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For the first time ever, a key oil benchmark, West Texas Intermediate, fell below zero on Monday. That means some traders, instead of paying money to buy oil, are paying to get rid of it.
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The International Energy Agency says the industry is about to test the limit of how much oil it can transport and store, given the phenomenal drop in demand caused by the coronavirus pandemic.
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Marathon video chats led to a record-setting 9.7 million barrels per day in cuts. But analysts say that's not a big enough drop to balance oil markets, given the total collapse in demand for crude.
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Russia and Saudi Arabia have been engaged in a price war that has driven world oil prices down dramatically.
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This Week in Oklahoma Politics, KOSU's Michael Cross talks with Republican Politcal Consultant Neva Hill and ACLU Oklahoma Executive Director about a…
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Oil prices dropped as much as 30% following the unexpected Saudi decision to cut prices and boost production. The move reflects the uncertainty surrounding the coronavirus and its economic effects.
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The boom that helped make the U.S. the world's largest oil producer could be ending. Oil prices are down amid weak demand, and investors no longer seem willing to write the industry a blank check.
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Analysts are concerned about softening growth in global oil demand, driven by a cooling economy and heightened trade tensions. Meanwhile, U.S. oil production is booming.
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The sanctions are meant to put pressure on Venezuelan President Nicolás Maduro, who allegedly diverts billions in oil profits to pay off military officers and help prop up his government.
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Ignoring pressure from President Trump to keep the oil flowing, OPEC, Russia and other producers have agreed to cut production. They hope to stem a 30 percent drop in oil prices in recent weeks.