Chevron reported its highest quarterly earnings ever. Shell had its second-biggest quarter, and ExxonMobil doubled its earnings compared with the same time last year.
The trio of dissenters at the Federal Reserve who backed an increase in interest rates this week contend high inflation could get entrenched in the economy unless the central bank acts decisively to get prices under control.
U.S. shale producers are expected to restore roughly half a million barrels per day (bpd) of crude output by the end of June, according to crude buyers and analysts, amounting to a quarter of what they shut since the coronavirus pandemic cut fuel demand and hammered oil prices.
