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The discovery of oil in northwestern North Dakota turned several small towns into unexpected boomtowns from 2006 to 2014. But the end of the boom spelled economic disaster for many of the new residents in towns such as Williston and Watford City.
Oil fell Wednesday after the Energy Information Administration reported an unexpected increase in US crude inventories.
US officials have reportedly asked Saudi Arabia and other supply-cutting countries to raise output by about a million barrels per day.
Oil fell Friday morning as markets mulled the future of OPEC supply cuts, as well as rising crude production and falling stockpiles in the US.
Oil prices dropped more than 2% early Friday after reports that OPEC and other supply-cutting countries led by Russia will begin easing output caps.
Crude prices rose Tuesday morning after the US toughened its stance on Iran and Venezuela, key oil producers and members of OPEC.
Small airlines face a brutal reckoning as oil prices surge, according to the CEO of Europe’s biggest budget carrier
Airlines are constantly battling with the price of fuel. Airlines hedge their fuel costs, locking in prices far ahead of time to try and mitigate the possibility for rising oil prices in future.
Around 10.45 a.m. BST (5.45 a.m. ET) on Thursday Brent reached a daily high of $80.12 per barrel, marking the first time since November 2014 it has passed above that mark.
Oil prices rose to fresh multi-year highs on Tuesday morning after OPEC said it cuts supply more than expected and as markets poised for sanctions on Iran.
"President Trump’s unilateral plans to tighten sanctions against Iran and pull out of the JCPOA agreement could see Iranian oil production and exports fall sharply," Dan Smith of Oxford Economics said on Wednesday evening.