Oil prices settle down, post big weekly losses on bank fears
Oil prices settled lower Friday, reversing early gains of more than $1 a barrel as banking sector fears caused both benchmarks to reach their biggest weekly declines in months.
.Pressure stemmed from “the continued fragile state of the market”, said Ole Hansen, head of commodity strategy at Saxo Bank.Analysts still expect constrained global supply to support oil prices in the foreseeable future.OPEC+ members attributedthis week’s price weakness to financial drivers rather than any supply and demand imbalance, adding that they expected the market to stabilise.
WTI’s fall this week to less than $70 a barrel for the first time since December 2021 could spur the U.S. government to
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Sheetz drops prices on premium, mid-grade and ethanol-free gas to match regular unleadedThe prices are effective from Friday, March 17, 223, through Friday, March 24.
Despite objections, Chevron says it reported oil price dataThe law requires oil companies to report their monthly “gross refining margin,” the difference between how much refineries paid for crude oil and how much the company sold it for as gasoline.
Oil tumbles to its lowest price since Russia’s attack on UkraineIt’s at the lowest point since Russia’s attack on Ukraine over a year ago. March 2021 gas prices $4.33 March 2022 was $3.43 so -Ukraine didn’t have much to do with it -Biden did -Jan 2021 tripled oil from Russia -removed sanctions on Russia by green lighting NS2 for Russia -Biden did start depleting us oil reserves in 2022 because Russian-Ukraine war. Prices are down -with Willow back on -Biden’s only choice after Saudi says no and Biden dismantled keystone pipeline. Boycott axios for Ben Montgomery
OPEC+ views oil price drop as financially driven, delegates sayOPEC+ considers this week’s slide in oil prices to a more than one-year low to be driven by financial fears, not any imbalance between demand and supply, and expects the market to stabilise, four delegates from the oil producer group told Reuters.
Gas prices: Newsom scraps profits cap on oil industry ‘price gouging,’ proposes new watchdog bodyNewsom’s office scraps an early proposal to penalize “excess” oil refiner profits while kicking responsibility to the California Energy Commission and a newly proposed watchdog bo… Haha, yes! More government will definitely fix the problem! Of course, another Grusome & DemocRATs’ dog & pony show.
Crude Oil Price Today: Bank turmoil drags crude to 15-month lowWhat You Need To Know About Markets And The Economy