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Oil extended gains to hit a five-month high on Monday as worries grew over supply disruptions impacting big importers China and India following wide-ranging sanctions against Russian crude.
Trump also mentioned his intent to impose tariffs on Canada and Mexico starting Feb. 1, sparking concerns of a trade war that could impact economic growth and, as a result, oil consumption.
Get breaking Business News and the latest corporate happenings from AOL. From analysts' forecasts to crude oil updates to everything impacting the stock market, it can all be found here.
On April 19, oil fell 3.8% with the news of an unexpected increase in U.S. gasoline supplies and the news that U.S. crude supplies fell less than they should have with production at its highest since August 2015. [19] WTI still remained above $50 while Brent crude closed just under $53. [20]
Commercial Crude Oil Stock Pile. On January 2, benchmark crude fell by the most in one day since November 2012 to close at $95.44. Brent crude was $107.78. Gas was $3.33. [1] With the Iran agreement and increased production from Libya and the North Sea, Benchmark oil was around $92 on January 13 and Brent crude was $105.98. [2]
The market anxiety ahead of Donald Trump's tariffs deadline focused Friday on oil and gas after the president acknowledged there could be issues including the energy staple in his overall plans.
U.S. oil production nearly doubled from 2008 levels, due to substantial improvements in shale "fracking" technology in response to record oil prices.The steady rise in additional output, mostly from North Dakota, West Texas, New Mexico, Oklahoma and several other US states eventually led to a plunge in U.S. oil import requirements and a record high volume of worldwide oil inventories in storage.
The Trump administration will aim to drive "Iran's oil exports to zero," the official said. U.S. oil prices pared losses on Tuesday on the news, which offset some weakness from the tariff drama ...
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