Losses for oil futures deepened on Tuesday, as Saudi Arabia's energy minister Prince Abdulaziz bin Salman said his nation's oil production will be fully back online by the end of the month, according to CNBC. His comments follow a weekend attack on Saudi oil facilities that was estimated to have cut the kingdom's daily crude production down by 5.7 million barrels a day, sparking concerns of potentially prolonged supply shortage. October West Texas Intermediate oil was down...
By Myra P. Saefong and Mark DeCambre, MarketWatch. U.S. oil ends almost 6% lower after Monday's nearly 15% jump. Oil futures dropped sharply Tuesday after Saudi Arabia's energy minister said the kingdom's crude production could return to normal as soon as the end of the month, as the nation recovers from weekend attacks on crucial processing facilities,.
Shares of Chesapeake Energy Corp. (CHK) tumbled 13.8% in very active afternoon trading, weighed down by the pullback in crude oil prices following the previous session's rocket ride. Trading volume topped 74.6 million shares, compared with the full-day average of about 60.3 million shares, and enough to make the stock the most actively traded on the major U.S. exchanges, according to FactSet data. Chesapeake's stock had run up 15.7% on Monday, as the weekend attacks on Saudia Arabian...
China's Unipec, the trading arm of Asia's top oil refiner Sinopec, chartered at least four crude tankers this week from the United States, ramping up shipments after attacks on Saudi Arabia's oil facilities and as trade tensions between the world's two largest economies cool, sources said on Tuesday.
Unipec, the trading arm of Asia's top refiner Sinopec, chartered at least four crude tankers this week from the United States, ramping up purchases after attacks on Saudi Arabia's oil facilities and as trade tensions between the world's two largest economies cool, sources said.
Measured in 2019 dollars, oil peaked at $158 a barrel in 2008. Worried about oil prices after the weekend's raids on Saudi Arabia? You may want to wait until prices rise more before really getting scared about the risks to your job, your budget, or the economy.
The attacks on Saudi Arabia that have sent crude-oil prices surging are certainly the story for financial markets on Monday. Whether they are more than just a fleeting headline depends on just how long production is knocked out or whether the facilities get attacked again. Analysts at U.K. investment adviser AJ Bell calculated that the last eight times that the year-over-year price growth for oil was over 100%, there was either a global recession or economic slowdown six times.
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