(THE CONVERSATION) On a recent visit to Rangely, a small town in northwest Colorado, my colleagues and I met with the administrators of a highly regarded community college to discuss the town’s economy. Leaving the scenic campus, we saw families driving into the mountains in off-road vehicles, a favorite activity for this outdoors-loving community. With a median household income above US$70,000 and a low cost of living, Rangely does not have the signs of a town in economic distress.
Oil prices stabilised on Monday as ongoing disruption to US Gulf oil infrastructure balanced persistent demand concerns after a fresh round of Chinese data while investors await news on US interest rates this week.
Oil prices climbed 2% early Thursday morning as Tropical Storm Francine landed on the coast of Louisiana.
Crude oil prices moved higher earlier today on anticipation that tropical storm Francine would disrupt oil and gas production in the Gulf of Mexico.
Crude oil prices began the week with gains as traders took a break after the latest selloff and as a weather system in the Gulf of Mexico could become a hurricane before it makes landfall.
Saudi Arabia cut pricing of its flagship crude grade for its main market in Asia next month as concerns mount over waning demand.
Malaysia’s national oil and gas company has reported MYR171.7 billion ($39.4 billion) in revenue for the first six months of 2024, up MYR2.7 billion ($459.5 million) compared to the same period last year despite weaker selling prices especially for liquefied natural gas.
Crude oil prices hit year-to-date lows on Wednesday, with Brent at $72.63 and WTI at $69.19, driven by weak demand in China and other markets.
OPEC+ delayed plans to ease production cuts, but analysts see challenges due to lost market share and declining prices.
Commodity analysts highlight trend-following strategies and potential for a short-covering rally in oil, while the return of Libyan oil adds further downward pressure on prices.
Oil plummeted — erasing its gains for the year — after a prospective deal to restore supplies from Libya turned traders’ attention back to concerns about tepid global demand for crude.
BP, Chevron, ExxonMobil, Equinor, Shell, and TotalEnergies among those funding industry-backed scheme to accelerate efforts to curb emissions from oil and gas projects