Oil steadies below $67 as global glut builds L
Brent crude oil steadied below $67 a barrel on Friday after reports that a growing supply glut is boosting inventories worldwide.
Energy
Shell to Sell Oil Refineries and Chemical Assets in Singapore for Less Than $1 Billion
Shell's Singapore oil refinery and chemical assets will be sold to a Glencore-led joint venture with a purchase sale of below $1 billion, following agreements in place for continued collaboration and strategic alignment with CAPGC.
Global Fuel Consumption Might Drop in 2024, Experts Say
Global gasoline demand growth may half in 2024 due to a return to normal consumption after COVID-19 and a shift to electric cars in China and the US...
Former SpaceX Engineer to Build Space-Based Solar Power to Provide 'Infinite Energy' for Earth
Virtus Solis, led by former SpaceX engineer John Bucknell, aims to use SpaceX's Starship for affordable space-based solar power, envisioning large solar arrays in orbit to provide constant energy to E..
Potential Gas Price Change Anticipated Following Chevron and Exxon Mobil Q1 Profits Dip
Chevron (CVX) and Exxon Mobil (XOM) reported a decline in first-quarter revenue compared to the previous year, citing lower margins on refined product sales, sparking concerns among investors about th..
US Solar Firms Urge Biden Admin to Apply Tariffs on Southeast Asian Imports
A group of US solar producers petitioned the federal government to put...
SunPower Announces Mass Layoff as it Ceases Residential Installations
SunPower announced a mass layoff that would affect thousands of employ...
Latest News
Oil ends down despite U.S. crude draw; stockpiles still hefty
Oil prices fell after initially rallying on Wednesday as worries about huge supplies weighed on the market despite a second straight week of draws in U.S. crude.
Oil glut worsens as OPEC market-share battle just beginning: IEA
A global oil glut is building as OPEC kingpin Saudi Arabia pumps near record highs in an attempt to win a market-share battle against stubbornly resistant U.S. shale production, the International Ener
Oil up 3 percent in largest gain in three weeks; volatility threatens
Oil rose 3 percent on Tuesday, the most in three weeks, as a weak dollar lifted commodities denominated in the currency and OPEC raised slightly its forecast for world oil demand growth.
Castleton joins oil trade titans with Morgan Stanley deal
Castleton Commodities International will buy Morgan Stanley's (MS.N) physical oil business, vaulting the Connecticut-based merchant into the big leagues of global crude and fuel traders.
Oil slips lower amid debate on U.S. shale oil recovery
Oil edged lower on Monday on signs that a multi-week rally was encouraging a rejuvenation in already bloated U.S. shale supplies, even as the government expected less output in June from the fastest-g
China becomes world's top crude buyer despite economy stuttering
China overtook the United States as the world's top importer of crude oil for the first time in April, and its purchases are expected to remain strong despite a slowing economy, with far-reaching cons
Gulf states agree to push value-added tax project with oil low
Officials of the six-nation Gulf Cooperation Council agreed at the weekend to keep working toward the introduction of a value-added tax around the region, in a sign that low oil prices may be strength
Oil on verge of weekly decline despite strong China imports
Crude oil prices edged down on Friday, set for their first weekly decline in more than a month as concerns over a global supply glut outweighed strong Chinese crude imports.
Oil dives 3 percent on surging dollar, renewed supply worries
Oil prices tumbled 3 percent on Thursday as a resurgent dollar erased gains from the past two sessions, setting the market up for its first weekly loss in five.
