Source: Lucy Nicholson, CNBC Oil prices jumped 2.4% this week after a drone attack by Yemeni Houthi forces on a Saudi oil facility. The attack caused a fire at a gas plant. Meanwhile, OPEC cut its forecast for global oil demand growth by 40,000 barrels per day. The group also predicted that the market …
August 15, 2019 Sources: Richard Lardner, Associated Press The Federal Motor Carrier Safety Administration is moving forward with changes to truck driver hours-of-service rules. Currently, regulations limit long-haul truck drivers to the following: Drivers are limited to 11 hours of driving time within an on-duty period of 14 hours Drivers must have had 10 …
Source: Nick Cunningham, OilPrice.com Oil prices fell sharply last week. However, rumors that Saudi Arabia will take action to stop prices from falling further was enough to stabilize prices in the short-term. Saudi Arabian energy officials provided no details, but commented that the kingdom is considering “all options” to help bolster oil prices. …
Source: CNBC Escalating trade tensions between the U.S. and China continue to weigh heavily on oil markets. Brent crude prices have lost more than 9% in the past week, and the index currently sits at a 7-month low of around $60 per barrel. However, a Reuters poll shows that U.S. crude inventories are expected …
Source: CNBC Expectations that the U.S. Federal Reserve will soon cut interest rates have bolstered oil prices. Central bankers will begin their two-day meeting today and are expected to cut interest rates for the first time in more than 10 years. Such a move would lower borrowing costs, which would support fuel consumption across …
Source: CNBC Oil companies shut down 74% of U.S. oil production in the Gulf of Mexico and evacuated workers from 280 production platforms ahead of Hurricane Barry. But oil producers began to restore operations as of Monday, July 15. The storm made landfall in Louisiana on Saturday, July 13 and traveled north, eventually reaching …
Source: CNBC OPEC supply cuts outweighed downward pressures on the global economy last week, leading to a rise in oil prices. Oil prices were also helped by reports that are expected to show a drop in U.S. crude inventories. Petroleum Prices Diesel and Gasoline (U.S. Averages) Units Current Price 1 …
July 3, 2019 Major Indianapolis, IN food distributor acquires Get Fresh Produce Source: Susan Orr, Indianapolis Business Journal Distributor IF&P Foods of Indianapolis, one of the largest food distributors in the Midwest, has acquired Get Fresh Produce in a bid to expand operations in the Chicago area. The deal closed on Monday, …
Source: Sam Meredith, CNBC Russia and other non-OPEC oil-producing countries announced oil supply cuts today. The move, which will last nine months, is designed to strengthen oil prices as the global economy weakens. OPEC has also agreed to extend production cuts. On Monday, the group announced it will cut oil production through March 2020. …
Source: Sam Meredith, CNBC A rise in tensions between the U.S. and Iran caused a climb in crude prices. The prospect of a military conflict caused Brent crude to jump 5% last week, and West Texas Intermediate benchmark to rise by 10%. Petroleum Prices Diesel and Gasoline (U.S. Averages) Units …
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