U.S. oil prices jumped 25% Thursday in their biggest one-day rally on record, lifted by investors' hopes that initial steps to end a global price war will offer a reprieve to an industry battered by coronavirus. The gains capped a wild day of trading, in which an early climb accelerated after President Trump tweeted that he expected Russia and Saudi Arabia to agree to cut production by millions of barrels a day. Prices then soared as much as 35% before turning lower after the Kremlin...
Hopes for a truce in the global oil-price war powered crude to its biggest one-day percentage gain on record Thursday, with investors betting a globally coordinated production cut would alleviate some of the pressure from the coronavirus crisis. The gains capped a wild day of trading, in which an early climb accelerated after President Trump tweeted that he expected Russia and Saudi Arabia to agree to cut production by millions of barrels. Prices for Brent, the global benchmark,...
Hopes for a truce in the global oil-price war powered a surge in crude prices Thursday, with investors pushing U.S. crude futures to their biggest one-day percentage gain on record. U.S. crude futures rose as much as 35% before paring some of those gains to finish 25%, or $5.01 higher. Brent was recently up 22.8% at $30.41 a barrel in the afternoon-- on course for one of its sharpest ever daily percentage increases-- while U.S. prices finished the day at $25.32 a barrel.
Hopes for a truce in the global oil-price war powered a surge in crude prices Thursday, with investors betting an ease in tensions would alleviate some of the pressure from the coronavirus crisis. Brent crude oil, the global benchmark, rose as much as 47%, while U.S. crude futures rose as much as 35% before paring some of those gains. Brent was recently up 22.8% at $30.41 a barrel in the afternoon-- on course for one of its sharpest ever daily percentage increases-- while U.S. prices were up...
Crude prices jumped Thursday on hopes for a truce in the price war between Saudi Arabia and Russia and the possibility of action from the White House to mitigate the effects of last month's vertiginous drops. Brent crude oil, the global benchmark, rose 22% to $30.26 a barrel in one of its sharpest rallies of recent years. West Texas Intermediate futures, the bellwether of U.S. prices, rose 26% to $25.59 a barrel.
Crude prices jumped Thursday on hopes for an end to the price war between Saudi Arabia and Russia and the possibility of action from the White House to mitigate the effects of last month's vertiginous drops. Brent crude oil, the global benchmark, rose 10% to $27.20 a barrel in one of its sharpest rallies of recent years. West Texas Intermediate futures, the bellwether of U.S. prices, rose 7.9% to $21.90 a barrel.
U.S. oil prices retreated Wednesday, erasing gains from the previous session in a move that underscored how traders are bracing themselves for further declines ahead. West Texas Intermediate futures fell 0.8% to $20.31 a barrel on Wednesday, while Brent, the global gauge of prices, fell 6.1% to $24.74 a barrel. The moves came after data emerged, suggesting dim prospects for crude demand.
A top Occidental Petroleum Corp. (OXY) executive has been forced out of the company as it deals with the repercussions of an ill-timed acquisition, a precipitous decline in crude prices and hefty debt, according to people familiar with the matter. Oscar Brown, a former Bank of America Corp. banker, was a key lieutenant of Chief Executive Vicki Hollub and played a substantial role in the company's $38 billion deal to buy rival Anadarko Petroleum Corp. last year. He served as Occidental's...
A top Occidental Petroleum Corp. (OXY) executive has been forced out of the company as it deals with the repercussions of an ill-timed acquisition, a precipitous decline in crude prices and hefty debt, according to people familiar with the matter. Oscar Brown, a former Bank of America Corp. banker, was a key lieutenant of Chief Executive Vicki Hollub and played a substantial role in the company's $38 billion deal to buy rival Anadarko Petroleum Corp. last year. He served as Occidental's...
U.S. inventories of crude oil rose three times more than expected, while gasoline stockpiles also surged higher amid shrinking demand due to coronavirus, according to data released Wednesday by the Energy Information Administration. Benchmark U.S. oil prices, which were slightly lower before the bearish report was released, extended those declines afterward. The Nymex crude contract for May delivery was recently down 2% at $20.06 a barrel.
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