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Crude oil futures posted a sharp weekly decline, pressured by a renewed wave of supply-side concerns and deteriorating demand outlooks. After reaching a seven-week high early in the week, WTI crude retreated aggressively, driven by speculation of an OPEC+ production hike, the return of Kurdish exports, and signs of softening global consumption. By Thursday, prices had notched a four-day losing streak, and sentiment turned decisively bearish.OPEC+ Output Speculation Reignites Oversupply FearsThe central driver behind this week’s sell-off was the resurgence of supply concerns, primarily linked to OPEC+ output plans. Market chatter early in the week suggested the producer group was…

Following an explosion of a yet-to-be-determined nature, a large fire broke out on Thursday night at Chevron’s El Segundo refinery in the Los Angeles area. The fire, which was first seen at around 9:30 p.m. on Thursday, was later contained, the police in El Segundo said, adding there wasn’t a call for residents to evacuate. Authorities have not received any reports of injuries of fatalities, El Segundo Mayor Chris Pimentel told local news station KCAL News. Chevron’s 280,000-barrels-per-day refinery in El Segundo has its own fire department, which responded first to the incident. “We were able to respond with Chevron fire immediately, our station…

India is slipping into the cracks left by a fracturing US-China trade relationship. India is seeking to secure its first long-term supplies of liquefied petroleum gas from the US, as Washington’s trade war disrupts flows of the cooking fuel and plastics precursor.State-owned oil companies are looking to buy as many as three very-large gas carriers of the fuel a month over 2026 sourced from the US, according to a tender document seen by Bloomberg. The three national giants are responsible for procuring the LPG used in the stoves of more than 331 million domestic consumers, over 60 per cent of…

On the upside, resistance is layered at the 200-day moving average at $63.04, the 50-day moving average at $63.46, and a key 50% long-term retracement level at $64.21. Notably, the 50-day MA is set to cross below the 200-day MA—a bearish signal that could trigger additional selling pressure if confirmed. OPEC+ Supply Talks Weigh on Oil Prices Forecast Crude oil prices are heading for a sharp weekly loss, with WTI futures down 7.5% and Brent off by 8.1% as of Friday morning. Traders are closely watching the OPEC+ Group of Eight, who may agree this weekend to increase output in…

In a report sent to Rigzone by the Standard Chartered team on Wednesday, Standard Chartered Bank Energy Research Head Emily Ashford highlighted that OPEC+ “appears keen to remove the voluntary output cuts rapidly”. “The group meets virtually on 5 October, amid suggestions that unwinding may be accelerated, increasing the +137,000 barrels per day to +500,000 barrels per day for each of the next three months,” Ashford said in the report. “While the forward curve, market price, balances and sentiment do not suggest that a pivot in strategy is required, OPEC+ appears keen to remove the voluntary output cuts rapidly,” Ashford…

Honeywell UOP President said the collaboration would enhance energy efficiency, reduce emissions and unlock greater value from Saudi Arabia’s resources.New Delhi: Saudi Aramco, Honeywell, and King Abdullah University of Science and Technology (KAUST), have signed a Joint Development Agreement (JDA) to co-develop a next-generation direct Crude-to-Chemicals (CTC) technology.The collaboration will focus on developing and scaling up the CTC process aimed at reducing capital and operating costs of conversion. The new pathway is designed to convert crude oil directly into light olefins and other high-demand chemicals, enabling higher value extraction and improved process economics.The partners said the initiative supports Saudi Arabia’s…

The U.S. Administration wants to ensure that the just-restarted oil exports from Iraq’s semi-autonomous region of Kurdistan continue to flow via pipeline to Turkey in the long run, an anonymous official at the U.S. Department of State told Bloomberg on Friday.The Trump Administration is working toward the goal of keeping Kurdistan’s crude flowing in the long term to boost the Iraqi economy, counter Iran’s influence in the region, and benefit U.S. companies operating in Iraq, according to the official.   The U.S. has played a role in the deal that allowed the resumption of the exports from Kurdistan, the official told…

BELGRADE, Serbia (AP) — Early snowfall in the Western Balkans left thousands of people without electricity on Friday and disrupted traffic as roads became impassable.Heavy, wet snow fell this week in hilly and mountainous areas in Serbia and Bosnia, downing power distribution lines and trees, while persistent rain in lower areas sparked fears of floods and mudslides. More than half a meter of snow has fallen at higher altitudes so far and could reach record levels for October, said Slobodan Sovilj, a meteorologist at the state Hydrometeorological Service. “We have a number of areas without electricity because of broken trees…

This as-told-to essay is based on a conversation with Jake Castillo, a 30-year-old cofounder at Cal AI, an AI-powered nutrition and food tracking app, based in California. Business Insider has verified the financial claims mentioned in this artical. This story has been edited for length and clarity. Right after my master’s, I worked in management consulting, and hated it. I immediately looked for something I’d hate a lot less that would pay a comparable salary.I joined an AI startup part-time after I saw its founder’s post on Twitter about scaling his business. At the startup, we got a high school…

In May, Andrew Chen couldn’t stop thinking about the ticking clock. He was just weeks away from earning his computer science degree from the University of California San Diego — and still didn’t have a job lined up.Then a glimmer of hope landed in his inbox: an email from Amazon inviting him to interview for a software engineering role in 10 days. He knew he couldn’t waste the opportunity, so he made a plan: hole up in his room to study — and document his preparation for the big day on TikTok to hold himself accountable.”I canceled all my social…