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The Latest Breaking News from Oil

Crude Prices Soar on Dollar Weakness and Economic Optimism

January WTI crude oil (CLF24) this morning is up +2.80 (+4.03%), and Jan RBOB gasoline (RBF24) is up +8.53 (+4.21%). Crude oil and gasoline prices this morning are sharply higher and posted 1-week highs. Today's slump in the dollar index to a 4-month low is bullish for energy prices. Also,...

Barchart

Berkshire Hathaway Adds Nearly $600M In Occidental Petroleum Stock After Permian Basin Acquisition

Warren Buffett's conglomerate increased its ownership of Occidental this week, signaling approval of the Houston-based oil company's purchase of CrownRock.

International Business Times

2024 Oil Investors Grapple with Oversupply, Demand Woes

As 2024 dawns, oil investors juggle a two-headed puzzle; an overflow of black gold and demand jitters. Will they crack the code or brace for turbulence?

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Five major outcomes from the latest UN climate summit

The latest UN climate summit, COP28, was always going to be controversial. It was held in a state whose economy is heavily dependent on oil and gas – the United Arab Emirates. The summit president, Sultan Al Jaber, remains head of the Abu Dhabi National Oil Company and recently declared…

The Conversation

Vladimir Putin’s war in Ukraine has cost Russia’s economy 5% in growth, U.S. Treasury says

Russia plans big defense spending with inflation running high. But Vladimir Putin thinks the economy is doing great as it grows and keeps unemployment low.

Fortune

Cop28’s winners and losers: from fossil fuel firms to future generations

Need to ‘transition away’ from fossil fuels may have been recognised, but for many that does not go far enough

The Guardian - UK

Festival of lights, a display of antique oil lamps in Hyderabad

At this unique festival of lights at The Purple Turtles one can view antique oil lamps

The Hindu

Climate Deal Won't Have Immediate Impact On Gulf Oil

An agreement to "transition away" from fossil fuels may be a landmark moment but don't expect quick changes among the major producers of the Gulf, where the deal was hammered out.

International Business Times

Cop28 failed to halt fossil fuels’ deadly expansion plans – so what now?

The absence of a ‘phase-out’ let petrostates off the hook, but there are multiple other ways to end the era of coal, oil and gas

The Guardian - UK

How are Houthi attacks on ships in the Red Sea affecting global trade?

Yemen's Houthi rebels have been attacking ships in the Red Sea, one of the world's major trade arteries

The Independent UK

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International Business Times

OPEC+ Cartel's Grip On Oil Market Loosening: IEA

Slowing demand growth and rising US crude production will make it more difficult for OPEC+ to continue to prop up prices, the IEA said on Thursday.

The Independent UK

Guyana and Venezuela leaders to meet face-to-face as region pushes to defuse territorial dispute

The leaders of Guyana and Venezuela are scheduled to meet face-to-face as regional partners urgently seek to defuse a long-standing territorial dispute that has escalated after Venezuelans voted in a referendum to claim two-thirds of their small neighbor

USA Today Sports Media Group

Steelers EDGE T.J. Watt clears concussion protocol, will play vs. Colts

T.J. Watt has cleared concussion protocol and will take the field at Lucas Oil Stadium on Saturday.

The Guardian - AU

Cop28 agreement is progress – but there is still plenty of wriggle room for any country, including Australia

The government’s new stance is unusual for a large fossil-fuel-producing country, even if it’s not translated into policies

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International Business Times

Far From Venezuela-Guyana Oil Flap, Mango Landing Just Wants Peace

Robinson Flores, a Venezuelan who has been living in Essequibo for years, has no time for politicians fighting over the disputed oil-rich region run by Guyana.

International Business Times UK

The Path Ahead: Unraveling the Dynamics of Emerging Market Currencies in 2024

The decline in the Eurozone area economies, notably Germany, that are in or near entering recession would, alongside high oil prices, suggest Euro weakness going forward.

The Guardian - UK

Calls for tighter rules on biofuels imports to root out palm oil fraud

Investigations suggest a large share of ‘used’ cooking oil being imported could be wrongly labelled as demand outpaces supply

Mic

65 genius, under-the-radar products that thousands of reviewers swear by

Since I’m always reading reviews before buying, I know these 65 under-the-radar products are worth it because of how many people swear by them, too.

Motor1

Chevy Turbo Engine Teardown Shows Why Coolant And Oil Should Never Mix

There are so many things wrong with this engine. It's an absolute mess.

France 24

COP28: Some targets met for Africa, but funding still falls short

In tonight's edition: the COP28 climate summit delivers a deal which for the first time calls on all nations to move away from using fossil fuels. But what does it mean for oil and gas-producing countries? Also, it's a bittersweet return for dozens of Tunisians from the Gaza Strip. They…

Barchart

Crude Prices Post Moderate Gains on Large EIA Crude Stockpile Drawdown

January WTI crude oil (CLF24 ) on Wednesday closed up +0.86 (+1.25%), and Jan RBOB gasoline (RBF24 ) closed up +4.52 (+2.78%). Crude oil and gasoline prices on Wednesday recovered from early losses and closed moderately higher after weekly EIA crude inventories fell more than expected. A weaker dollar Wednesday...

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