Energy News Results

  • Explainer: Antitrust law won't get in the way of U.S. acting to raise oil prices

    It is illegal for oil producers to meet to discuss pushing up oil prices under U.S. antitrust law, but perfectly legal if state regulators or the federal government set lower production levels for them, U.S. antitrust experts said on Friday. That said, the decision by a Texas state official to talk with Saudi Arabia and Russia about supporting oil prices marks a sharp contrast with U.S. policy.

  • Explainer: Antitrust law won't get in the way of U.S. acting to raise oil prices

    It is illegal for oil producers to meet to discuss pushing up oil prices under U.S. antitrust law, but perfectly legal if state regulators or the federal government set lower production levels for them, U.S. antitrust experts said on Friday. That said, the decision by a Texas state official to talk with Saudi Arabia and Russia about supporting oil prices marks a sharp contrast with U.S. policy.

  • Why a Saudi Arabia-Russia deal to cut oil output would mean nothing without U.S. cooperation

    WTI oil futures post biggest weekly percentage rise on record on hopes for output-cut pact. A deal to rescue the oil market has to involve Saudi Arabia and Russia, but would not be complete without the cooperation from the United States, the world's largest crude producer. Oil prices on Friday posted their largest weekly gain on record, buoyed by expectations that Saudi Arabia and Russia will work together to cut global crude production, but analysts said any agreement to stave off...

  • I'm not doing this to 'get the price of oil up'-- 'what I'm trying to do is keep it from crashing into the single digits,' says Texas oil regulator

    'I'll tell you this, I actually think, to be very blunt, that's high for now': Sitton. That's Ryan Sitton, the commissioner of the Texas Railroad Commission, on CNBC Friday afternoon explaining his efforts to help do his part to stabilize crude-oil prices, which have plunged, shedding half of their value since late February, due to the twin shocks of a coronavirus pandemic and a glut of supply created by an unexpected price war between Saudi Arabia and Russia. The TRC has been described by...

  • U.S. oil prices climb by nearly 32% for the week

    Oil futures climbed on Friday, with U.S. prices tallying a weekly gain of almost 32%. Prices extended their Thursday rally on growing expectations that major oil producers will reach an agreement to significantly cut production levels as efforts to slow the spread of COVID-19 continues to hurt energy demand. May West Texas Intermediate oil rose $3.02, or 11.9%, to settle at $28.34 a barrel on the New York Mercantile Exchange.

  • Oil rallies on hopes OPEC+ can achieve output cuts

    By Myra P. Saefong and William Watts, MarketWatch. WTI oil futures up nearly 32% for the week for largest such gain on record. Oil prices settled sharply higher on Friday, with U.S. prices up by nearly 32% for the week, boosted by hopes the Organization of the Petroleum Exporting Countries and its allies will deliver a production cut and end a devastating price war between Saudi Arabia and Russia.

  • CANADA CRUDE-Heavy discount edges wider as storage levels swell

    Canadian heavy crude's discount widened slightly versus the U.S. benchmark West Texas Intermediate oil on Friday, as storage levels filled and OPEC and its allies debated coordinated production cuts to stem the market rout caused by the coronavirus pandemic.

  • *WTI oil futures end nearly 32% higher for the week

    (END) Dow Jones Newswires 04-03-20 1442 ET Copyright (c) 2020 Dow Jones& Company, Inc..

  • Putin says Russia agrees on oil output cuts, blames Saudis for low prices

    President Vladimir Putin said on Friday Russia was ready for deep oil production cuts with the United States and OPEC, but firmly put the blame for the collapse in oil prices on OPEC's de facto leader Saudi Arabia.

  • As oil sinks, some companies float idea of 'zero clause' in trades

    After the worst quarter for oil prices in history, some oil producers have begun to include protection in their contracts to avoid being forced to pay buyers for the oil they pump if prices slide below $0 a barrel.

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