Brent crude oil futures on July 23 settled at their lowest price since April, and U.S. crude fell into bear market territory and ended below $49 a barrel for the first time since late March as persistent concerns about ample supply and shaky demand offset support from the dollar's weakness.
July 23, 2015BusinessFuel
Crude Falls Below $50 for First Time Since April on Glut Concerns
Crude slumped below $50 a barrel in New York for the first time in more than three months on speculation that Iranian shipments will climb, extending a global glut.
July 20, 2015BusinessFuel
Brent Crude Holds Losses as Iranian Supply Counters Drop in US Rigs
Brent crude held losses after a third weekly decline as investors weighed the prospect of increased Iranian supplies against a drop in U.S. drilling rigs.
July 20, 2015BusinessFuel
Oil Prices May Fall Further Before Supply Fades in 2016, IEA Says
Oil prices may fall further as the world remains “massively oversupplied,” before markets tighten in 2016 when output growth outside OPEC grinds to a halt, according to the International Energy Agency.
July 10, 2015BusinessFuel
BP Reaches $18.7 Billion Settlement Over Deadly 2010 Spill
HOUSTON — BP will pay up to $18.7 billion in penalties to the U.S. government and five states to resolve nearly all claims from its deadly Gulf of Mexico oil spill five years ago in the largest corporate settlement in U.S. history.
July 2, 2015BusinessFuel
World Facing Longest Oil Glut in at Least Three Decades
Oil supply has exceeded demand globally for the past five quarters, already the most enduring glut since the 1997 Asian economic crisis, International Energy Agency data show.
June 16, 2015BusinessFuel
US Oil Production to Peak at 43-Year High Before Trailing Off
U.S. oil output will peak at a 43-year high in 2015 as producers work through a backlog of uncompleted wells before trailing off in the second half of the year.
June 10, 2015BusinessFuel
Crude Oil Price Falls Amid Ample US Supply, Output Gain
The price of oil fell in New York on May 27 on ample U.S. crude stockpiles as output surged to a record.
May 28, 2015BusinessFuel
Iraq Set to Flood Oil Market to Further Undercut US Shale
Iraq is taking OPEC's strategy to defend its share of the global oil market to a new level.
May 27, 2015BusinessFuel
US, Canada Release Harmonized Rail Safety Rules
The U.S. Department of Transportation and Transport Canada released a “harmonized” final tank car safety rule that is meant to avert all rail accidents involving crude by rail and other volatile hazardous materials.
May 1, 2015