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Tag Archives: West Texas Intermediate

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

SINGAPORE – 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 Petroleum Exporting ...

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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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U.S. crude prices head towards new 2015 low as drilling rebounds

An oil tanker is seen on Lake Maracaibo in Venezuela's western state of Zulia March 1, 2008. REUTERS/Jorge Silva

SINGAPORE – U.S. crude oil prices dipped in early Asian trading on Monday, heading towards last week’s 2015 lows as a rebound in drilling activity, a strong dollar and brimming storage facilities weighed on prices. U.S. West Texas Intermediate (WI) crude futures <CLc1> were trading at $34.48 per barrel at 0008 GMT, down 25 cents from their last settlement and ...

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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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Chattanooga area gas prices edge even lower


Chattanooga gas prices, which edged higher during September, fell 1.3 cents per gallon last week to an average of $1.92 per gallon, according to gasoline price website GasBuddy.com. Chattanooga gas prices Sunday averaged 39 cents per gallon less than the U.S. average of $2.31 per gallon and were 98.1 cents per gallon below the same time a year ago. GasBuddy ...

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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 up to $50 on speculation producers getting together

LONDON – Oil prices rose on Tuesday, heading for the first three-day gain in five weeks, on signals that the world’s biggest producers of crude may act jointly to support prices, which have halved over the past year. Brent crude, the global oil benchmark traded up 75 cents at the $50.00 a barrel milestone for the first time in two ...

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Oil edges higher on U.S. GDP data but long-term outlook weak

LONDON – Oil prices edged up on Friday boosted by stronger than expected U.S. economic data though the longer-term outlook for energy markets remains weak due to a global oil supply glut and uncertainty over economic growth prospects in Asia. Globally traded Brent crude oil futures were at $48.62 per barrel by 1335 GMT, up 45 cents from their last ...

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West Coast to get Bakken oil via rail indefinitely: regulator

FARGO, N.D., Sept 22 (Reuters) – North Dakota’s Bakken crude oil should continue to travel to the U.S. West Coast via rail for the foreseeable future, the state’s pipeline regulator said on Tuesday. The use of pipe to transport oil out of the No. 2 U.S. crude producing state continues to climb, nearly reaching parity with rail this month. Yet ...

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Oil falls after U.S. warns on health of global economy

LONDON – Oil prices fell on Friday after the U.S. central bank warned on the health of the global economy and bearish signs persisted that the world’s biggest crude producers would keep pumping at high levels. The Federal Reserve decided against raising interest rates from historic lows on Thursday, saying uncertainty about global economic growth had forced its hand. The ...

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