oil prices

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As Prices Spike, Biden to Tap Oil Reserve: Sources
It's the Biggest
of US Oil
in History

It's the Biggest Drawdown of US Oil in History

President orders release of 180M barrels from US reserves over six months

(Newser) - Update: This summary has been updated with new developments throughout. President Biden is ordering the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months, the White House said Thursday, in a bid to control energy prices that have spiked since...

Stocks Fall as Oil Jumps More Than 4%
Dow Drops 449 Points
as Oil Rises Sharply

Dow Drops 449 Points as Oil Rises Sharply

Brent crude was up nearly 5%

(Newser) - Stocks closed lower on Wall Street Wednesday, giving back nearly all of the gains they made a day earlier, as crude oil prices rose sharply again. Technology, health care, and financial stocks were among the biggest losers. Retailers and communications companies also lost ground. The S&P 500 fell 55....

Markets Close Lower After US Bans Russian Oil
Nickel Trading Halted
After Price Doubles

Nickel Trading Halted After Price Doubles

(Newser) - Stocks ended lower after another day of yo-yoing between gains and losses after crude oil prices rose anew as the US banned imports from Russia. The price of nickel surged so much that trading for the metal was shut on Tuesday as the economic fallout from Russia’s invasion of...

Markets Plunge as Oil Price Touches $130 a Barrel
S&P 500 Just Had Its
Biggest Drop in 16 Months

S&P 500 Just Had Its Biggest Drop in 16 Months

Oil price briefly touched $130 a barrel

(Newser) - Stocks fell sharply on Wall Street Monday after another big leap for oil prices threatened to squeeze inflation’s grip on the global economy. The S&P 500 fell 3%, its biggest drop in 16 months, after a barrel of US crude surged to nearly $120 on the possibility that...

US, Allies Move Closer to Big Step Against Russia

Investors bracing for a ban on Russian oil imports

(Newser) - It's a familiar story on the world markets Monday: Oil prices keep rising and stocks keep falling. Investors are particularly nervous because the US and its allies appear poised to take a major step against Russia and ban the import of oil and natural gas, reports CNBC . The global...

Biden May Visit Saudi Arabia
Biden May Visit
Saudi Arabia

Biden May Visit Saudi Arabia

As cost of oil continues to rise

(Newser) - Since his election in 2020, President Biden hasn't spoken with Saudi Arabia's crown prince and de facto ruler directly, connecting only with his father , King Salman bin Abdulaziz Al Saud. It's not clear whether that might change any time in the near future, but what is clear,...

Russia Discounts Its Oil, and Buyers Aren't Buying It

Effects of self-sanctioning are being felt amid calls to ban Russian oil imports outright

(Newser) - Western sanctions on Russia's oil industry are becoming more and more likely, analysts tell CNBC , despite continued resistance from the White House. "We don't have a strategic interest in reducing the global supply of energy and that would raise prices at the gas pump for the American...

US Sees an Unwanted First on Gas Prices

For first time, average price of a gallon goes over $5 in one city

(Newser) - Russia's invasion of Ukraine has pushed gas prices sky-high. For the first time in any US city, the average price of a gallon of gas hit $5 in San Francisco on Thursday. The rest of California, the state where gas is the priciest at a current average of $4....

US, Allies Make Rare Move on Oil
US, Allies 
Make Rare
Move on Oil

US, Allies Make Rare Move on Oil

All 31 nations in IEA agree to release a total of 60M barrels

(Newser) - All 31 member countries of the International Energy Agency have agreed to release 60 million barrels of oil from their strategic reserves—half of that from the United States—"to send a strong message to oil markets" that there will be "no shortfall in supplies" after Russia invaded...

Oil Prices Jump After Russia Sanctions
Oil Prices Jump
After Russia Sanctions

Oil Prices Jump After Russia Sanctions

Dow dropped 161 points

(Newser) - Markets quivered Monday amid worries about how high oil prices will go and how badly the global economy will get hit after the US and allies upped the financial pressure on Russia for its invasion of Ukraine. Stocks swung down, up and down again, while investors herded into gold in...

Stocks Plunge, Oil Surges as Russia Attacks Ukraine

'Equities are tanking in Asia,' says an analyst

(Newser) - Asian stock markets plunged and oil prices surged to nearly $100 a barrel Thursday after President Vladimir Putin announced Russian military action in Ukraine, the AP reports. Market benchmarks in Tokyo and Seoul fell 2%. Hong Kong and Sydney lost more than 3%. Oil prices jumped more than $4 on...

Oil Prices Hit Highest Level Since 2014
Oil Prices Hit
Highest Level
Since 2014

Oil Prices Hit Highest Level Since 2014

Energy stocks rose as tech stocks dropped

(Newser) - Technology companies led a broad slide for stocks Monday, as the market lost more ground following its worst week since winter. The selling came amid more signs of rising inflation for the US economy. The price of oil hit a seven-year high as OPEC and allied oil producers stuck with...

Gas Industry Is Running Out of Drivers

Driver shortage could cause gas shortages this summer, industry warns

(Newser) - Demand for gas is now nearly at pre-pandemic levels and could hit new highs this summer—but the industry is desperately low on drivers who can bring it to gas stations. Industry groups say there's no current shortage of gas, but the chronic shortage of tanker truck drivers has...

Electricity Prices in Texas Up 10,000%
How One Texan Is
Holding Up: 'I Cannot Do This'

How One Texan Is Holding Up: 'I Cannot Do This'

The pandemic and storm are all too much for some

(Newser) - Texas' energy grid stands on its own, isolated from the rest of the country and unable to import power from other states. That means "when it comes to electricity, what happens in Texas stays in Texas," Dan Cohan, an associate professor of environmental engineering at Rice University, tells...

Markets Edge Up as Restrictions Relaxed
Oil Prices Jump as
Restrictions Relaxed

Oil Prices Jump as Restrictions Relaxed

Dow Jones, S&P 500 edge upward

(Newser) - Stocks closed broadly higher on Wall Street Tuesday as more countries relaxed restrictions on businesses, raising hopes for a recovery from the historic plunge that is sweeping the global economy. The S&P 500 rose 0.9% after losing about half of its early gains in a late-afternoon burst of...

Oil Collapse Drags Stocks Down
Oil Chaos Deepens,
Drags Markets Down

Oil Chaos Deepens, Drags Markets Down

'There is so much oil sloshing around the world and so few people using it'

(Newser) - Oil's chaotic collapse deepened, and stocks around the world dropped on Tuesday as the economic carnage caused by the coronavirus pandemic turned markets upside down. The S&P 500 closed down 3% Tuesday, its second straight loss. Markets across Europe and Asia had similar drops. Oil prices crumbled again...

AOC Sees Oil Price Crash as a 'Turning Point'
Some Early Views on
'Mind-Bending' Oil Prices
the rundown

Some Early Views on 'Mind-Bending' Oil Prices

AOC, for one, sees this as a 'turning point in the climate movement'

(Newser) - Oil prices remained in turmoil in the US and the world on Tuesday, reports the Wall Street Journal . On Monday, the US benchmark dipped into negative territory for the first time, settling at -$37.63 per barrel. On Tuesday, the price improved, but remained in the red at -$6.30...

Price of Oil Drops Below Zero
Oil Futures Drop
Below Zero for First Time

Oil Futures Drop Below Zero for First Time

And the Dow falls about 600 points

(Newser) - It's been a historic day in the financial markets: Oil futures plunged below zero Monday for the first time as demand for energy collapsed amid the coronavirus pandemic. The plunge led to a drop in stocks, too: The Dow fell 592 points, or 2.4%, to 23,650; the...

OPEC, Russia Make 'Unprecedented' Oil Move

A tenth of global supply is going bye-bye

(Newser) - OPEC, Russia, and other oil-producing nations on Sunday finalized an unprecedented production cut of nearly 10 million barrels, or a tenth of global supply, in hopes of boosting crashing prices amid the coronavirus pandemic and a price war, officials said. The cartel and other nations agreed to allow Mexico to...

News of Saudi-Russian Truce Pleases Markets

Trump says the nations are poised to end their oil dispute

(Newser) - Wall Street pushed higher Thursday after a surge in oil prices helped resuscitate beaten-down energy stocks. The gains helped overshadow another report showing the coronavirus outbreak is forcing a record-breaking number of Americans into the unemployment queue, per the AP . The S&P 500 rose more than 2% in morning...

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