Venezuela's economic situation is so dire that experts are fearing the South American country might eventually default on its $120 billion foreign debt, even though President Nicolás Maduro insisted this week that his government would honor all its financial obligations.
Venezuela's government has requested OPEC hold an emergency meeting due to a collapse in oil prices that has left the country's economy in dire straits, sources at the company said Wednesday.
Despite increase in oil, stocks fall Thursday Stocks fell Thursday, the last day of trading of 2015, rounding out the worst year of performance in the S&P 500 and Dow Jones indices since 2008.
Oil prices continued to fall again on Monday as concerns of weak demand continued to worry investors. Since the end of last year, U.S. oil futures are down 30 percent.
U.S. stocks are up Tuesday, Dow up over 300 points at the opening bell U. S. stocks recovered Tuesday after their brutal losses Monday with the Dow Jones industrial average up over 300 points at the opening.
National average is now $2.66. Oil prices continue to drop to historic lows, but gas prices nationwide continue to rise, especially in the Midwest, USAToday reports.
Crude oil prices are expected to remain low for the rest of 2015 and that could mean that drivers in the U.S. could see the lowest summer gas prices in 10 years.
Oil could be headed back to "normal" prices per barrel according to Secretary-General of Organization of the Petroleum Exporting Countries (OPEC) Abdullah al-Badri said Wednesday.
Saudi Arabia insisted on Monday that it would not cut back production no matter the value of crude, comments that put new pressure on oil prices the morning after the biggest one-day gain in over two years.
The market rallied Thursday morning off Wednesday's Fed announcement The S&P 500 surged over 20 points and the DOW shot up 225 points Thursday morning as stocks continued to rise after yesterday's announcement from the Federal Reserve Board that they will be "patient" in raising interest rates, and will wait a "considerable time" before doing so.
Service stations in Oklahoma City were offering gas below $2 a gallon, though the national average for regular still tops that price by about 75 cents.
Gas prices are set to continue their fall and might come in below $2 in some regions of the United States by as early as the end of this week. The bargain prices are fueled by a decision from the Organization of the Petroleum Exporting Countries to keep oil production at current levels.
