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Tuesday, August 4, 2020

A Crude Ride

Other News

Closing prices for crude oil, gold and other commodities

The Associated Press Benchmark U.S. crude oil for September delivery rose 31 cents to settle at $41.60 a barrel Monday. Brent crude...

Trump to discuss energy, tour oil rig, raise money in Texas

By DARLENE SUPERVILLE Associated PressWASHINGTON (AP) — President Donald Trump will shift his focus to American energy dominance during a stop in...

Basic Energy Services makes organizational changes

Fort Worth-based Basic Energy Services, Inc. (OTCQX: BASX) in late May announced the implementation of changes to the organizational structure of the...

Texas oil producers were cutting output before Railroad Commission chose not to, Commissioner Christi Craddick says

By Cassandra PollockMay 12, 2020 Texas Railroad Commissioner Christi Craddick on Tuesday doubled down on the agency’s recent decision...

Tension between the United States and Iran sent oil markets on a rollercoaster ride over the last week. Crude oil jumped more than 3% the day President Donald Trump ordered a drone strike against Revolutionary Guard Gen. Qassem Soleimani, the country’s top military leader. Oil spiked again after Iran retaliated, firing rockets at Iraqi military bases where U.S. soldiers are stationed. Oil prices eased after it became clearer that war between Iran and the U.S. was not as likely as it initially appeared.

Iran doesn’t sell much crude oil to American refineries because of U.S. sanctions. However, Iran’s position near large oil producers like Kuwait, Saudi Arabia, United Arab Emirates and Qatar means violence in the region could significantly disrupt production. Until this week’s increase in tension, crude oil prices had been relatively stable for much of the last year, trading between $50 and $65 a barrel with one exception. Oil also remains below the price it hit in 2018, when a barrel traded at $75.

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