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Oil prices fell for a second day on Friday, retreating further from recent highs, as Texas energy companies began preparations to restart oil and gas fields shuttered by freezing weather and power outages.
Oil prices climbed more than 2% on Friday, hitting the highest levels in more than a year on hopes a U.S. stimulus will boost the economy and fuel demand, as supplies tighten due largely to output cuts by top producing countries.
Oil prices climbed more than 2% on Friday, hitting the highest levels in more than a year on hopes a U.S. stimulus will boost the economy and fuel demand, as supplies tighten due largely to output cuts by top producing countries.
2 Min Read NEW YORK (Reuters) - Plains All American Pipeline LP reported a 35% drop in adjusted earnings before tax in the fourth quarter as transportation volumes on its pipelines fell amid lower oil prices and reduced drilling activity in the United States. Overall adjusted EBITDA in the fourth quarter fell by 35% to $559 million while adjusted EBITDA in the transportation segment declined by 15%. Oil prices plunged in 2020 as the coronavirus pandemic crushed global oil demand, prompting producers around the world to curb output. Now, as prices rebound, drilling activity is picking up but p...
3 Min Read NEW YORK (Reuters) - Oil prices rose about 1% on Friday, after hitting their highest in a year and closing in on $60 a barrel, supported by economic revival hopes and supply curbs by producer group OPEC and its allies. Oil was also supported as U.S. stock markets hit record highs on signs of progress toward more economic stimulus, while a U.S. jobs report confirmed the labor market was stabilizing. Brent crude ended the session up 50 cents, or 0.9%, at $59.34 after hitting its highest since Feb. 20 at $59.79. U.S. crude settled up 62 cents, or 1.1%, at $56.85, after reaching $57.29...