Oil, Saudi Arabia
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Oil is back above $100 a barrel, and Americans are already feeling it at the gas pump. The bigger economic problem may be what happens next.
With unquestioned volatility in the market, trends and projections indicate oil companies are making big profits, but in spending have adopted a wait-and-see attitude.
The company, led by one of President Trump’s closest allies in the U.S. oil industry, said it would explore one of Venezuela’s undeveloped oil fields.
As refiners now make more money turning crude oil into petrol, motor oil could face a significant supply squeeze.
Continental Resources signed a deal with PDVSA to develop the Ayacucho 2 Block, holding an estimated 30 billion barrels in Venezuela's Orinoco Belt.
Oil prices again were dictating the market on Wednesday, with optimism over a potential quick reopening of the Saudi's East-West pipeline boosting the mood on Wall Street. Brent and U.S. benchmark cru
Oil has climbed above $100 a barrel as the war with Iran disrupts global energy markets, putting pressure on gasoline, transportation, food and other household costs.
By Sam Li and Siyi Liu BEIJING/SINGAPORE, Sept 16 (Reuters) - Oil prices fell on Wednesday, retreating after a two-day rally following an unexpectedly large build in U.S. crude inventories, while supply disruptions in the Middle East lingered.