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
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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
Attack on Saudi oil facilities shows that 'risk is real', Chevron CEO Michael Wirth said on CNBC's "Closing Bell" Monday.Marketsread more
J.P. Morgan's chief quant says oil prices would start to hurt stock prices when they hit the $80 to $85 range.Market Insiderread more
Oil prices ticked higher on Thursday amid a sharp decrease in U.S. crude inventories and investor hopes of progress in resolving the U.S.-China trade feud.
Global benchmark Brent crude gained 16 cents, or 0.2%, to $60.86 a barrel. U.S. West Texas Intermediate (WTI) crude added 4 cents, or 0.1%, to $56.30 a barrel.
U.S. crude, along with gasoline and distillate inventories, fell last week. Crude stocks dropped 4.8 million barrels, which was more than the 2.5 million barrel draw analysts had expected, the Energy Information Administration said.
Net U.S. crude imports, however, rose last week by 934,000 barrels per day.
"It's definitely a bullish report all around," said Bob Yawger, director of energy futures at Mizuho in New York. "A big import number would usually be bearish, but it didn't seem to dent the bullish end to the equation."
The volume of U.S. crude oil in storage should decrease in coming weeks before reversing course with the end of peak driving season and the start of significant refinery maintenance work, said Andrew Lipow, president at Lipow Oil Associates in Houston.
Crude prices had gained more than 4% on Wednesday as positive Chinese economic data sparked a wider market rally.
On Thursday, China said Beijing and Washington had agreed to hold high-level trade talks in early October, which helped boost prices as investors hoped for an easing of the trade war between the world's two top economies that has taken a toll on global growth.
However, the market remained cautious than any deal would come together soon, limiting the oil rally.
"I think the market across the board has built in as much hopefulness as they can about the U.S.-China trade war," said John Kilduff, a partner at Again Capital in New York.
The prolonged U.S.-China trade dispute has been a dampener on oil prices, but Brent is still up about 12% this year, helped by production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia.
Nonetheless, both OPEC and Russia boosted production in August, according to a Reuters survey and Russian energy ministry figures, weighing on prices.
Also putting downward pressure on prices has been mounting evidence of slowing economic growth worldwide, which has prompted analysts to lower forecasts for oil demand growth.