President Donald Trump said Monday he's in no rush to respond to a coordinated attack that hit Saudi Arabia's oil industry over the weekend.Marketsread more
The price of oil could go sharply higher, depending on the duration of the disruption at Saudi oil facilities and whether there is a military response.Powering the Futureread more
Energy stocks, one of the worst-performing sectors this year, spiked Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
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"The United States military, with our interagency team, is working with our partners to address this unprecedented attack and defend the international rules-based order that...Politicsread more
Crude oil's spike following attacks on Saudi Arabia's energy supply has experts weighing whether or not the gains will last.ETF Edgeread more
"In the old days, the averages would've plunged on this kind of oil shock. I know because I've lived through a bunch of them, starting in 1973," Jim Cramer says.Mad Money with Jim Cramerread more
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The meeting comes amid months of stalled trade talks between Washington and New Delhi, resulting in both sides taking retaliatory measures.Asia Politicsread more
Gas prices could rise by about 20 cents per gallon "starting tomorrow," oil analyst Andy Lipow says Monday.Oil and Gasread more
Some operators are cashing in on the CBD craze by substituting cheap and illegal synthetic marijuana for natural CBD in vapes and edibles such as gummy bears, an AP...Health and Scienceread more
Last week, $100 oil was the talk of Wall Street. This week, a broad market sell-off has made that chatter seem like distant noise.
Brent crude oil, which last week rocketed above $86 a barrel for the first time in nearly four years, now sits at a three-week low just above $80. The international benchmark lost nearly $5 a barrel, or 5.6 percent, in the two days that saw the Dow Jones Industrial Average shed more than 1,300 points.
U.S. oil did not fare much better. Over the two days, West Texas Intermediate crude is down $4 a barrel, or 5.3 percent, to $70.97, also a three-week low. Last week, it nearly hit $77 a barrel, posting its best level since November 2014.
Both benchmarks slipped from those highs immediately, before clawing back some gains on Tuesday. But the fear factor in the market after heavy selling on Wednesday and Thursday has many investors getting rid of risk-oriented assets like oil, said Tamar Essner, director of energy and utilities at Nasdaq Corporate Solutions.
"There was a fare amount of bullish momentum and potentially froth in the oil market, so I think there was room to come down," she said. "If you think about it from a market technicals perspective, pullbacks are often around 5 percent."
To be sure, on Thursday the market also got a bearish report showing U.S. crude stockpiles rose by 6 million barrels and gasoline inventories jumped 1 million barrels. Earlier in the day, OPEC reported that its members are so far offsetting production declines in Iran and Venezuela, helping to alleviate some of the concern about supply shortages that have pushed up oil prices.
The stock market sell-off is also exacerbating fears about slower global growth and weakening oil demand amid trade tensions, said Andrew Lipow, president at Lipow Oil Associates. Crude oil is also a highly liquid asset, making it a good candidate to offload in a sell-off for many traders, he said.
"If you had a day like yesterday and today where the market is going down and you're leveraged, then you're sitting there with a margin call and you're looking at things you can sell," Lipow told CNBC.
However, the main story driving the oil market remains the loss of Iranian crude exports ahead of the full renewal of U.S. sanctions on Nov. 4, Lipow said. That deadline is still looming large over the market and could help push oil prices back up.
On Thursday, Bank of America Merrill Lynch technical strategist Paul Ciana said he still sees potential for Brent crude to reach $92 a barrel and for WTI to top $85. Oil prices are now nearing levels where Ciana sees a buying opportunity.
"In an overbought pullback that seems to have just begun, we would consider buying Brent in the $77s and WTI in the $69s," he said in a research note.