MOSCOW (AP) — Oil-producing countries including those of the OPEC cartel and Russia are trying to strike a global deal to pump less crude in a bid to limit a crash in prices that, while welcome for consumers, has been straining government budgets and pushed energy companies toward bankruptcy.
NEW YORK (AP) — Wall Street closed out its best week in 45 years on Thursday after the Federal Reserve launched its latest titanic effort to support the economy through the coronavirus outbreak.
NEW YORK (AP) — Stocks shot to a 3.4% gain on Wall Street Wednesday as investors chose to focus on the optimistic side of data about the coronavirus outbreak's trajectory.
Exxon Mobil is slashing its capital spending budget for 2020 by 30% due to weak demand caused by the COVID-19 pandemic and a market flooded with an oversupply of oil. The company said Tuesday its capital investments for this year are expected to be $23 billion, down from the previously annou…
Sen. John Cornyn, R-Texas, announced April 7 he will cosponsor forthcoming legislation to provide $3 billion in funding to purchase crude oil produced in the United States for the Strategic Petroleum Reserve (SPR).
NEW YORK (AP) — Investors grabbed hold of a few glimmers of hope Monday that the coronavirus pandemic could be slowing and sent stocks surging in a worldwide rally, capped by a 7% leap for the U.S. market.
NEW YORK (AP) — In Montana, a father and son running a small oil business are cutting their salaries in half. In New Mexico, an oil truck driver who supports his family just went a week without pay. And in Alaska, lawmakers have had to dip into the state's savings as oil revenue dries up.
NEW YORK (AP) — The stock market's first reaction to Friday's stunningly bad jobs report was to take it in stride. But Wall Street slid through the day as investors looked ahead to the likelihood that even worse numbers are on the way.
NEW YORK (AP) — Stocks were falling in early afternoon trading Friday, putting Wall Street on track for its third losing week in the last four.
NEW YORK (AP) — Wall Street rallied Thursday for its first gain in three days after a sudden surge in oil prices revived beaten-down energy stocks. But, as has so often been the case in this year's market sell-off, it took a few U-turns to get there.
DALLAS (AP) — U.S. gasoline prices have dropped to their lowest levels in four years, and they are almost sure to go lower as oil prices plunge.
The outbreak of the coronavirus has dealt a shock to the global economy with unprecedented speed. Following are developments on Wedy related to the global economy, the work place and the spread of the virus.
Range Resources Corporation (NYSE: RRC) announced March 31 that it has reduced its 2020 all-in capital budget from $520 million to $430 million. Range still expects to maintain production at approximately 2.3 billion cubic feet equivalent per day for 2020.
For many decades, low oil prices would help the U.S. economy. Not so much anymore. The cost of West Texas Intermediate crude oil is around $26 a barrel, having tumbled from roughly $60 at the start of the year. That sort of price plunge used to mean that drivers could expect their gasoline e…
COVID-19 is getting all the headlines, but without the worldwide pandemic, business writers across the Lone Star State would be tripping over their adjectives bemoaning the latest shock to the energy market.
CARLSBAD, N.M. (AP) — Oil and gas companies have begun reducing their operations in the Permian Basin as the spread of the new coronavirus slows global energy demands and adds to the drop in the price of oil.
WASHINGTON (AP) — The Trump administration said Thursday it is seeking $3 billion from Congress to top up the country's strategic petroleum reserves, potentially propping up U.S. oil producers after crude prices crashed globally.
NEW YORK (AP) — The stock market had its biggest drop since the Black Monday crash of 1987 as fears of economic fallout from the coronavirus crisis deepened. The Dow industrials plunged more than 2,300 points, or 10%. The sell-of came despite action from the Federal Reserve and the European …
As the new coronavirus halted travel and economic activity in China and other locations around the world, the drop in global oil demand in the first quarter was expected to be the largest recorded in history, according to IHS Markit. Compounding problems, Saudi Arabia and Russia couldn’t agr…
NEW YORK (AP) — Stocks on Tuesday recouped most of their historic losses from the prior day as hopes rose, faded and then bloomed again on Wall Street that the U.S. government will try to cushion the economic pain from the coronavirus.
Seven weeks after the first case of COVID-19 was confirmed in the U.S., the spread of the virus that causes the disease has done widespread damage to critical economic sectors in the country. Airlines are cutting capacity, people are working from home, major public events that raise millions…
Stocks in companies that explore for oil suffered huge losses Monday as a clash between crude producers Saudi Arabia and Russia sparked a drop in the price of a barrel not seen for decades. The price of U.S. crude plunged 24.6% to a 4-year low of $31.13. The last time oil prices fell as much…
U.S. companies buffeted by supply chain chaos and a growing awareness of the scope of a viral outbreak are facing new threats to begin the week. The price of U.S. crude fell as much as 34% to $27.34 a barrel, the lowest price since early 2016, as an oil war between Saudi Arabia and Russia br…
NEW YORK (AP) — U.S. companies buffeted by supply chain chaos and a growing awareness of the scope of a viral outbreak are facing new threats to begin the week. The price of U.S. crude fell as much as 34% to $27.34 a barrel, the lowest price since early 2016, as an oil war between Saudi Arab…
FRANKFURT, Germany (AP) — A clash of two oil titans - Saudi Arabia and Russia - is sending shock waves through energy markets, with wide-ranging implications for consumers and oil companies, including those in the No. 1 producing country, the United States.
Fort Worth-based Basic Energy Services Inc. (OTCQX:BASX)on March 9 announced that it has acquired the production operations from NexTier (NYSE:NEX) for approximately $94 million.
FRANKFURT, Germany (AP) — A clash of the oil titans - Saudi Arabia and Russia - is sending shock waves through energy markets, with wide-ranging implications for consumers and oil companies, including those in the No. 1 producing country, the United States.
NEW YORK (AP) — Fear bludgeoned financial markets around the world Monday, and stocks, bond yields and oil plunged on metastasizing worries about the effects of the new coronavirus.
NEW YORK (AP) — Oil prices are plunging amid concern a dispute among producers could lead a global economy weakened by COVID-19 to be awash in an oversupply of crude.
VIENNA (AP) — The price of oil is plunging amid doubts that the OPEC oil cartel will succeed in agreeing with ally Russia and other non-members on cutting production to support prices as the virus outbreak disrupts the global economy.
NEW YORK (AP) — Exxon Mobil said Thursday it plans to reduce the number of oil rigs operating in an oil-rich region in the Southwest and may cut planned capital expenditures as the spreading coronavirus saps energy demand.
The Fort Worth Museum of Science and History has powered its way to energy cost reductions and a cleaner energy future by executing a new 100% renewable electricity agreement with TXU Energy through its partnership with the energy advisory firm 5, the museum said in a news release.
HOUSTON (AP) — The organizers of a high-profile energy summit held annually in Houston announced Sunday they have canceled this year's gathering due to concerns over the new coronavirus that has killed thousands of people worldwide.
NEW YORK (AP) — With the viral outbreak spreading to more countries, the price of oil has dropped precipitously as global demand weakens even further.
The spread of the new coronavirus around the world is hitting companies hard as they suspend production, meetings, events and business travel. Here's a look at the latest developments: