As defined by the U.S. Geological Survey (USGS), heavy oil is a type of crude oil characterized by an asphaltic, dense, viscous nature (similar to molasses), and its asphaltene (very large ...

Crude oil prices also impact consumer behavior and global economic growth. High oil prices can dampen consumer spending, particularly on discretionary items, as transportation and energy costs rise.

Oil prices rose more than 2% on Wednesday, supported by a large draw in U.S. crude stockpiles and potential supply ...

Sweeping US sanctions on Russia’s oil industry are unlikely to result in a “large hit” to production, as higher freight rates ...

U.S. and global benchmark crude-oil prices settled Monday at their highest since August, with investors assessing the potential hit to supply from a further tightening of U.S. sanctions on Russia ...