The EIA's recent short-term outlook for oil prices forecast a slide in oil prices potentially leading to lower rig counts and more job losses.

Oil prices climbed about 2% to a one-week high on Thursday after U.S. President Donald Trump warned of "severe consequences" if his talks with Russian President Vladimir Putinon Ukraine fail, and on optimism that a likely U.

Global oil markets are poised for a larger surplus than previously expected this year, with supply set to grow more than three times faster than demand, the International Energy Agency said.

Nigerian oil producer Heirs Energies plans to double output by 2030 and is looking to expand across Africa, Chief Executive Officer Osa Igiehon said.

The hype surrounding the historic summit Friday between U.S. President Donald Trump and Russian President Vladimir Putin makes clear that Russia — even under global sanctions — remains a powerhouse in the energy market.

U.S. crude oil inventories rose by 3 million barrels last week as domestic production and imports increased.

A train derailed in Reeseville in Dodge County, according to a local fire department. No information about injuries or contents of the train was immediately available, but Clyman-Lowell-Reeseville Fire Chief Eric Howlett said a news conference would take place at 4:30 p.m. Aug. 15 at CLR Fire & Rescue.

Texas oilman Solomon Brachman, a founding member of the Fort Worth Petroleum Club, entered the oil business in an unlikely place — Marietta, Ohio, a county seat near the confluence of Ohio, West Virginia and Pennsylvania. In that tri-state region, drillers at the turn of the 20th century produced several hundred barrels of shallow oil a day.

Oil (CL=F, BZ=F) prices are in focus as President Trump is set to meet with Russian President Vladimir Putin on Friday. The Energy Word founder Daniel Dicker joins Market Catalysts with Julie Hyman to discuss what he expects from the meeting and how oil supply could be impacted.