There’s a record 1.4 billion barrels of crude currently on the world’s oceans, pushing down benchmark prices and sending gasoline under $3 a gallon at the pump in the US.

LONDON (Reuters) - The world's biggest oil and gas companies are cutting spending this year following a collapse in oil prices driven by a slump in demand because of the coronavirus crisis and a price war between top exporters Saudi Arabia and Russia.

Analysts at investment banks currently forecast the price of WTI oil to be at least $65 by the end of 2019. How reliable are those predictions? Let’s look at their forecasts over the past two years. Halfway through 2014, oil prices rose above $105 a barrel.

President Joe Biden will soon announce a release of 15 million barrels of oil from the nation’s emergency reserves. The move completes Biden’s March directive to release 180 million barrels from the Strategic Petroleum Reserve, the largest sale in the ...