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Eavor Technologies, a Canadian geothermal startup, announced a $40 million funding round this week, and big oil is getting onboard. Chevron’s Technology Ventures and BP Ventures are some of the startup's backers as oil corporations increase their renewable energy space investments. Eavor said it...
Oil reached a pandemic high on Monday, with WTI crude futures rising 62 cents a barrel, or one percent, settling at $60.09 per barrel. Earlier in the rally, it had reached $60.77 a barrel, a level not seen since January 2020 during pre-pandemic days.
Chevron shares have been seesawing since Friday when the Fortune 500 company reported an $8.3 billion loss during its second quarter. According to a spokesperson at the oil giant, the coronavirus has severely impacted demand for the commodity. During the pandemic, oil prices have fallen to historical...
The coronavirus has claimed yet another oil company and pushed it towards insolvency. Chesapeake Energy, a shale oil pioneer, has filed for bankruptcy protection this week. Chesapeake said the restructuring plan would forgive $7 billion of the company’s debt. The company has been neck-deep in debt. In...
On Friday, Exxon Mobil reported a $610 million loss for the first quarter of the year. It marked the first loss the company has suffered in decades. The losses are likely due to historically low oil prices due to lower demand because of the coronavirus. Exxon had...
On Monday, oil selloffs sent oil prices below negative to -$37.63 a barrel. It marked the first time in history that oil went below zero. It was the nail on the coffin for a struggling industry. As the world finds itself grounded due to...
Tumbling oil prices finally found a reprieve on Thursday after President Trump announced that OPEC and Russia had agreed to end an ongoing price war. West Texas Intermediate (WTI) futures increased 24.67 percent and settled at $25.32 a barrel, representing its biggest single-day gain in history. WTI...
On Monday, oil fell to an 18-year low as the coronavirus spread across the globe and slowed transportation and reduced demand on the commodity. Meanwhile, OPEC+ nations, including Saudi Arabia, planned to ramp crude production. Most of the world has initiated lockdowns until the...
Grocery stores have been overrun day after day since the coronavirus pandemic began. While consumers have been flocking in record numbers to shop for staples, demand by restaurants and others in the foodservice industry has been down. Add to the mix concerns over labor shortages on U.S....
Saudi Aramco shares traded beneath its original IPO pricing for the first time on Sunday. The Saudi state’s oil conglomerate was down 6.36 percent and was trading at $8.24, or 30.90 riyals. During its IPO in December, Saudi Aramco’s listing price was 32 riyals.