Oil Prices Archives - CFO

Ida’s Economic Toll Seen as Relatively Modest

Ida’s Economic Toll Seen as Relatively Modest

Analysts estimate insurance industry losses from the hurricane will hit around $10 billion, one-tenth of the toll of Katrina.

By Matthew Heller | August 31, 2021

Oil Prices Hit 6-Year High Amid OPEC Discord

Oil Prices Hit 6-Year High Amid OPEC Discord

Prices surged on news that OPEC failed to reach an agreement on increasing production to satisfy growing demand.

By Matthew Heller | July 7, 2021

BP Faces $17.5B Q2 Hit

BP Faces $17.5B Q2 Hit

The oil giant lowered its oil price expectations through 2050 due to the COVID-19 pandemic.

By Lauren Muskett | June 15, 2020

Exxon Posts $610M Loss Amid Oil Price Dive

Financial Performance

Exxon Posts $610M Loss Amid Oil Price Dive

“COVID-19 has significantly impacted near-term demand, resulting in oversupplied markets and unprecedented pressure on commodity prices and margins."

By Matthew Heller | May 1, 2020

Gas Demand Plunges Amid Virus Lockdowns

Gas Demand Plunges Amid Virus Lockdowns

“The oil industry could take a sustained hit as people stay close to home and forgo typical commutes along with travel plans."

By Matthew Heller | March 27, 2020

Chevron Slashes 2020 Capital Spending by 20%

Chevron Slashes 2020 Capital Spending by 20%

The company cited the demand-sapping coronavirus pandemic and a supply increase due to the oil-price war between Saudi Arabia and Russia.

By Matthew Heller | March 24, 2020

U.S. Airlines in Strong Position to Withstand Virus

Financial Performance

U.S. Airlines in Strong Position to Withstand Virus

Fitch Ratings says industry consolidation and profitability should shield carriers from a temporary falloff in demand.

By Matthew Heller | March 13, 2020

U.S. Producer Prices Fall 0.6% in February

U.S. Producer Prices Fall 0.6% in February

"The disinflationary impact from the [coronavirus] and the crash in oil prices will exert even more downward pressure on prices."

By Matthew Heller | March 12, 2020

Oil Prices Rebound on U.S. Stimulus Hopes

Oil Prices Rebound on U.S. Stimulus Hopes

After Monday's epic collapse, prices also got a boost from signs that Saudi Arabia and Russia will resolve their differences over oil production.

By Matthew Heller | March 10, 2020

Oil Prices Jump on Risk of Libya Output Shortage

Oil Prices Jump on Risk of Libya Output Shortage

"The violence in Libya is captivating the market," one analyst says as the benchmark Brent and WTI crudes hit five-month highs.

By Matthew Heller | April 8, 2019

Oil Prices Dip Into Bear Market Territory

Oil Prices Dip Into Bear Market Territory

The price of WTI crude fell for the 10th consecutive session, the longest streak of declines since 1984.

By William Sprouse | November 9, 2018

Iran Deal Concerns Push Oil Prices Above $70

Iran Deal Concerns Push Oil Prices Above $70

“It is mostly a fundamentals-driven market, but the icing on the cake is the worry about Iran."

By Matthew Heller | May 7, 2018

Exxon Shares Drop 3.7% on Another Profit Miss

Financial Performance

Exxon Shares Drop 3.7% on Another Profit Miss

In the first quarter, the benefits of higher oil prices were offset by weakness in Exxon's chemicals and refining businesses.

By Matthew Heller | April 27, 2018

U.S. Oil Production to Hit New Record in 2018

U.S. Oil Production to Hit New Record in 2018

With the shale boom continuing, the IEA says the U.S. will overtake Saudi Arabia as the world's No. 2 producer.

By Matthew Heller | January 19, 2018

U.S. Shale Surge Drives up Global Oil Supply

U.S. Shale Surge Drives up Global Oil Supply

The International Energy Agency warns that U.S. shale production could complicate OPEC's efforts to restrain output.

By Matthew Heller | December 15, 2017