Oil rebounded after a U.S. government report showed rapidly declining inventories and record-high fuel demand in the midst of the peak summer travel season.
Futures edged up after earlier falling as much as 2% in New York on Thursday. Domestic crude supplies tumbled by nearly 7 million barrels last week and gasoline supplies slid by the most March, according to an Energy Information Administration report. A gauge of fuel demand soared to 10 million barrels a day.
(Reuters) – Brent oil prices could rise to $65 per barrel by summer 2021, Goldman Sachs said on Monday, driven by output cuts in Saudi Arabia and the implications of a shift in power to […]
Exxon Mobil Corp. activist investor Engine No. 1 expanded its presence on the oil giant’s board to three seats, according to preliminary vote tallies, cementing a victory that has reverberated across the energy industry. The initial […]
(The Center Square) – Chesapeake Energy said this week that it has installed continuous emission monitors at select well pads in northeast Pennsylvania in response to investor demands for more responsibly sourced natural gas. Through a partnership with […]
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