Falling Texas crude output becomes a global oil market crisis
LONDON (Bloomberg) –What began as a power issue for a handful of U.S. states is rippling into a shock for the world’s oil market. More than 4 million barrels a day of output — almost 40% of the nation’s crude production — is now offline, according to traders and executives. One of the world’s biggest […]
Oil prices wobble on lower U.S. supplies and weaker crude demand
(Bloomberg) –Oil switched between gains and losses after a U.S. government report showed domestic crude inventories fell ahead of a sharp reduction in output due to a cold blast sweeping parts of the country. Futures in New York rebounded after sliding as much as 1.3% on Thursday. U.S. crude stockpiles tumbled more than 7 million […]