Crude oil inventories decreased last week by 3.4 million barrels as exports increased and refineries ran at a higher rate, said the EIA.

Cleanup was underway Wednesday in a wooded, remote area of Ventura County after about 420 gallons of crude oil inundated a waterway, officials said, and crews were working to beat the upcoming storm.

Rising methane emissions could hinder U.S. gas exports as some countries place limits on the powerful greenhouse gas.

Oil traded sharply lower in Wednesday dealings, with prices failing to find support even after the Energy Information Administration reported that weekly U.S. commercial crude inventories fell by 3.4 million barrels in the week ended Nov.

Oil prices have fallen 20% since Trump took office, but California drivers see little relief at the pump due to soaring refinery profit margins. Global refining capacity is squeezed by Ukrainian attacks on Russian plants, facility outages in Kuwait and Nigeria, and permanent closures across the U.S. and Europe.

The scale of divergence between the XLE and oil prices is unprecedented, and this has started to show up in the ETF's valuations. As sales have fallen 20% from their 2023 peak and profit margins have contracted by 6 percentage points, the Energy Sector Select Index's PE ratio has risen to 18x from single digits two years ago.

Canada's oil sands are experiencing a comeback due to the newly expanded Trans Mountain oil pipeline bringing Canadian oil to the Asian market. The pipeline has led to record-high production, with output set to grow to 6 million daily barrels by 2030, and has boosted local prices for heavy oil.

Oil prices fell on Monday as loadings resumed at Russia's Novorossiysk export hub after a two-day suspension at the Black Sea port that had been hit by a ​Ukrainian attack. Brent crude dropped 45 cents,

Oil prices came under pressure yesterday, with ICE Brent settling about 2.1% lower. Some of the downward pressure is derived from reports that the US and Russia are working on a new peace plan for Ukraine. Copper is expected to average $4.45 a pound this year and $4.55 in 2026, according to Cochilco’s quarterly report.

Two years ago Colombia pledged to stop exploring for new oil, gas and coal. On the world stage, this was a big deal. Here's what's happened since.

Oil prices fell on Wednesday as an industry report showing crude and fuel inventories rose last week in the U.S., the world's biggest crude consumer, reinforced mounting concerns that supply is exceeding demand in the market.