As Oil Plunges Further, Why It Might Be 'Game Over' For The Fracking Boom
WTI for December delivery rose $1.05, or 1.4 percent, to $78.96 a barrel at 9:40 a.m. on the New York Mercantile Exchange. Prices are down 2 percent this week and 20 percent this year.
Petroleo Brasileiro SA (PBR) headed for the longest losing streak in a year as plunging oil prices and currency weakness overshadowed a decision to give the state-run producer some relief from inflation-fighting policies.
Saudi Arabian Oil Co. lowered the cost of its crude to the U.S., where production is the highest in three decades, deepening a selloff that sent prices to the lowest in more two years.
Halliburton CEO Expects Shale to Reverse Oil Price Slump Halliburton Co. (HAL) Chief Executive Officer Dave Lesar is joining the chorus of oil executives who say they aren’t worried about falling oil prices, and expect them to climb next year.
West Texas Intermediate dropped to the lowest intraday level in three years as Saudi Arabia cut prices for crude exports to U.S. customers amid speculation that stockpiles increased. Brent extended losses in London.
Oil prices are in free fall this morning after it emerged that Saudi Arabia, the world's largest exporter, had slashed its contract price for its US customers in a further sign of an escalating war for control of global energy markets.
Crude oil futures close out October lower
The standoff between Russia and the West over Ukraine has increased Europe's quest for alternative suppliers of oil and gas and Canada's exports to Europe have already started to pick up in the last few months.
Russian oil and gas production hasn't been affected by Western sanctions