U.S. Crude Oil Prices Rise to Three-Year High

The Wall Street Journal reported that U.S. crude oil prices have climbed to more than $70 a barrel as suppliers have capped production and stockpiles shrink.

Bloomberg: Fund Manager Bullish on Oil Price Increase

Bloomberg reported that fund manager Franklin Templeton Investments has a bullish outlook on rising crude prices and is buying shares of independent oil production and exploration companies.

Fitch: Fallout from Oil Prices Emerging for U.S. Banks

According to a Fitch Ratings report, Q4/15 results for U.S. banks showed generally lower net income affected by market volatility, interest rate uncertainty and pressures in oil and gas.

Bloomberg: Crude Falls Below $30 a Barrel First Time in 12 Years

Bloomberg reported oil dropped below $30 a barrel in New York for the first time in 12 years on concerns that turmoil in China’s markets will curb fuel demand.

Dollar Strength Could Drive Oil to $20 a Barrel

In a Bloomberg report, Morgan Stanley said that continued appreciation of the U.S. dollar could push Brent oil prices to as low as $20 a barrel.

Bloomberg: Oil Speculators Buying Contracts That Payout At $15 a Barrel

Bloomberg reported oil speculators are buying options contracts that will only payout if crude drops to a low as $15 a barrel next year, the latest sign some investors expect an even deeper slump in energy prices.

Bloomberg: Oil Approaching $40 Deepens Investor Pessimism on Recovery

Bloomberg reported that hedge funds have turned more pessimistic on oil as prices flirted with $40 a barrel for the first time since August.

Bloomberg: Crude Oil Prices Languish Near Six-Year Low

Bloomberg reported the $60 billion of oil industry spending cuts this year won’t be enough as crude oil prices languish near a six-year low.

Oil prices jump as BP cuts capital expenditure

Oil futures reportedly rose Tuesday, adding to gains of more than 11% in the prior two sessions as BP announced a cut in capital expenditure for 2015.