• Here comes $90 oil

    The firm said the recovery in worldwide demand from the Delta variant has been “even faster than our above consensus forecast” and global supply is “short of our below-consensus forecasts.”

  • Prices keep soaring: Inflation rockets to a 13-year high

    The consumer price index, the nation’s key inflation measure, jumped 0.9% in June, the largest one-month increase in 13 years. Over the last 12 months, prices were up 5.4%, the biggest jump in annual inflation in nearly 13 years. Much of the rise in prices is due to gasoline prices, which are far above last summer’s […]

  • U.S. Oil Drops As Much As 20%

    US oil prices are still falling as investors continue to fret about an excess supply of crude at a time when no one wants any. West Texas Intermediate fell 3.5% on Tuesday to $12.33 a barrel. Earlier the US benchmark contract for oil to be delivered in June had fallen as much as 20%, hovering close to […]

  • U.S. Crude Oil Prices Sink to Historic Low

    Business has been slow at the Shell gas station in Thousand Palms. Managing partner Victor Khouri  says coronavirus lockdowns are hurting the bottom line, “Last month I went in the hole close to $12,000 in our books because we had no business, all we had was expense … if it continues on this path this […]

  • Oil crashes by most since 1991 as Saudi Arabia launches price war

    (CNN) — Oil prices suffered an historic collapse Monday after Saudi Arabia shocked the market by launching a price war against onetime ally Russia. US oil prices crashed as much as 34% to a four-year low of $27.34 a barrel as traders brace for Saudi Arabia to flood the market with crude in a bid to recapture market […]

  • Oil prices plunge as Trump speech eases Iran fears

    Oil prices tumbled Wednesday as President Donald Trump signaled tensions with Iran are easing, reducing fears of a deeper conflict between the two nations. The decline in crude marks a stunning reversal from an initial spike caused by Iran’s missile strike on bases in Iraq that house US troops. US crude tumbled 4%, hitting session lows […]

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