CRUDE OIL

Oil prices shot up nearly 3% on Monday as more companies suspended shipping through the Red Sea following attacks on vessels by Yemen's Iran-backed Huthi rebels.

The Maduro regime is threatening to destabilize the Caribbean in a bid for offshore oil reserves, in a move likely to invite back crippling US sanctions.

In Venezuela, sanctions relief coincides with a groundswell of support for Maduro's opposition, raising hopes for the oil industry's revival.

Fred Holmes watches with satisfaction as pumps pull oil from deep under his California farm, tapping a supply he thinks could last another century.

There are growing signs that major oil producers led by Saudi Arabia and Russia are considering slashing production further when they meet on Sunday in a bid to prop up prices.

Oil prices fell Friday, extending the previous day's losses, on worries about potential oversupply after U.S. Energy Secretary Jennifer Granholm said refilling the country's Strategic Petroleum Reserve may take several years.

An expert said Saudi Aramco's historic profit is unsurprising given that the previous year saw higher energy prices exacerbated by the Russia-Ukraine war.

At Davos, Saudi Arabia says curbing oil dependency a priority

The improvement in the U.S. trade balance that followed the surge of energy exports is a mixed blessing for the U.S. economy.

Oil prices jumped more than 3% in early Asian trade on Monday as OPEC+ considers cutting output of up to 1 million barrels per day at a meeting this week to support the market.

As of Sunday evening, crude oil is trading for over $125 to $128 a barrel.

The national average for gas prices is now at $3.22 per gallon.

COVID-19 has killed at least one million people globally, and an increase in cases could send oil demand falling again.

A renewed wave of COVID-19 is expected to further pressure demand

U.S. stocks rose on Friday following an 1,860-point plunge in Dow on Thursday

However, Saudi Arabia and Russia have not agreed on a timeline for cuts

Hin Leong, one of the largest oil traders in the world, hid some $800 million in losses

U.S. stocks fell on Friday as the U.S. lost more than 700,000 jobs in March.

U.S. stocks rose on Thursday as oil prices surge, although more than 6.6 million people filed jobless claims last week

U.S. stocks dropped on Wednesday to start a second quarter after an unprecedented first quarter

U.S. stocks fell on Tuesday to close out a historically volatile first quarter.