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Tag Archives: Oil price

Stacked rigs and their impact on oil prices

Although the dramatic drop in U.S. rig count alleviated the oil price decline, global investment firm Goldman Sachs said it probably won’t lead to a slowdown in production or help with oversupply. According to a report by CNBC, earlier this week the firm stated in a note that “the decline in the U.S. rig count likely remains well short of ...

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Iraq’s oil exports dip by 14 percent in January

BAGHDAD — Iraq’s Oil Ministry said on Thursday that crude exports averaged 2.535 million barrels a day in January, a decrease of nearly 14 percent from the previous month, depriving the nation of badly needed cash both for ongoing military operations against extremists and reconstruction efforts. Last month’s revenues stood at $3.258 billion, based on an average price of $41.45 ...

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Oil on wild ride; How will it end?

NEW YORK — The price of oil is on a wild ride, and there is little agreement on where it’s headed. After falling nearly 60 percent from a peak last June, the price of oil has now bounced back 19 percent since late January, closing Monday near $53. Oil has fallen or risen by 3 percent or more on 14 ...

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Lifting U.S. crude export ban could boost production, cut gas prices: study

NEW YORK – Lifting U.S. crude export restrictions could boost domestic oil production and cut gasoline prices, according to a report issued Friday by Columbia University’s Center on Global Energy Policy. The shale boom has flooded U.S. oil refiners with increased volumes of light sweet oil, which they are not generally configured to run. If rapid oil output growth continue ...

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Oil group hears city’s priorities for year

As the city starts off the new year, the worldwide dive of oil and gas prices is causing a new concern for the city’s 2015 budget, City Manager Daniel Valenzuela told the Desk and Derrick Club of San Angelo. “We are benefiting from the oil and gas industry and seeing an influx of money coming in because of it,” Valenzuela ...

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Energy ETPs attract lion’s share of commodity inflows in 2014

LONDON – The collapse in the oil price attracted bargain hunters to energy exchange-traded products (ETPs) in 2014, with inflows leaping in December even as the sell-off in oil intensified, global data from BlackRock and ETF Securities showed. Investors in the United States accounted for about 85 percent of the $3 billion-plus inflow into energy ETPs globally, ETF Securities, an ...

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As oil falls, Hamm wants second look at divorce

Just a month after labeling the outcome of his divorce “fair,” billionaire oilman Harold Hamm appears to have changed his mind. The news agency Reuters reported Tuesday that Hamm’s appeal calls the decision to award his ex-wife $1 billion “erroneous and inequitable.” His appeal comes at a time when the price of oil has plunged by half, Reuters noted, which ...

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Oil’s price bottom uncertain

oil barrels

The Plains-WTI oil price closed at $52.25 per barrel on Tuesday, deepening uncertainty for many local producers now selling their crude for almost half of what they were at the peak earlier this year. The price of oil has yet to find its bottom as a slowdown appeared under way. “People are canceling rigs today, but it’s going to get more ...

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