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Tag: oil prices

Oil Prices Fall 3% in Global Trade as US, China Adjust for Impact of Ukraine War
As Russia’s invasion of Ukraine continues into its second month, oil prices edged lower this week after Moscow said it would reduce military operations near the capital of Ukraine and signaled willingness in considering a...
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As Fuel Prices Soar, Experts Warn Americans to Brace for Further Increases
Fuel prices across the United States continue to soar as experts warn that prices have not yet peaked.  According to data from the American Automobile Association (AAA) taken at press time, the average price of...
China Oil Reserve Release
China Releases Strategic Oil Reserves Following US Invite
Oil prices have soared by over 50 percent in the U.S following the COVID-19 pandemic. Now the Chinese government has agreed to release strategic oil reserves following a virtual meeting between U.S President Joe Biden...
Oil-storage tanks are seen from above in Carson, California, April 25, 2020 after the price for crude plunged into negative territory for the first time in history on April 20. Although oil prices have stabilized somewhat since the unprecedented dive, the world remains in the throes of a glut of crude oil caused by a precipitous fall in demand due to the global coronavirus pandemic coupled with a lack of storage capacity for crude already in transit or still being produced.
Oil Prices Soar to Six-Year High Amidst OPEC Plus Infighting, Creating Winners and Losers
Infighting among key players of the Organization of the Petroleum Exporting Countries (OPEC) Plus alliance has caused oil production levels to remain virtually unchanged despite increasing demand. As a result, prices have soared, threatening post-pandemic...
A container ship recently ran aground in the Suez Canal in Egypt, blocking all traffic across the vital trade waterway.
Suez Canal Blockage Might Last for Several Weeks, $400 Million Lost per Hour
A container ship recently ran aground in the Suez Canal in Egypt, blocking all traffic across the vital trade waterway. Now, it seems as if the ship might remain in that position for several weeks,...