OPEC may be trying to cause pain for the U.S. shale drillers, but it's providing a holiday gift for consumers.» Read More
CARACAS, Venezuela— President Nicolas Maduro is ordering a cut in government spending as Venezuela grapples with a plunge in world oil prices that threatens to bring more hardship for the petroleum-dependent economy. Speaking on television Friday, Maduro said that under no circumstances will social programs be affected by the belt tightening.
NEW YORK, Nov 28- U.S. crude tumbled 10 percent in its biggest one-day drop in more than five years on Friday, and benchmark Brent broke below $70 a barrel, as OPEC's decision not to cut output sent oil traders and analysts scurrying to find a new trading floor. I think people are either going to drive it down further or just let the market collapse, "said Tariq Zahir,...
NEW YORK/ LONDON, Nov 28- Gold fell over 2 percent on Friday, extending a three-day slide to a two-week low, and silver dropped the most since September 2013 on free-falling oil prices and a strong dollar. Spot gold was down 1.9 percent at $1,168.56 an ounce by 1:28 p.m. EDT, after hitting a low of $1,165.04. U.S. gold futures for December delivery closed down $21.40 an...
NEW YORK— U.S. stocks are ending mostly lower as falling crude prices weigh on the market in a holiday-shortened session. Market players were focused on Thursday's decision by the OPEC oil cartel to keep crude production at 30 million barrels a day despite global oversupply. Benchmark U.S. oil slid 9 percent to $67.14.
John Kingston, Platts director of news, discusses where oil prices may be headed if OPEC refuses to cut production.
CNBC's Dominic Chu looks at stocks that fared well off moves in lower oil prices.
CNBC's Morgan Brennan reports on the moves of solar stocks as oil prices decline.
Nov 28- Crude oil prices tumbled further in Friday afternoon trade, with U.S. crude down $6 a barrel to below $68 and benchmark Brent off $1 at under $72, as bearish sentiment pushed the market lower. "There are no really new headlines moving the market, just people reacting I think to all sorts of headlines that the norm oil for oil is below $60," said Tariq Zahir, managing...
It’s not just the Saudis who could get much poorer from the oil collapse, we all could if it triggers a wave of high-yield debt defaults.
Using the Kensho Stats Box, CNBC's Dominic Chu looks at the performance of energy sector ETFs.
*U.S. crude weakest since May 2010, may test 5- year low below $60. Traders said if WTI takes out the May 2010 low of $64.24, it could technically be headed for a test below $60, toward the low of $58.32 set on July 2009. "There's a notion that yesterday's selling was overdone, but not everyone is fully back to work yet after Thanksgiving," said John Kilduff, partner at energy...
OPEC has ushered in volatility, reports CNBC's Bertha Coombs, discussing oil production levels and pricing.
*Asset sales have yielded $150 billion over four years. LONDON, Nov 28- With oil company revenues set to drop on the back of a rout in prices, boards will have to cut investments and increase borrowing to maintain their cherished dividend payouts. The world's top oil companies including BP, Royal Dutch Shell, Total, ExxonMobil and Chevron are already in the midst of a...
CNBC's Dominic Chu looks at what stocks and sectors are being directly impacted by the slide in oil.
Oil producer and driller stocks are falling after oil's dip, but other energy companies are also seeing their stocks drop.
LONDON, Nov 28- The main bet that oil speculators are making for the first few months of next year is that a barrel of Brent crude will fall to $65, according to options market data. Speculators increased these positions before the OPEC meeting in Vienna this week, as expectations rose that it would not cut production- which turned out to be correct.
LONDON/ MILAN, Nov 28- Falling crude oil prices may boost European demand for oil-indexed gas next year, such as pipeline gas from Russia, when its price is likely to fall below spot prices. Brent crude oil fell to an intraday four-year low of $71.12 a barrel on Friday, the day after OPEC decided not to cut supply, which dragged down other energy prices.
Discussing crude oil's impact on consumer spending and U.S. stocks, with Jack Ablin, BMO Private Bank chief investment officer, and Dan Greenhaus, BTIG chief global strategist.
OPES's decision to leave oil production unchanged sent Bent and WTI plunging to 4-year lows. Francisco Blanch, BofA Merrill Lynch Global Research, discusses the outlook for shale production in the U.S. and the future of OPEC.
As oil plunges, CNBC's Bertha Coombs, discusses oil prices and production.