Oil plummets on fears of global slowdown

Crude oil prices fell more than 4.3% Wednesday, to a seven-month low, extending recent heavy losses following a surprise build in U.S. crude stockpiles and fears demand will shrink due to Washington’s growing trade war with Beijing. Brent crude futures dropped 4.4%, to $56.35 a barrel, a seven-month low. Prices have lost more than 20%

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Crude oil falls as US-China trade tensions impact

Crude oil prices fell slightly Tuesday, with Brent crude remaining near seven-month lows just below $60 a barrel due to growing trade tensions between China and the U.S., Kallanish Energy reports President Trump is vowing to impose new tariffs on Chinese imports, and China is retaliating by making further moves against U.S. agricultural purchases. The

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U.S. Lng exports to Europe rise as Asian demand falls

U.S. exports of liquefied natural gas reached a new peak of 4.7 billion cubic feet per day in May, according to the latest data from the U.S. Department of Energy’s Office of Fossil Energy, Kallanish Energy reports. This year, the U.S. became the world’s third-largest Lng exporter, averaging 4.2 Bcf/d in the first five months of the

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Crude oil settles down as US Fed holds rates steady

Crude oil prices were little changed Wednesday after the U.S. Federal Reserve said the central bank will hold interest rates steady, Kallanish Energy reports. Brent crude futures were down 29 cents, or 0.47%, to $61.85 a barrel. U.S. West Texas Intermediate crude settled down 14 cents, or 0.3%, to $53.76/Bbl. Government data showed U.S. crude inventories fell

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US, Brent crudes fall amid supply-cut uncertainty, US-China tariffs

Crude oil prices settled lower Monday after a choppy trading session, as Saudi Arabia and Russia have not yet agreed to extend the Opec+ output-cutting deal, and U.S.-China trade tensions continued to threaten crude demand, Kallanish Energy understands. U.S. West Texas Intermediate crude futures settled 73 cents lower, at $53.26 per barrel, falling 1.4% for the

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Brent slips to 4-month low, as trade fears persist

Crude oil futures ended Monday’s trading session lower after unsettled trading, as Saudi comments indicated Opec+ would extend supply cuts supported prices, but concerns U.S. tariffs on China and Mexico would hurt demand weakened the market. Opec+, which includes most Opec members, along with a number of non-producers led by Russia, since Jan. 1, has

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Icahn challenges Oxy’s ‘hugely overpriced’ Anadarko deal

Billionaire activist investor Carl Icahn last week filed a lawsuit against Occidental Petroleum, looking for board seats and eventually a sale of the company, Kallanish Energy learns. Icahn said in the lawsuit filed in Delaware Chancery Court he’s built a $1.6 billion stake in Houston-based Occidental, and is upset by its decision to acquire Anadarko

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Crude plunges nearly 4%

Crude oil prices plunged Thursday on a smaller-than-expected decline in U.S. crude inventories and fears of a global economic slowdown due to the U.S.-China trade war, Kallanish Energy understands. The U.S. Energy Information Administration reported crude stockpiles fell nearly 300,000 barrels last week, less than the 900,000 Bbl decline analysts forecast in a Reuters poll, and

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US crude prices settle up due Midwest flooding

U.S. crude oil futures gained nearly 1% Tuesday after flooding throughout the Midwest constricted crude flow from the storage hub in Cushing, Oklahoma, Kallanish Energy learns. U.S. West Texas Intermediate futures settled at $59.14 a barrel, up 51 cents, or 0.9%, from its close on Friday before the long Memorial Day holiday weekend. Flooded areas

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Crude prices slip Friday, post weekly gains

Crude oil prices slipped Friday, but West Texas Intermediate and Brent both posted a weekly gain on rising concerns over more Middle East supply disruptions due to U.S.-Iran political tension, Kallanish Energy reports. A deputy head of Iran’s Revolutionary Guards said Friday Iran could “easily” hit U.S. warships in the Persian Gulf, the latest rhetoric

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US, Brent crudes rise on Middle East tensions

Crude oil prices jumped as much as 2% Thursday as tensions in the Middle East grew, with a Saudi-led coalition launching air strikes in retaliation for recent attacks on its oil infrastructure. U.S. West Texas Intermediate crude futures settled 85 cents higher, at $62.87 per barrel, gaining 1.4% and closing at the highest level in two

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Oil rises as market shrugs off jump in US crude inventories

Crude oil futures rose slightly Wednesday as worries that rising tensions in the Middle East could impact global supplies overshadowed an unexpected rise in U.S. crude inventories, Kallanish Energy reports. U.S. West Texas Intermediate crude futures settled 24 cents higher, at $62.02 per barrel. Brent crude futures rose 53 cents, to $71.77/Bbl. U.S. crude stocks rose unexpectedly last

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Oil plummets 1+%, as U.S.-China trade war intensifies

Crude oil prices dropped Tuesday as renewed doubts of a U.S.-China trade pact stoked concerns over global growth, while U.S. sanctions on Iran and Venezuela tightened supply and helped to curtail losses, Kallanish Energy reports. President Trump Sunday said he would raise tariffs on $200 billion worth of Chinese goods from 10-25% by Friday. The comments

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Occidental revises Anadarko bid, offers mostly cash

Occidental Petroleum, continues to tinker with its offer to buy Anadarko Petroleum, late Sunday putting a revised bid in front of the independent producer, offering mostly cash as it looks to wrest its prey from Chevron, Kallanish Energy reports. Oxy is still offering to buy Anadarko for $76 a share, but would now pay 78% in

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Opec is ‘likely to collapse,’ Iran’s oil minister warns

Iran’s oil minister last week warned Opec is “likely to collapse” because some members of the 14-nation group are working against their fellow producers, Kallanish Energy learns. It’s not hard to figure out the comments referred to Saudi Arabia and the United Arab Emirates. When U.S. Secretary of State Mike Pompeo first announced sanction waivers

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