Oil

Oil's had a rough go over the last few weeks, mainly due to the raging coronavirus, but there is optimism a bottom may be near.

The Los Angeles County Fire Department said the fire sparked about 10:50 p.m.

The New York-based lender's decision follows a similar move at rival Goldman Sachs, which said in December it wouldn't provide financing for oil exploration or development in any part of the Arctic.

Oil declined for a third session, as concerns about the spread of the coronavirus and its impact on oil demand outweighed OPEC output cuts and Libyan supply losses.

DAMMAM, Saudi Arabia, - Saudi Aramco is launching the biggest shale gas development outside of the United States to boost domestic gas supply and end the burning of oil at its power generation plants, Chief Executive Officer Amin Nasser told Reuters on Monday.

Goldman Sachs said commodity prices could fall sharply before Chinese stimulus efforts later this year help the sector achieve its 12-month return forecast of about 10%.

The price at the pump averages 9 cents higher than it was a year ago

U.S. equity futures are pointing to a large decline in stocks on Monday morning on concerns about the spread of coronavirus outside China, with Italy, South Korea and Iran seeing a big jump in infections.

The U.S. Department of Agriculture on Thursday announced a goal for biofuels to make up 30% of U.S. transportation fuels by 2050, a move that could bolster an industry that has been otherwise battered by the Trump administration.

A strong US economy could pump up oil demand this year, depsite the coronavirus.