Oil Slips as Looming OPEC Supply Surge Adds to Demand Woes
Oil snapped its two-day rally amid a weaker demand outlook underscored by the OPEC+ alliance’s decision to taper production cuts and U.S. economic data signaling a slowing recovery in the labor market.
Oil Jumps After Trump Leans Against Further Chinese Sanctions
Oil jumped to a four-month high after President Donald Trump indicated that he doesn’t want to add more sanctions against Chinese officials for now in a move to diffuse tensions with Beijing.
Oil Falls on Signs OPEC+ Will Taper Cuts
Oil retreated before an OPEC+ committee meeting this week that may confirm the group’s intention to taper production cuts even as the coronavirus surges in many countries, including the U.S.
Crude Oil Pares Weekly Decline on Optimism Over Virus Treatment
Oil rebounded as a new virus treatment showed promising results, but rising COVID-19 cases continued to weigh on the market.
Oil Refineries in Texas Grapple With COVID-19 Outbreaks
Oil refineries aren’t being spared as COVID-19 sweeps through Texas, which is setting records for new infections and hospitalizations in the U.S. almost daily.
Energy Transfer Says It Won’t Shut Dakota Access Despite Ruling
Energy Transfer LP said it’s not making any moves to empty its Dakota Access oil pipeline after a judge July 6 ordered the conduit shut while a more robust environmental review is conducted.
Oil’s Recovery Capped by Stubborn US Crude Glut, Dour Demand
Oil’s recent rally has hit a ceiling, with U.S. crude inventories holding near a record high and gasoline demand still at the weakest seasonal level in more than 20 years.
Oil’s Rally Falters in US With Summer Demand Looking Bleak
U.S. crude futures reversed course with investors concerned that lackluster demand through the summer months will weigh on the market’s recovery.
Judge Orders Dakota Access Pipeline Shut Down Pending Review
A federal judge on July 6 sided with the Standing Rock Sioux Tribe and ordered the Dakota Access pipeline to shut down until more environmental review is done.
OPEC Cuts Output to Lowest Since 1991 as Virus Slams Oil Demand
OPEC slashed oil production to the lowest level since the Gulf War in 1991, as it escalated efforts to revive global markets just as a resurgence of the coronavirus is threatening demand again.