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  1. www.nytimes.com › 2024/04/09 › businessWhy Oil Prices Have Been Rising Recently - The New York Times

    Apr 9, 2024 · In 2023, strong growth in crude output from the United States, the world’s largest oil producer, and other countries outside the Organization of Petroleum Exporting Countries helped reassure...

  2. www.forbes.com › advisor › investingWhy Is The Price Of Oil Rising? – Forbes Advisor

    • OPEC Production Cuts
    • Demand Trends Strong
    • U.S. Rig Counts Falling
    • Looking Ahead For Oil

    Perhaps the single biggest driver of rising oil prices has been supply cuts by Russia and the Organization of Petroleum Exporting Countries (OPEC). On September 5, Saudi Arabia announced it will be extending its 1 million barrel per day production cuts through at least the end of the year. Russia has announced it will be cutting production by 300,0...

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    Historically, U.S. oil demand and economic growth are highly correlated, and the U.S. economy has performed much better than most economists had anticipated so far in 2023. Crude oil prices pulled back from their recent highs after the Federal Open Market Committee (FOMC) took a hawkish tone at its September meeting, emphasizing investors should be...

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    In the past, U.S. oil companies reacted to rising oil prices and tight supplies by aggressively investing in ramping up oil production. This time, they seem to be taking a much more cautious approach. The number of operating U.S. oil rigs dropped by eight to 507 rigs for the week ending September 22, its lowest level since February 2022. Total U.S....

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    Looking ahead, U.S. oil refiners expect to have about 1.7 million bpd of refining capacity offline for the week ending September 29, and that offline capacity is expected to expand to 1.9 million bpd for the week ending October 6, according to research company IIR Energy. Given falling rig counts and offline refiners, U.S. drivers may not get much ...

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    • Wayne Duggan

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  4. www.forbes.com › sites › daneberhartWhy Are Oil Prices So High When The U.S. Remains One ... - Forbes

    Nov 13, 2021 · Crude oil prices have climbed more than 60% this year amid strong demand and snarled supply chains, prompting President Joe Biden to pressure Saudi Arabia and other exporters to ramp up oil...

    • Dan Eberhart

  5. www.eia.gov › todayinenergy › detailCrude oil prices increased in first-half 2022 and declined in ...

    Jan 4, 2023 · The Brent price rose significantly in the first half of 2022 but generally declined in the second half of the year. The spot price for West Texas Intermediate (WTI), a benchmark price for U.S. crude oil, followed a similar pattern, finishing the 2022 trading year $4/b higher than on January 3.

  6. www.reuters.com › markets › commoditiesUS crude dominates Dated Brent benchmark as shale exports ...

    Jun 12, 2024 · HOUSTON, June 12 (Reuters) - U.S. crude has dominated global benchmark oil pricing in the year since booming shale exports joined the mix of European crude used to calculate how much a...

  7. www.wsj.com › finance › commodities-futuresWhy Oil Prices Soared—and Why They Are Sinking Now - WSJ

    Oct 6, 2023 · The price of crude oil has been on a roller coaster for the past two years, and surged this summer to hit $94 on Sept. 27, its highest level of the year.

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  9. seekingalpha.com › article › 4675971-productionProduction & Exports Of Crude & Petroleum Products Soar In ...

    Mar 5, 2024 · Crude oil production in the US soared to a record 12.9 million barrels per day in 2023, up by 158% since 2008, when fracking started becoming a significant factor.