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.
On Monday, oil futures jumped the most ever. On Tuesday, the Federal Reserve lost control of overnight interest rates and made emergency cash injections for the first time since the financial crisis. Unnerving things come in threes: The biggest swing out of stocks with momentum and into value since the financial crash happened the week before.
This article is being republished as part of our daily reproduction of WSJ.com articles that also appeared in the U.S. print edition of The Wall Street Journal. Japan's Mitsubishi Corp. (MSBHF) said a subsidiary has lost about $320 million on energy derivatives, after a rogue employee in Singapore entered into secret unauthorized trades and then lost money as crude prices fell. Mitsubishi (MSBHF) said on Friday it had quickly closed the positions, which it uncovered in August when the employee...
Energy stocks were among the only gainers Monday after weekend attacks on Saudi oil production facilities. Shares of U.S. energy companies surged, with Hess increasing 11%, Devon Energy (DVN) adding 12% and Occidental Petroleum (OXY) gaining 6%. Energy stocks have been crushed by low commodity prices and investors wary of oversaturated commodity markets.
Oil futures ended lower on Friday, but tallied a gain of almost 6% for the week, the largest such rise in three months. As the Saudis reveal the extent of damages from the attacks on oil facilities last weekend, "the market mood has shifted to questioning how quickly production can be restored," Manish Raj, chief financial officer at exploration and production firm Velandera Energy Partners, told MarketWatch. "We are familiar with the repair and maintenance processes in oilfield...
By William Watts and Myra P. Saefong, MarketWatch. For the week, WTI oil up over 6%, Brent gains closer to 7%. Oil futures finished lower on Friday, but registered a sharp gain for the week, their largest in months, after attacks on Saudi Arabian production facilities last weekend raised concerns over the amount of spare capacity in the oil market.
Global oil prices are on track for their best week of the year as investors remain uneasy about supply disruptions following attacks on Saudi Arabia's oil facilities. Brent crude futures, the global benchmark, were virtually flat on Friday, putting them in line for a 7% gain this week-- the largest one-week jump this year. West Texas Intermediate futures, the U.S. standard, were up 0.3% at $58.33 a barrel and poised for a 6.3% weekly advance, its biggest jump since June.
U.S. energy firms this week reduced the number of oil rigs operating for a fifth week in a row to the lowest since May 2017, even as crude prices jumped more than 7% this week after an attack halved output in the world's top oil exporter Saudi Arabia.
Oil prices eased on Friday on renewed concern over the U.S.-China trade war, but futures still posted weekly gains, with Brent marking its biggest weekly increase since January, after an attack on Saudi Arabia's energy industry last weekend.
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