Category: Oil

Newsom Targets Oil Company for Making Profits During Gas Crisis

California Gov. Gavin Newsom continued his campaign to create a new tax for oil companies Oct. 25, targeting Valero for increasing its earnings during a time when the state’s consumers paid record prices at the pump. The Texas-based oil company released its third-quarter earnings report showing a net income earning of $2.8 billion from July…


Oil Prices Stable as Rising US Crude Stocks Balance Supply Concerns

LONDON—Oil prices were broadly stable on Wednesday, moving in and out of negative territory after industry data showed U.S. crude stockpiles rose more than expected last week, though supply concerns and a weaker dollar gave support. Brent crude futures for December were up 12 cents, or 0.1 percent, at $93.64 a barrel by 1045 GMT….


US, Other IEA Members Have ‘Huge’ Oil Reserves That Can Be Tapped If Supply Is Disrupted: Birol

Members of the International Energy Agency (IEA) can tap into its oil reserves to alleviate any supply issues, the agency’s executive director Fatih Birol said in a recent interview. The recent “unfortunate decision” by OPEC+ to cut down oil output threatens price outlook, and comes at a time when global economies are on the brink…


Oil Falls by More Than $1 Per Barrel as Demand Fears Linger

LONDON—Oil prices fell by more than $1 per barrel on Tuesday as bearish economic data from key global economies heightened demand fears. International benchmark Brent crude futures fell by $1.30 to $91.96 per barrel by 1117 GMT, after easing 0.3 percent in the previous session. U.S. West Texas Intermediate crude futures for December delivery fell…


Oil Prices Drop as China Demand Data Disappoints

LONDON—Oil prices slid 2 percent on Monday after Chinese data showed that demand from the world’s largest crude importer remained lacklustre in September as strict COVID-19 policies and fuel export curbs depressed consumption. Brent crude futures for December settlement fell $1.67, or 1.8 percent, to $91.83 a barrel by 0855 GMT after rising 2 percent…


US Has Only 25 Days of Diesel Supply as Shortage Could Cripple Economy

The United States is down to 25 days of diesel supply as a top White House official declared the stockpile levels to be “unacceptably low.” Data provided by the Energy Information Administration (EIA) show that diesel stockpiles are at their lowest level for October in records dating back to 1993, according to a Bloomberg News…


US Has Only 25 Days of Diesel Supply; Shortage Could Cripple Economy

The United States is down to 25 days of diesel supply as a top White House official declared the stockpile levels to be “unacceptably low.” Data provided by the Energy Information Administration (EIA) show that diesel stockpiles are at their lowest level for October in records that date back to 1993, according to a Bloomberg…


Oil Steadies as Rate Hike Talk Offsets China Demand Hopes

LONDON—Oil steadied on Friday as investors weighed the impact of sharp interest rate rises on energy consumption, offsetting hopes of higher Chinese demand and output cuts by OPEC and its allies. To fight inflation, the U.S. Federal Reserve is trying to slow the economy and will keep raising its short-term rate target, Federal Reserve Bank…


CEO Warns Biden Put US in a ‘Very Precarious Position’ After More Oil Is Released

An oil CEO said the White House put the United States in a “very precarious position” after another significant release of oil from U.S. reserves. After President Biden announced an additional 15 million barrels of oil from the U.S. Strategic Petroleum Reserve (SPR) would be released to combat rising gas prices just weeks before the…


Oil Rises on Tight Supplies

LONDON—Oil prices rose by more than $1 on Thursday in response to tighter supplies. Brent crude futures rose $1.33, or 1.4 percent, to $93.74 a barrel at 1020 GMT. U.S. West Texas Intermediate crude for November delivery, which expires on Thursday, rose $1.43, or 1.7 percent, to $86.98 per barrel. The WTI contract for December…