Start the conversation
Were the Saudi Arabia oil ministers right about who would blink first between themselves and U.S. producers? Crude oil prices are on the rise on speculation that U.S. producers are beginning to slash production for 2015. Today, March 2015 futures for WTI crude jumped nearly 2.5% hit $50.77 per barrel. Meanwhile, Brent oil rallied another 2.6% to hit $56.19 per barrel. Shares of energy giant BP plc (ADR) (NYSE: BP) were up roughly 1.5% this morning after the company reported earnings and said it will slash its capital expenditures for 2015 by 13%. Last week, its rival Chevron Corp. (NYSE: CVX) announced a 13% cut to Capex for the year.