The president is one of the many wild cards that analysts at Citigroup think might drive crude back into the $80s.
Analysts are warning about a correction after oil prices rose 13 percent in the past month.
Oil prices dropped off three-year highs on Tuesday as traders booked profits but healthy demand underpinned prices near $70 per barrel, a level not seen since the market slump in 2014.
Hess is cutting roughly 13 percent of its workforce and streamlining operations.
BP's fourth-quarter profits will take a hit from a multibillion-dollar charge related to the company's fatal blowout in the Gulf of Mexico eight years ago.
U.S. oil output is about to push past the more than 10 million barrels per day mark thanks to surging shale production.
Oil hovered near a three-year high above $70 a barrel on Monday on signs that production cuts by OPEC and Russia are tightening supplies, although analysts warned of a “red flag” due to surging U.S. production.
FBN's Jeff Flock reports on oil prices hitting new highs and how that impacts gas prices.
U.S. energy companies added 10 oil rigs this week, the biggest increase since June, as crude prices rose to their highest levels in three years, prompting drillers to return to the well pad.
U.S. stock futures rose and pointed to a positive open for Wall Street on Friday.
Oil prices hit three-year highs on Thursday.
Oil prices rose for a sixth day on Friday after Russia’s oil minister said that global crude supplies were “not balanced yet,” alleviating market concerns about a wind-down of the OPEC-led deal to reduce production.
The real-world fuel economy of new U.S. cars and trucks hit a record 24.7 miles per gallon in the 2016 model year, a government report said,
Crude oil prices jumped on Wednesday and settled near three-year highs after U.S. government data showed a drop in crude inventories and production, even as fuel inventories rose.
FBN's Jeff Flock reports on oil prices hitting three-year highs and how that may impact gas prices.
New York City sued five major oil companies, claiming they have contributed to global warming, on the same day officials announced they will sell off billions in fossil fuel investments from the city's pension funds.
Oil prices edged higher on Tuesday, with U.S. crude touching its highest since December 2014, supported by OPEC-led production cuts and expectations that U.S. crude inventories have dropped for an eighth week.
NEW YORK, Jan 9 (Reuters) - U.S. crude oil production is expected to climb to more than 10 million barrels per day (bpd) early in 2018, reaching that milestone for the first time since 1970, and to continue to surge into 2019 to a record high, the U.S. Energy Information Administration said Tuesday.
Former Shell Oil President and Citizens for Affordable Energy CEO John Hofmeister explains what could happen to the price of oil now that President Trump has reversed course from Obama-era policies, announcing the expansion of offshore drilling.
The Trump administration is looking to open almost the entire U.S. coastline to oil and gas drilling.