Crude oil prices took another dip in Wednesday’s trading as both WTI and Brent crude dropped...
Crude oil prices took another dip in Wednesday’s trading as both WTI and Brent crude dropped about 2% to a 12-week low—another sign of investors growing more worried about energy demand and an expected global recession.
It was the second straight day of price declines as West Texas Intermediate crude for August delivery fell 97 cents or 1% to settle at $98.53 a barrel. It was the lowest front-month finish since April. Prices have tumbled more than 20% since March 8 when WTI prices settled at $123.70 a barrel.
Global benchmark Brent crude for September delivery plunged $2.08 to finish the day at $100.69 a barrel.
Oil Inventories Unexpectedly Jump by 3.8M Barrels Adding to Demand Fears: API
U.S. crude oil inventories unexpectedly increased last week, confounding expectations...
U.S. crude oil inventories unexpectedly increased last week, confounding expectations for a decline and adding to the bulging weight of expectations that energy demand distraction is underway amid growing fears of a recession.
U.S. crude inventoriesincreased by about 3.8 million barrels for the week ended June 30. That compared with a draw of 3.8 million barrels reported by the API for the previous week. Economists were expecting a decrease of about 1.1 million barrels.
The API data also showed that gasoline inventories fell by 1.8 million barrels last week, while distillate stocks decreased by about 635,000 barrels. The official government inventory report due Thursday is expected to show weekly U.S. crude supplies fell by about 1.0 million barrels last week.
Apollo, Blackstone seek buyers for Canadian oil producer Ridgeback
Apollo Global Management Inc and the credit arm of Blackstone Group Inc...
Apollo Global Management Inc and the credit arm of Blackstone Group Inc are looking to sell Canadian oil and gas producer Ridgeback Resources for more than C$1 billion ($765.58 million), four sources familiar with the matter said on Tuesday.
Two investment banks have been hired to manage the sale of Ridgeback, one of the largest private oil producers in Canada, the sources said. They added no deal for Ridgeback was guaranteed and the company's assets could be sold in multiple transactions.
MarketWatch: U.S. stocks finish slightly higher after Fed minutes
U.S. stocks closed higher on Wednesday, with the S&P 500 and Nasdaq Composite clinching...
U.S. stocks closed higher on Wednesday, with the S&P 500 and Nasdaq Composite clinching the third day of gains, after minutes from the Federal Reserve's latest meeting hinted at another aggressive rate hike from the central bank later this month. The Dow Jones Industrial Average closed 69.40 points, or 0.2%, higher at 31,037.22. The S&P 500 finished 13.72 points, or 0.4%, higher at 3,845.11. The Nasdaq Composite climbed 39.61 points, or 0.4%, to 11,361.
Oil and natural gas companies sealed 123 oil and natural...
Oil and natural gas companies sealed 123 oil and natural gas deals totaling $107 billion in the year ended May 15, and energy dealmaking activity will likely accelerate in the second half of the year as oil prices remain elevated, according to a report from international consulting firm PwC. "Private equity deals are on pace for another record year as traditional oil and gas investments become attractive once again," said Seenu Akunuri, principal with PwC.
