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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...

    See full list on forbes.com

    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...

    See full list on forbes.com

    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....

    See full list on forbes.com

    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

  3. www.cnn.com › 2023/07/28 › energyWhy oil prices are on their strongest run since before ... - CNN

    Jul 28, 2023 · That has spurred a jump in US gasoline prices, which hit an average of $3.73 a gallon on Friday, their highest level since mid-November 2022. Fears of a global recession have swirled for months...

  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...

  5. markets.businessinsider.com › news › etfCrude Conundrum: US Oil Production Hits Record Levels, But ...

    Dec 11, 2023 · U.S. oil production is at record levels, as data from the Energy Information Administration puts 2023 production of crude oil on its way to break pre-pandemic records. The U.S. has been the...

    • Natan Ponieman

  6. finance.yahoo.com › news › oil-rises-u-crude-storageOil edges up to one-week high on rising demand hopes after ...

    May 9, 2024 · NEW YORK (Reuters) -Oil prices edged up to a one-week high on Thursday on data from China and the U.S. signaling demand in the world's two biggest crude-consuming nations could climb. Brent...

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  8. www.reuters.com › business › energyOil jumps, settles at highest in over a month on demand ...

    Jun 17, 2024 · NEW YORK, June 17 (Reuters) - Oil prices surged nearly $2 a barrel on Monday to their highest settlement levels in over a month, adding to last week's gains as investors grew more optimistic on...