Oil plunged Thursday, with U.S. crude dropping almost 3 percent as the market grappled with oversupply fears as increased U.S. sanctions on Iran had more gradual impact than expected and U.S. crude oil inventories rose sharply.

U.S. crude settled down $1.79 or 2.8 percent at $61.81 a barrel, heading for its biggest weekly fall since February.

Brent crude futures fell $1.43 a barrel, or 2 percent to $70.75.

Market sentiment became more bearish as shifting U.S.

Oil Drops Nearly 3 Percent on Oversupply Worries | Devamı>>>

The latest short-term outlook for US oil production published by the Energy Information Administration shows output rising to 13.2m barrels a day by the end of 2020. If this is achieved (and the EIA is traditionally cautious), the US will be the largest producer in the world.Two-thirds of that production will come from “tight oil” — that produced by fracking shale rocks. Ten years after the shale business began, the revolution is as dynamic as ever.

How the Shale Revolution is Reshaping World Markets | Devamı>>>

The boom in solar and wind power in the United States will deal a fresh blow to coal country in the next few years. Renewable energy, led by solar and wind, is projected to be the fastest-growing source of US electricity generation for at least the next two years, according to a report published Friday by the US Energy Department.
Boosted by swiftly falling prices, utility-scale solar power is expected to increase by 10% in 2019 and 17% in 2020, the Energy Information Administration said.

Solar and Wind are Booming, While Coal Keeps Shrinking | Devamı>>>