Oil Prices

A cyberextortion attempt on the Colonial Pipeline, a major U.S. transport for gasoline and other fuel, sent gasoline costs soaring on Monday after a ransomware attack brought pipeline operations to a halt.

U.S. energy trading experts said Monday's first-ever oil futures crash below $0 does not mean that Americans will suddenly be paid to fill up their cars' gas tanks.

The coronavirus outbreak has led to a significant drop in oil and gas prices, and that has executives considering a cap on oil production until demand returns to normal.

U.S. President Donald Trump directed a strike that killed Iran's Quds Force leader Qassem Soleimani, an attack that sent oil prices higher as Middle East tensions spiked.

"This is nonetheless a historically large disruption on critical oil infrastructure and these events represent a sharp escalation in threats to global supply with risks of further attacks," the bank wrote.

A shale oil boom in the U.S. is helping to create a glut in supply, putting pressure on OPEC to cut production.

"So great that oil prices are falling (thank you President T). "

Oil prices have dropped significantly, with the U.S. benchmark price dipping below $60 per barrel.

"U.S. sanctions against Iran will both weigh on Iran's oil production prospects in the medium term and reduce Iran's crude exports in the short term...," the report predicts.

Prices could reach $90 a barrel.

President Nicolas Maduro said the move will "stabilize and change the country's monetary life in a radical way."

The U.S. is legally "obliged to stop these international breaches and compensate for all the damage inflicted," Iran says.

"You impose sanctions on major producers ... and yet you are asking them to reduce the prices?"

Oil and gas prices are likely to surge if President Donald Trump takes the U.S. out of a 2015 nuclear agreement with Iran.

The arrangement with Moscow could last two decades, according to Saudi Arabia's crown prince.

OPEC members have agreed to cut output by 1.2 million barrels per day for the first half of 2017.

Iraqi politicians and energy executives will be in London this week to attend the CWC Iraq Petroleum conference.

Elevation of Khalid al-Falih seen as message that Saudi Arabia is moving forward with plans to be less reliant on oil profits.

Brent crude oil appears to continue rising through what has been a volatile week for the industry.

The government will also sell off state assets to fund the billions in damages.

Saudi Arabia blamed for scuttling deal amid concerns about Iran's production.

Alexander Novak believes oil's recovery will continue.

For every $70 plunge in a barrel of oil, there's an estimated 1 percent increase in global economic growth.

Russia has made similar claims about Turkey, which both Ankara and the U.S. have denied.

Oil prices have slid more than 25 percent so far this year

Low oil prices are terrible news for countries that have built their budgets on oil exports.

The organization has further cut its growth forecast for Russia.

At $30 a barrel, shale oil is no longer profitable, causing cutbacks in the U.S. oil and gas industry.

This is the second time this week that shares have fallen, amid growing investor concern for China.

How long can Riyadh endure the financial strain, and how long can the current Saudi leadership maintain stability?