California pump prices fell below $5 a gallon for the first time since July, following national levels lower but still the highest in the country.

The record number of supertankers sailing toward the shores of the U.S. is getting ever larger, as there are 51 ships headed to the nation’s ports over the next three months.

DUBAI, United Arab Emirates — Saudi Arabia and Russia agreed Sept. 5 to extend their voluntary oil production cuts through the end of this year.

The Biden administration announced July 7 that it is purchasing 6 million barrels of crude oil for the Strategic Petroleum Reserve as it continues to slowly refill the emergency stockpile.

Some of the largest oil producers in Canada are objecting to potentially rising costs and fees to ship their crude on the expanded Trans Mountain pipeline.

Oil rallied the most in more than a year after OPEC+ unexpectedly announced output cuts that threaten to tighten the market and deliver a fresh inflationary jolt to the world economy.

The world’s most important oil price is about to be transformed, allowing crude supplies from West Texas to help determine the price of millions of barrels a day of petroleum transactions.

Oil headed for the longest stretch of weekly losses this year as central banks around the world stepped up the fight against inflation at the cost of economic growth.

The U.S. may begin refilling its emergency oil reserve when crude prices dip below $80 a barrel, according to people familiar with the matter.

West Texas Intermediate crude futures dropped below $100 a barrel for the first time since May 11 as concerns grow that a global economic slowdown will ultimately hobble demand.