OPEC has decided it will keep oil production levels steady at roughly 30 million barrels a day Oil prices came crashing down Thursday to trade below $70 per barrel after OPEC announced it was leaving oil production levels unchanged. WTI crude trading in the U.S. fell by roughly 7% to just below $69

Saudi Arabia's Oil Minister Ali al-Naimi talks to journalists before a meeting of OPEC oil ministers in Vienna in this June 11, 2014. OPEC leader Saudi Arabia signalled on Wednesday it was unlikely to push for a major change in oil output at the producer group's meeting this week, a day after

Vladimir Putin's math is looking fuzzy. Russia's budget is based on oil trading for $100 a barrel, government documents reveal. Finance minister Anton Siluanov calls that an "alternative economic reality." Oil currently trades around $80 a barrel. Siluanov warned that cuts will be needed since the

Does America have too much oil in its reserves? Senator Ron Wyden of Oregon fired off a letter this week asking the Department of Energy to study the "size and make-up" of the U.S.' Strategic Petroleum Reserve. It comes fresh on the heels of a report on Monday from the non-partisan Government

U.S. crude closed higher Friday at $82.75, but was still down about 3 percent on the week and 20 percent over the last three months thanks to oversupply and the strong dollar. That downward slide will likely continue until oil hits $75 a barrel, one trader told CNBC. "It's going to form a bottom