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The Latest Breaking News from Oil

Judge: Alaska oil project can proceed as lawsuits play out

Construction can proceed related to a major oil project on Alaska’s petroleum-rich North Slope

The Independent UK

Yellen says OPEC+ cut ‘unconstructive’ as world fights inflation

U.S. Treasury Secretary Janet Yellen criticized the decision by OPEC+ oil producers over the weekend to cut output, saying it was “unconstructive” and would add to the uncertainty overhanging global growth.

Tribune News Service

Reserve Bank flags 'further tightening' to tame inflation after leaving interest rates on hold at 3.6pc, ASX closes higher

The Reserve Bank has left interest rates on hold at 3.6 per cent, but says some further tightening of monetary policy may be needed, while the Australian share market hit a fresh three-week high.

ABC News

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Stocks Close Mostly Higher as Bond Yields Fall on Weak U.S. Manufacturing News

What you need to know… The S&P 500 Index ($SPX ) (SPY ) Monday closed up +0.37%, the Dow Jones Industrials Index ($DOWI ) (DIA ) closed up +0.98%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) closed down -0.25%. Stock indexes Monday settled mixed, with the S&P 500...

Barchart

How Flinders Island residents developed a taste for mutton bird, or shearwaters, a meat that tastes like a mix of seafood and chicken

Eating mutton bird is part of a long culture in the Furneaux Island group. While the rest of Australia is enjoying the short-tailed shearwater with binoculars, island dwellers are getting out their knives and forks.

ABC News

Stock Market Today: Stocks Finish Mixed After Surprise OPEC+ Announcement

The Organization of the Petroleum Exporting Countries and its allies over the weekend announced a surprise cut to crude production.

Kiplinger

Crude Prices Settle Sharply Higher after OPEC+ Cuts Production

May WTI crude oil (CLK23 ) on Monday closed up +4.75 (+6.28%), and May RBOB gasoline (RBJ23 ) closed up +7.65 (+2.85%). Crude oil and gasoline prices Monday rallied sharply, with crude posting a 2-1/4 month high and gasoline posting a 5-1/4 month high. The main bullish factor was the...

Barchart

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Oil Prices Rise Sharply Following OPEC Announcement

In total, cutbacks in production will be over one million barrels a day. Because of these announced cutbacks, the global benchmark of oil prices, Brent crude, had a 5.31% increase in cost, rising to $84.13 a barrel. The U.S. benchmark, WTI, surged to $79.83 a barrel, a 5.48% increase.

Kiplinger

How to use an essential oil diffuser — tips from someone who is obsessed with hers

A guide to how to use an essential oil diffuser at home.

Real Homes

Sugar Prices Follow Crude Oil Higher

May NY world sugar #11 (SBK23 ) on Monday closed up +0.15 (+0.67%), and May London white sugar #5 (SWK23 ) closed up +3.10 (+0.49%). Sugar prices Monday posted moderate gains, with NY sugar climbing to a 6-1/2 year nearest-futures high and London sugar climbing to a 10-1/2 year high...

Barchart

Starting to sting? Putin denounces sanctions as oil revenues contract

Are those sanctions starting to bite? On the surface, it's business as usual for a Russia that on Saturday took over the rotating presidency of the UN Security Council and still enjoys plenty of support from the likes of China. But last week, President Vladimir Putin for the first time…

France 24

Oil surges most in a year after OPEC+’s shocking production cut

Oil rallied the most in more than a year after OPEC+ unexpectedly announced output cuts that threaten to tighten the market and deliver a fresh inflationary jolt to the world economy.

Tribune News Service

OPEC+ pricing power is ‘higher than it’s ever been’ after oil cuts, Goldman Sachs says

Oil-producing allies approved another oil production cut that could deal damage to the West.

Fortune

What will it mean for petrol prices after Saudi Arabia cut oil production?

Brent crude oil is trading close to $85 a barrel, jumping by almost 6 per cent.

The Independent UK

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Reuters

Analysis - Saudi crown prince acts to realign Mideast dynamics amid concern over US support

Saudi Arabia's unpredictable crown prince is pushing hard to realign Middle East dynamics, engaging with old foes and orchestrating OPEC oil cuts like the ones on Sunday which took the global market by surprise.

The Conversation

Here's how the Rogers-Shaw merger could benefit Canadian customers

The Canadian government has finally approved the $26 billion takeover of Shaw by Rogers after nearly two years of delays. When the merger was first announced by Rogers in 2021, it stirred up a significant amount of competition concern.

Barchart

Crude Prices Surge as OPEC+ Cuts Production

May WTI crude oil (CLK23 ) this morning is up +4.71 (+6.22%), and May RBOB gasoline (RBJ23 ) is up +8.93(+3.33%). May Nymex natural gas (NGK23 ) is down -0.122 (-5.51%). Crude oil and gasoline prices this morning are sharply higher, with crude posting a 2-1/4 month high and gasoline...

Barchart

Crude Oil Found a Bottom

In 2022, the U.S. sold an unprecedented level of its Strategic Petroleum Reserve, sending the SPY to the lowest level since December 1983. The sales weighed on crude oil but appeared to have set a floor under the energy commodity that continues to power the world.

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Asharq Al-Awsat

OPEC+ Says Additional Voluntary Oil Production Cuts Will Be 1.66 Mln Bpd

The 48th Meeting of OPEC’s Joint Ministerial Monitoring Committee (JMMC) was held via videoconference on Monday. The Committee reviewed the crude oil production data for January and February 2023 and noted the overall conformity for participating OPEC and non-OPEC countries of the Declaration of Cooperation (DoC).

Evening Standard

Troubled waters for inflation after fresh oil price hike

City Comment: OBR’s latest forecast of 2.9% inflation by the end of the year already looks in peril

Capital & Main

In Blue Colorado, Oil and Gas Companies Try a New Approach to Woo Democrats

Up against a heavily Democratic Legislature, fossil fuel firms funnel cash to politicos they’ve previously ignored to win precious votes.

The Guardian - UK

Pacific trade deal ‘will make mockery of UK’s climate ambitions’

CPTPP membership will result in more deforestation and endanger animal welfare, say campaigners

Barchart

Broader Market Climbs as Bond Yields Fall on U.S. ISM Manufacturing Miss

What you need to know… The S&P 500 Index ($SPX ) (SPY ) today is up +0.21%, the Dow Jones Industrials Index ($DOWI ) (DIA ) is up +0.87%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is down -0.48%. U.S. stock indexes this morning are mixed, with the...

Barchart

Markets Today: Stock Indexes Mixed as Soaring Crude Prices Spark Inflation Concerns

Morning Markets The S&P 500 Index ( $SPX ) ( SPY ) today is up +0.06%, the Dow Jones Industrials Index ( $DOWI ) ( DIA ) is up +0.75%, and the Nasdaq 100 Index ( $IUXX ) ( QQQ ) is down - 0.69%. U.S. stock indexes are mixed...

The Independent UK

Oil producers' cuts could boost gasoline prices, help Russia

Some of the globe's biggest oil producers are cutting back

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