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Tag Archives: West Texas Intermediate

Crude oil prices drop more than 1 percent as weak outlook prevails

SINGAPORE (Reuters) – Crude oil futures fell around half a dollar early on Wednesday as the market remained under pressure from slowing demand and high supplies, while forecasts that a cold snap in Europe and the United States would be short-lived also hurt prices. Crude prices have plunged by two-thirds since mid-2014 as soaring output from the Organization of the ...

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2015 year in review: The boom went bust

2015 year in review 2015: The boom went bust

When the New Year arrived, it was clear Odessa would not see another year of an oilfield boom. Instead, locals in the industry wondered just how bad it would get and for how long? As the year ends, those same questions remain. The Organization of Petroleum Exporting Countries agreed on Thanksgiving Day 2014 not to cut production in the face ...

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Oil nearly unchanged on minor technical correction

NEW YORK – Oil prices were little changed in quiet technical trade on Tuesday as declining U.S. production and a “rebalancing” momentum in the market offset expectations of Iranian barrels adding to the already persistent supply glut. Brent futures for December delivery fell 17 cents to $48.44 a barrel, a 0.4 percent loss, by 11:49 a.m. EDT (1549 GMT). U.S. ...

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Crude jumps on U.S. output forecast; stocks mixed

NEW YORK  – Crude prices jumped more than 4 percent on Tuesday after the United States cut output forecasts, while global equity markets mostly rose on expectations the Federal Reserve will not raise interest rates this year. Helping crude was news that Russia and Saudi Arabia had met last week and discussed the oil market, and planned to continue exchanging ...

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Oil prices edge up as U.S. drilling declines

SINGAPORE – Oil prices edged up in early trading in Asia on Monday as U.S. drilling slowed and analysts estimated that $1.5 trillion worth of planned American production was uneconomical at prices of $50 per barrel or lower. Crude oil prices have plunged almost 60 percent since June 2014, when soaring global production started to clash with slowing demand. This ...

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Oil prices edge up as U.S. drilling declines

SINGAPORE – Oil prices edged up in early trading in Asia on Monday as U.S. drilling slowed and analysts estimated that $1.5 trillion worth of planned American production was uneconomical at prices of $50 per barrel or lower. Crude oil prices have plunged almost 60 percent since June 2014, when soaring global production started to clash with slowing demand. This includes ...

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