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The good news for consumers is a drop in oil prices could be in store as a weakening Chinese economy lowers demand. Then again, just one damaging hurricane or refinery issue this fall could send ...
US oil prices surged above $87 a barrel late last week for the first time since late October, leaving them up about 21% this year. “We can digest $85 or $90 oil. If we go over $90 and closer to ...
The US is pumping a record amount of oil. But that may not be welcome news to other crude-producing nations. Domestic output reached 13.4 million barrels a day in August, eclipsing all previous ...
Each case was followed by a marked recession in the US economy. [23] In 2008, oil prices rose briefly, to as high as $145 per barrel, [25] and U.S. gasoline prices jumped from $1.37 to $2.37 per gallon in 2005, [26] causing a search for alternate
The breakeven price for North American shale oil was US$68 a barrel in 2015, making it one of the most expensive to produce. By 2019, the "average Brent breakeven price for tight oil was about US$46 per barrel. The breakeven price of oil from Saudi Arabia and other Middle Eastern countries was US$42, in comparison. [141]
Manufacturing activity in September contracted for the sixth consecutive month, per the latest ISM report.
Brent closed at $50.52. Both were the lowest since December 2018. Warmer than usual weather was one reason but the major factor was concerns about economic slowdown due to COVID-19. [6] [7] During the 2020 Russia–Saudi Arabia oil price war, on March 8 oil fell over 30 percent. WTI reached $31.13, down 24.6 percent, with Brent $34.36, down 24. ...
The IEA said in its November Oil Market Report that the world's oil market is on track for a one-million barrel-a-day surplus next year. The excess is largely being driven by a weakening economy ...