An unusual disconnect has emerged in the U.S. oil market, with headline futures slumping to levels below $90 a barrel even as traders in the physical crude market report surprisingly robust demand and strong pricing.
Tags: OPEC
Facing new oil glut, Saudis avoid 1980s mistakes to halt price slide
Still haunted by its failed attempt to prevent a steep drop in oil prices by slashing production by almost three quarters in the 1980s, the world's top oil exporter Saudi Arabia is determined not to make the same mistake again.
Wall St. leads stocks selloff; dollar slides on Fed views
Stocks on Wall Street tumbled in late selling on Monday as the technical picture soured for the S&P 500, while the U.S. dollar posted its worst day in a year after comments from Federal Reserve officials hinted at delays in expected interest rate hikes.
European stocks reverse losses but markets wary over growth
European stocks reversed early losses on Monday as airline shares gained after crude oil prices fell to near a four-year low, though broad dollar weakness and a jump in gold signaled investor concern over global economic health.
Privately, Saudis tell oil market: get used to lower prices
Saudi Arabia is quietly telling oil market participants that Riyadh is comfortable with markedly lower oil prices for an extended period, a sharp shift in policy that may be aimed at slowing the expansion of rival producers including those in the U.S. shale patch.
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Venezuela announced on Friday the "temporary" takeover of two plants belonging to U.S. cleaning products maker Clorox Co which has left the country because of difficult economic conditions.
Asian shares slipped on Tuesday as a periodic bout of angst over China combined with the U.S. dollar's recent meteoric run to pile pressure on commodity prices.
Scotland's rejection of independence and a lack of any fireworks at a Fed meeting last week have calmed investors enough to shift the focus back to what some call the "Great Stagnation", and how to avoid it.
Brent crude fell below $97 per barrel on Monday, its lowest level in more than two years, as weak Chinese economic data cut the prospect for demand at a time of abundant supply, while expectations that the Federal Reserve will provide new details this week about its plans to raise interest rates lifted the dollar.
The Kremlin's prized oil firm Rosneft is cutting staff and production and selling stakes in Siberian fields in the strongest evidence to date that Western sanctions are hurting what was the world's fastest growing oil firm in recent years.
Washington is facing growing international pressure to ease its long standing ban on crude oil exports, with South Korea and Mexico joining the European Union in pressing the case for U.S. oil shipments overseas.
Plans to improve oil production facilities in Indonesia are underway to meet rising local consumption of oil and in effect, increasing drilling-related expenses reimbursed by the national government
A report revealed in detail based on its records how China was able to acquire control of oil of countries Venezuela, Brazil, Angola, and now OPEC member Ecuador.
Brent Crude trades lower than US$100 per barrel after OPEC keeps its production target constant. (Photo : Reuters)A gas station employee filling up a vehicle.
