US to release 50 million barrels from oil reserves to lower prices, challenges OPEC+

U.S. 11/24/21, 02:23

The Biden administration announced on Tuesday, Nov. 23, that it would tap the strategic oil reserve to cool down surging energy prices. “Today, I’m announcing that—the largest-ever release from the U.S. Strategic Petroleum Reserve to help provide the supply we need as we recover from this [COVID-19] pandemic,” President Joe Biden said ...

Drone attacks knock out half of Saudi oil supplies, oil prices expected to rise

U.S. 09/14/19, 20:17

Two crucial links to the world’s oil supply were attacked by armed drones on Sept. 14, with Yemen’s Iran-allied Houthi rebels claiming responsibility. The world’s largest oil refinery, the Saudi Aramco’s Abqaiq refinery, an oil processing facility was targeted along with the Khurais oil field, also operated by Aramco. No ...

President Trump delighted as S&P 500 hits record high

U.S. 06/21/19, 06:52

The U.S. stock market went up Thursday, June 20, driving a benchmark index to a new record high despite tensions over Iran's attack on a U.S. drone. The S&P 500 rose 27.7 points, or 0.95%, to a record close of 2,954.18, surpassing its previous record set on April 30. Two other key ...

Asian stocks rise, oil soars on Iran sanctions worries

Business 04/23/19, 01:46

Asian stocks mostly rose Tuesday and oil prices soared to their highest level since October after the U.S. said it would soon impose sanctions on all buyers of Iranian oil. Japan's Nikkei 225 index closed 0.2% higher at 22,259.74 and the Kospi in South Korea added 0.2% to 2,220.51. Hong Kong's ...

Saudi energy minister concerned about oil price volatility

Business 01/13/19, 06:27

Saudi Arabia's energy minister said Sunday that major oil producers need to do better to narrow swings in prices that dip below $60 a barrel and rise above $86."I think what we need to do is narrow the range ... of volatility," Khalid al-Falih said."We need to do better and ...

Plunge in oil prices threatens Iraq’s postwar recovery

Business 01/01/19, 01:11

The latest plunge in oil prices has dealt a heavy blow to Iraq's stagnating economy, threatening the new government's ability to rebuild after the war with the Islamic State group and provide basic services to areas roiled by recent protests. Brent crude oil, used to price international purchases, briefly rose above ...

US durable goods orders up 0.8 pct., led by defense spending

Business 12/21/18, 10:06

Orders to U.S. factories for long-lasting goods rose at a modest pace last month, but the gain was driven entirely by demand for military aircraft. Excluding transportation equipment, orders fell. The Commerce Department said Friday that durable goods orders rose 0.8 percent in November, following a sharp fall of 4.3 percent ...

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