while London Brent rose 64 cents to $56.56, Reuters reports.

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