Oil Declines As Investors Weigh Fed Decision; Mixed Supply And Demand
Oil fell on Thursday as investors weighed the latest Federal Reserve interest rate decision as well as a mixed outlook on oil supply and demand. West Texas Intermediate futures were trading between $70 and $71 per barrel; a similar level to Fed Chair Jerome...
Oil Extends Losses Amid Banking Sector Uncertainty
Oil losses were sustained on Monday as investors continue to harbor concerns over the ongoing global banking crisis. This uncertainty has hampered investors' willingness to take risks.
Crude prices, which have fallen since the failure of Silicon Valley Bank two Fridays ago, have continued to...
U.S. Oil Production To Remain Historically High Through 2050, Report Suggests
Contrary to the U.S. government's campaign to end fossil fuels, a report released by the Energy Information Administration (EIA) on Thursday projects that U.S. oil production will remain at historically high levels through 2050 despite the adoption of renewable energy solutions.
The 2023 Annual Energy...
Oil Prices Slump as Inventories Build
Oil prices plunged on Wednesday as markets across the globe continue to reel from the fears over the volatility of the banking system. In addition, data on U.S. oil inventories has indicated a steady build-up in stockpiles over the last few days.
West Texas Intermediate...
Saudi Aramco Reports Record $161.1 Billion Profit In 2022
Saudi Arabian oil giant Saudi Aramco reported on Sunday a net profit of $161.1 billion for the 2022 fiscal year. A record annual profit for the company, this is a 46% rise from 2021 and occurred during a period of higher energy prices as...
Oil Losses Sustain as Federal Reserve Retains Hawkish Tone
Oil held the losses it incurred over the past two sessions as the Federal Reserve continued to express a hawkish tone despite a sudden decline in U.S. crude inventories. West Texas Intermediate fell by almost 5% over the past two days and is now...