Energy News Results

  • Saudi Aramco Cuts Crude Oil Prices for Several Regions

    Saudi Arabian Oil Co. on Thursday slashed the price at which it will sell crude oil to several markets in September. The state-run Arabian oil company, otherwise known as Saudi Aramco, lowered the price for its Arab light crude oil-- which it will sell in Asia in September--by $0.30 cents a barrel, giving it a $0.90 cents-a-barrel premium to the Oman/ Dubai average. The decision ended a three-month streak of increases in its Asian light crude selling price.

  • U.S. Oil Inventories Plunge as Refinery Activity Speeds Up

    U.S. inventories of crude oil fell sharply last week as refinery activity picked up much more speed than expected, according to data released Wednesday by the Energy Information Administration. Benchmark U.S. oil prices, which were moderately higher before the mostly-bullish data were released, added slightly to those gains afterward. The Nymex front-month crude contract for September delivery was recently up 0.8% at $41.36/ bbl.

  • Russia Cuts Interest Rates to Record Low -- 2nd Update

    MOSCOW-- Russia's central bank cut its key interest rate to a record low as the coronavirus pandemic has pushed the economy into a deep recession, forcing President Vladimir Putin this week to delay a flagship $360 billion national development plan by six years. The bank on Friday lowered its benchmark rate by 0.25 percentage point to 4.25%, following a one-percentage-point cut in June to a post-Soviet low. The bank's move makes lending to businesses and consumers cheaper in an...

  • Russia Cuts Interest Rates to Record Low -- Update

    MOSCOW-- Russia's central bank cut its key interest rate to a record low as the coronavirus pandemic has pushed the economy into a deep recession, forcing President Vladimir Putin this week to delay a flagship $360 billion national development plan by six years. The bank on Friday lowered its benchmark rate by 0.25 percentage point to 4.25%, following a one-percentage-point cut in June to a post-Soviet low. The bank's move makes lending to businesses and consumers cheaper in an...

  • U.S. Crude-Oil Inventories Rise as Refineries Slow Down

    U.S. inventories of crude oil increased sharply last week as refinery activity unexpectedly slowed down, according to data released Wednesday by the Energy Information Administration. Benchmark U.S. oil prices, which were lower before the mostly-bearish data were released, remained so afterward. The Nymex front-month crude contract for September delivery was recently down 1.3% at $41.39/ bbl.

  • Supply Cuts Boost Canadian Oil Producers

    TORONTO-- Aggressive cuts by Canadian oil producers in the spring are starting to pay off in the summer. After coronavirus-related shutdowns stalled business, U.S. oil refiners have started making more gasoline for drivers who are returning to the road. That has increased demand for Canadian oil, which is the largest source of crude for Midwestern refineries.

  • BHP Achieves Annual Guidance for Output of Most Commodities

    SYDNEY--BHP Group Ltd. (BHP) said it achieved annual production guidance for most of its major commodities despite disruption caused by the coronavirus pandemic. BHP said it produced 67 million metric tons of iron ore in the three months through June, up 11% on the previous quarter. That brought annual production to 248 million tons, which is 4% higher than in the 2019 fiscal year.

  • Saudi Arabia's Octogenarian King Admitted to Hospital for Checks

    RIYADH-- Saudi Arabia's King Salman was admitted to a hospital in the country's capital for tests after suffering from gallbladder inflammation, reigniting speculation about succession plans for his young son and heir apparent. The 84- year-old ruler entered a specialty hospital in Riyadh for medical checks due to cholecystitis, the Royal Court said Monday in a brief statement carried by the kingdom's state-controlled news agency. King Salman's hospitalization prompted...

  • Oil Prices Rise on Vaccine Hopes, Falling Inventories

    Oil prices rose Wednesday, trading around a 4 1/ 2- month high with investors hoping for faster-than-expected coronavirus vaccine development and weighing a sizable drop in domestic crude stockpiles. U.S. crude futures added 1.4% to $40.86 a barrel on the New York Mercantile Exchange, nearing their recent peak close of $40.90 from last week. Prices are well below where they started the year with the coronavirus denting demand but have rebounded in recent weeks with some states...

  • Jump in Coronavirus Cases Could Jeopardize Oil Market Recovery, OPEC Says

    Even a record-breaking rise in oil demand next year won't be enough to spur a recovery back to pre-coronavirus levels, according to the Organization of the Petroleum Exporting Countries. In its widely read monthly report, the cartel said it expected that the world's demand for oil would increase by 7 million barrels a day next year, after a forecast 8.9 million-barrel-a-day decline in 2020.. While annual demand for gasoline, diesel and other refined products was seen rising by a...

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