Oil

Oil prices rose on Tuesday with technical support for U.S. crude and despite a weaker demand outlook from the International Energy Agency which is expected to keep the world oil market oversupplied for at least another year.

The Organization of the Petroleum Exporting Countries said Wednesday it sees no further rise in demand for its crude this year, but it expects the current oversupply in the market to ease over the coming quarters.

New York Gov. Andrew Cuomo's administration will move to prohibit fracking in the state, citing unresolved health issues and dubious economic benefits of the widely used gas-drilling technique.

Now you see it and now you don’t. Barrels of oil are disappearing before our very eyes. Oil prices bounced after the American Petroleum Institute reported that 6.5 million barrels of oil seemingly vanished into thin air. Did aliens come down to earth and confiscate our supply?

The ongoing turmoil in Iraq has the potential to throw a wrench into the U.S. economy, the IMF's chief told FOX Business's Liz Claman. 

Two trade groups representing North American railroads proposed new safety standards for tank cars that carry crude oil and other flammable liquids, as the industry and regulators explore tougher rules.

Entergy's pending closure of the 41-year-old Vermont Yankee nuclear power plant will likely affect the natural gas and electricity markets in New England, as 4% of the region’s annual electricity supply is set to come off line.

A new rule reportedly set to be introduced Friday by the U.S. Environmental Protection Agency could raise gas prices at the pump by anywhere from a penny to 9 cents a gallon while cutting back on automobile emissions.

An effort to shelve the 40-year-old ban on exporting oil from the U.S. is gaining steam as lawmakers in the House voted in favor of the move on Friday.

Congress is likely going to lift the nation's 40-year-old ban on oil exports as part of broader spending and tax legislation, according to congressional aides of both parties, a historic policy change that would reflect momentous political and economic shifts driven by a boom in U.S. oil production.

Oil prices fell 3 percent on Tuesday, retreating after six days of gains for benchmark Brent crude, as Goldman Sachs suggested the rally was unsustainable and analysts predicted U.S. stockpiles reached record highs again last week.

Oil and natural gas producer Chevron said on Tuesday it will slash its budget by at least 17 percent for the next two years to save cash as crude prices sit near 10-year lows.

Months of congestion are usually resolved with a splash. So, as soon as we see a break of either support or resistance, look for the subsequent move to be big.

States that collect "significant" severance tax revenues from the oil patch and the coal industry are now scrambling to deal with "revenue shortfalls," the U.S. Dept. of Energy says.

Saudi billionaire businessman Prince Alwaleed bin Talal told me we will not see $100-a-barrel oil again. The plunge in oil prices has been one of the biggest stories of the year. And while cheap gasoline is good for consumers, the negative impact of a 50% decline in oil has been wide and deep, especially for major oil producers such as Saudi Arabia and Russia.

The rout in U.S. stock markets deepened Wednesday and the only thing for certain is that it could get a lot uglier.

U.S. oil prices briefly tumbled below $30 a barrel on Tuesday, underscoring the global economy's difficulty with absorbing a relentless flood of crude supplies.

U.S. crude tumbled 5.6% to $33.97, the lowest settlement price in seven years. 

Crude oil and energy company stock prices have all risen pretty soundly during this early start to the fourth quarter: 

A few weeks ago, I noted the long – very long! – period of congestion would almost have to be broken with a major move.  I didn’t know the direction, but was confident of the ferocity.