While markets await a Saudi update, investors are likely asking how the kingdom left itself so vulnerable, and what it means for the future.Energyread more
Of the recessions the U.S. has seen dating back to the early 1980s, none has come without an oil spike of at least 90%.Economyread more
An oil processing facility at Abqaiq and the nearby Khurais oil field was attacked on Saturday.Marketsread more
Shares of defense companies rose on Monday after the United States military was put on alert by President Donald Trump.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
Stocks fell on Monday amid fears that a surge in oil prices following an attack in Saudi Arabia could slow down global economic growth.Marketsread more
A new research study by the Digital Citizens Alliance shows how easy it is to buy illegal steroids or appearance and performance enhancing drugs (APEDs)Cybersecurityread more
GM shares were down nearly 3% Monday as analysts estimated the strike could cost GM tens of millions of dollars per day. The two sides resumed talks at 10 a.m. Monday...Autosread more
Amazon changed the algorithms that power its product-search system to favor the company's own products, The Wall Street Journal reported.Technologyread more
Between 180 and 200 underperforming GameStop stores are set to shutter before the end of the fiscal year, and more could be on the way.Entertainmentread more
These are the stocks posting the largest moves midday.Market Insiderread more
Billionaire oilman Harold Hamm told CNBC on Friday that OPEC has been trying for decades through price wars to crush U.S. crude production. "Sometimes they're successful. This time we hope they're not," he said.
The American shale oil boom is viewed by Saudi Arabia as an economic threat, the founder and chief of Continental Resources said in a "Squawk Box" interview. "I think the Saudis have made up their mind they're not going to bear the brunt of a cut, so they force everybody else to do it." As a result, Hamm argued the OPEC cartel—of which the Saudis are the largest producer—is "not very strong at all" nowadays.
But the fallout from Saudi Arabia's hard line on production has turned the Russian "ruble into rubble," while also putting the squeeze on U.S. producers, he said. "All we can do as a company is cutback and cut capex [capital expenditures]."
U.S. oil prices—measured as West Texas Intermediate crude—have fallen more than 50 percent since June. But WTI has a chance Friday on the last trading day of February to avoid an eighth straight monthly decline should crude settle higher. Prices were off to a strong start in early trading Friday. The number to watch is $48.24 a barrel—the settlement level on January's last trading day.
Even with the lower oil prices, Hamm has been a vocal advocate of overturning the 40-year ban on U.S. producers from exporting crude. He's optimistic about the chances. "I think it could be done away with by executive order. I would expect the president to do that."
Earlier this month, Rep. Joe Barton unveiled a bill to remove the export restrictions. The Texas Republican said at the time that "pressure to remove the ban on crude oil exports is growing from both ends of the political spectrum."
Whether full oil exports are eventually allowed, Hamm said the U.S. might be able to start really weaning itself off foreign exports. "We should be energy self-sufficient in five years, by 2020, in this country. We're only about 5 million barrels [a day] away from that."