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The crude being pumped out of USA shale formations helped create a global glut that’s pushed prices down nearly 60 percent since June 2014.

USA energy firms cut 26 oil rigs in the latest week, the biggest reduction since April and the fifth straight weekly decline, data showed on Friday, a sign low prices were pushing drillers away from the well pad. Baker Hughes reported that the gas rig count fell by one to 197 in...

Ninety-five percent of Venezuela’s exports result from crude oil. Exports year-to-date to the USA have risen, but remain under pressure.

Brent crude oil was virtually flat at $48.20 a barrel, heading for a near 10 percent fall this month.

Baker Hughes also reported a reduction in natural gas rigs, bringing total USA rigs were to a 13-year low.

November Brent crude on London’s ICE Futures exchange rose $0.44 to $48.13 a barrel.

Crude oil futures fell in early Asian trade on Wednesday after US inventories showed a weekly buildup that far exceeded analyst expectations.

European markets ended solidly in negative territory as concerns over China returned to the forefront, after some disappointing economic data, prompting further weakness in commodity prices. In America, the US crude benchmark CLc1, West Texas Intermediate (WTI) settled down...

US benchmark crude West Texas Intermediate (WTI) was trading at $46.69 a barrel Thursday at 11:56 a.m. EDT.

Oil prices fell today after the US Federal Reserve kept its main interest rate on hold and following a volatile week for crude.

US West Texas Intermediate (WTI) crude futures were trading down $1.55, or 3.3 percent, at $45.35 a barrel.

“$1.5-trillion of uncommitted spend on new conventional projects and North American unconventional oil is uneconomic at $50 a barrel“, Woodmac added. In July, however, Federal Reserve Chair Janet Yellen said the Fed would raise rates this year if economic conditions...

The agency expects production to hit a low of 8.6 million barrels a day in mid-2016.

According to a Baker Hughes report, the USA oil-rig count fell by eight to 644 in the latest reporting week, the third straight decline after six consecutive weeks of increases.

The current global hand-wringing and head-holding over whether the US Fed will or won’t raise interest rates later has got investors here in Asia anxious about what this means for their economies.