Oil prices were down about 5% in volatile trading on Tuesday on demand concerns after the International Monetary Fund cut its economic growth forecasts and warned of higher inflation. Brent crude, the global benchmark, fell $5.91, or 5.22%, to settle at $107.25 a barrel, while U.S. West Texas Intermediate dropped $5.65, or 5.22%, to settle at $102.56 a barrel.
New York Attorney General Letitia James has launched an investigation to determine whether the oil industry has engaged in gas price gouging, CNN reported on Thursday, citing a person familiar with the matter. Crude prices have hit 14-year highs this year in response to Russia's invasion of Ukraine and subsequent sanctions on Moscow.
Negotiators from Chevron Corp (CVX) and the United Steelworkers union are scheduled to meet on Monday to discuss a possible end to a strike at the company's oil refinery in Richmond, California, spokespeople for both sides said. The talks will be the first face-to-face meeting in nearly two weeks between Chevron (CVX) and USW Local 12-5.
The Baltic Exchange's dry bulk sea freight index fell for the 12th straight session on Friday as weakness in the supramax and panamax segments outweighed capesize gains. * The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 6 points, or about 0.3%, to 2,055 points, its lowest since Feb. 28.
White House National Economic Council director Brian Deese said Wednesday the administration is closely monitoring rising jet fuel prices. "Jet fuel is something that we are paying close attention to and monitoring and is a direct bi-product of the impact of Russia's invasion of Ukraine," Deese said at a breakfast with reporters.
U.S. oil executives will tell Congress on Wednesday they are boosting energy output and no one company sets the price of gasoline, according to pre-released written testimony, as they defend charges by lawmakers of gouging with high fuel prices.
U.S. oil executives will tell Congress on Wednesday they are boosting energy output and no one company sets the price of gasoline, according to pre-released written testimony, as they defend charges by lawmakers of gouging with high fuel prices.
U.S. oil executives will tell Congress on Wednesday they are boosting energy output and no one company sets the price of gasoline, according to pre-released written testimony, as they defend charges by lawmakers of gouging with high fuel prices.
By Marianna Parraga and Gary McWilliams. U.S. oil refiner Citgo Petroleum on Thursday reported its second consecutive annual loss, of $160 million for 2021, as earnings were hit by a winter storm early in the year.
U.S. oil refiner Citgo Petroleum on Thursday reported its second consecutive annual loss, of $160 million for 2021, as earnings were hit by a winter story early in the year.
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