Oil

The sprawling Permian Basin oil field straddling Texas and New Mexico is securing its place at the center of U.S. oil production as companies concentrate on their richest targets.

West Texas Intermediate crude oil topped $40 per barrel for the first time since March after OPEC and its allies extended historic production cuts through July.

Oil rose as OPEC, Russia and others agreed to extend record output cuts

OPEC and allied nations agreed Saturday to extend a production cut of nearly 10 million barrels of oil a day through the end of July, hoping to boost energy prices hard-hit by the coronavirus pandemic.

OPEC+ had initially agreed in April that it would cut supply by 9.7 million barrels per day during May-June to prop up prices that collapsed due to the coronavirus crisis.

The 23-member OPEC and its partners, led by Russia, are expected to approve an extension Saturday of the historic production cuts reached in April.

Cuts have been due to taper to 7.7 million bpd from July to December

Other operators including Chevron and Exxon Mobil said they are monitoring the storm

The violence and damage to property may hinder the re-opening of the economy

Officials postponed the sale oil and gas leases in several states.

Americans are starting to capitalize on low prices at the gas pump as states loosen travel restrictions, a boon for the battered energy industry and a hopeful signal for the U.S. economic recovery.

The stories of WTI and Brent crude -- each an oil market benchmark -- reflect decades-long shifts in global demand for crude.

Crude oil broke a nearly 30-year-old record high for monthly gains in May 2020.

A federal appeals court turned down the Trump administration's request Thursday.

The ruling overturned a decision by one federal judge.