ºÚÁϳԹÏÍø

Oil was the biggest loser in a broad market selloff after OPEC+ agreed to boost crude supply as a resurgent virus shook investor confidence in the global economic recovery.

Crude oil inventories in America’s largest storage hub are falling fast as the post-pandemic demand rebound continues to outpace production.

The national average price of diesel barely moved this past week, inching up two-tenths of a cent, according to Energy Information Administration data released May 31.

Oil was little changed as investors weighed talks of higher Iranian supply against the prospect of a continued recovery in demand.

Oil advanced to the highest intraday level in more than a month as a combination of declining U.S. petroleum product supplies and signs of stronger demand buttressed expectations for a revival in global consumption.

Texas’ refining complex is mostly back from February’s crippling cold blast, but lingering freeze-related issues continue to plague a number of production units.

Oil rose after the OPEC+ alliance agreed to increase oil production gradually over the next three months.

Oil climbed to the highest in almost two weeks as traders looked ahead to this week’s OPEC+ meeting with speculation that renewed demand concerns will spur the group to keep production in check.

Total U.S. oil production has plunged by close to 40% — the most ever — as an unprecedented cold blast freezes well operations across the central U.S., according to traders and industry executives with direct knowledge of the operations.

U.S. oil production has plunged by more than 2 million barrels a day as the coldest weather in 30 years brings havoc to key producing states that rarely have to deal with frigid Arctic blasts.