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Photographer: Andrey Rudakov/Bloomberg

Things a barrel of oil is now cheaper than: A fancy bottle of wine, a center-cut filet, and a clean house

With prices now hovering below $50, a barrel of oil has become cheaper than many common household purchases.
Categories: Crude oil, Markets

OPEC split on need for long-term oil-price forecasts

The disagreement reflects internal divisions over whether OPEC policy should focus on prices or the stability of the oil market.
An oil tanker navigates the Houston Ship Channel in Houston, Texas. (Carter Smith/ Bloomberg News file photo)

Government report: Gasoline prices won’t climb if U.S. exports its oil

The EIA analysis also throws some cold water on the entire pro-export crusade, suggesting that widely selling U.S. crude abroad would do little to boost either domestic oil prices or production.
(SAMAD/AFP/Getty Images)

Slowdown in Chinese manufacturing erases crude’s gains

After a three-day rally, oil prices resumed their fall Tuesday, pulled down by fresh fresh news about economic weakness in China that also dragged down the overall stock market.
Categories: Crude oil

Oil surges as OPEC signals it’s open to “fair and reasonable” prices

U.S. crude prices shot up nearly $4 a barrel after OPEC said in a monthly publication it is ready to speak to other oil producers to achieve “fair and reasonable” prices.
(AP Photo/Charles Rex Arbogast, File)

EIA revises US oil production estimates lower; June output sank

The federal government believes daily U.S. crude production fell to 9.3 million barrels in June, down by 100,000 barrels in the prior month, as low oil prices continue to discourage drilling.

In this image released by the Saudi Interior Ministry’s General Directorate of Civil Defense, smoke billows from a residential complex in Khobar, Saudi Arabia, Sunday, Aug. 30, 2015. A fire broke out at the residential complex used by the state oil giant Saudi Aramco. (Saudi Interior Ministry General Directorate of Civil Defense via AP)

Fire at Saudi oil company residence kills 10

A large fire broke out Sunday in the basement of a sprawling residential complex in Saudi Arabia’s oil-rich east, killing at least 10 people.

For OPEC, this year’s painful oil slump will bring gains in 2016

With consumption set to grow by 1.4 million barrels a day, OPEC and its de facto leader Saudi Arabia could seize the chance to broaden their market as competitors damaged by the price slump fall off.
McDermott International has a $1.5 billion-plus contract with Saudia Arabia's national oil company. (AP file photo/John Moore)

McDermott CEO sees Saudi contract as step in turnaround

Offshore engineering company McDermott International has landed a $1.5 billion-plus lump sum contract with Saudi Aramco.