Oil gains after the biggest decline over a one week period in over two years. Reuters reports, “Brent crude futures LCOc1 were up nearly 2 percent, or 92 cents, at $63.71 a barrel by 1442 GMT, while U.S. West Texas Intermediate futures CLc1 rose $1.10 to $60.30. A weaker dollar helped to boost oil by …
President Donald Trump has vowed to continually limit the supply of oil and petroleum products to North Korea. This comes as an attempt to limit North Korean developments of nuclear weapons. An article by Reuters reported, “North Korea on Saturday condemned the latest U.S. sanctions. and Russian deputy foreign minister Igor Morgulov said Russia had …
Rivaling Russia for the title of leader in oil production, the United States is expected to surpass Saudi Arabia in output, a country who has long been one of the world’s biggest producers of crude. According to The Wall Street Journal, “Boosted by a resurgent shale industry, U.S. crude production will likely climb above 10 …
Large investment banks are upping their price targets for oil as crude futures hit levels not seen since the early days of a slump in December 2014. According to reporting by CNBC, “The banks says the long-oversupplied oil market is tightening up more quickly than expected as global economic growth fuels demand and output cuts …
The price of oil touched $70 today. The rise may be attributed to a tightening supply from OPEC and Russia. While U.S. supplies have been expanding, they have yet to stop the upward trend. Reuters reports that, “Growing signs of a tightening market after a three-year rout have bolstered confidence among traders and analysts that …
Europe will be paying more for oil now that russia is moving more of its supply to the chinese oil market. Russia is the biggest crude oil supplier to China and will most likely gain the exports to the country by 200,000 barrels a day in 2018. Russia supplied 5.12 million tons of their crude …