Energy News Results

  • U.S. Oil Prices Edge Up as Traders Look to OPEC+ Meeting

    U.S. crude prices edged up Tuesday, paring some of the previous day's losses as traders looked toward Thursday's meeting of the Organization of the Petroleum Exporting Countries and its allies. U.S. crude futures rose 0.8% to $26.30 a barrel midday Tuesday, while Brent, the global gauge of prices, was roughly flat at $33.02 a barrel. Crude prices plunged to their lowest levels since 2002 last week before surging Thursday and Friday after President Trump said Russia and Saudi Arabia...

  • Oil Slides After Delay of OPEC+ Summit

    Oil prices fell Monday, paring some of their recent rebound after a virtual summit for producers to discuss supply cuts was postponed to later in the week. U.S. crude futures dropped 8% to $26.08 a barrel on the New York Mercantile Exchange, coming off their largest one- week percentage advance ever. After tumbling to an 18- year low, prices soared late last week after President Trump said that Russia and Saudi Arabia were close to reaching a deal to curb supply.

  • Origin Cuts Capex, Aussie Dollar Weakness Offsets Oil Fall

    SYDNEY--Origin Energy Ltd. (OGFGF) said the steep fall in the Australian dollar is mitigating the impact of lower oil prices, while announcing new targets to reduce capital expenditure. Origin said Monday it continues to expect total cash distributions from its flagship Australia Pacific liquified natural gas project of between 1.1 billion Australian dollars and A $1.3 billion in the year through June. It said cost cutting had lowered the breakeven mark for distributions to an...

  • OPEC, Allies Set to Debate Oil Cuts as Saudis Delay Pricing Move

    The Saudi-led Organization of the Petroleum Exporting Countries will convene a virtual meeting on Thursday with other oil-producing nations including Canada and Russia, aiming to negotiate a truce in a Saudi-Russia fight for market share that has cratered oil prices over the past month. Saudi Arabia has delayed pricing its crude for May delivery as it awaits the result of the meeting. The move represents a cease-fire in a price war that has contributed to a 70% drop in oil...

  • Crude Leaps More Than 20% on Hopes Price War Will End -- Update

    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...

  • Crude Leaps More Than 20% on Hopes for End to Price War

    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,...

  • Crude Leaps 25% on Hopes for an End to Price War

    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.

  • Crude Leaps on Hopes for an End to Price War

    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...

  • Oil Leaps on Hopes for Saudi-Russia Truce, U.S. Action

    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.

  • Oil Leaps on Hopes for U.S. Action, End to Saudi-Russia Spat

    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.

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