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In the near term, as far as the demand for crude oil markets, it’s been a little different. Last month imports fell by about 10% from the month prior, and there’s been a year-over-year drop of ...
Oil markets spiraled on the news, falling as much as 4% on Thursday. A report that Saudi Arabia would ditch its unofficial crude price target sent crude oil prices sharply lower on Thursday ...
Oil prices plunged to their lowest level since December 2021, with Brent oil falling 4% to $68.99 on Tuesday. Supply and demand issues, including a slowdown in China's economy, are pressuring prices.
Crude inventories dropped by 5.52 million barrels for the week ending March 8 versus expectations for a draw of 400,000 barrels, according to data from the American Petroleum Institute (API).
Earlier this week, oil jumped after The Organization of the Petroleum Exporting Countries, along with Russia and other countries, said it would delay bringing more supply onto the market until the ...
The 1980s oil glut was a significant surplus of crude oil caused by falling demand following the 1970s energy crisis.The world price of oil had peaked in 1980 at over US$35 per barrel (equivalent to $129 per barrel in 2023 dollars, when adjusted for inflation); it fell in 1986 from $27 to below $10 ($75 to $28 in 2023 dollars).
One result of those slack prices is that U.S. average pump prices for gasoline fell to $3.03 a gallon this week, the lowest since May, 2021 and well down from their record peak of $5.02 from June ...
September 20 – A contractor's digging equipment hit & ruptured a crude oil gathering pipeline in Williams County, North Dakota, spilling about 8,400 gallons of crude oil. [30] December 7 – The Keystone Pipeline leaked about 588,000 gallons of tar sands crude into a creek, in Washington County, Kansas. This is the biggest oil spill in ...