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Keri Belcher has worked in the oil and gas industry. But she's considering switching careers — even if it means less time outdoors, which is what attracted her to geology in the first place.
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The Dow fell 631 points a day after oil prices turned negative for the first time ever. The drops are the latest market reactions to the global economic downturn caused by the pandemic.
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For the first time ever, a key oil benchmark, West Texas Intermediate, fell below zero on Monday. That means some traders, instead of paying money to buy oil, are paying to get rid of it.
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The International Energy Agency says the industry is about to test the limit of how much oil it can transport and store, given the phenomenal drop in demand caused by the coronavirus pandemic.
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Russia and Saudi Arabia have been engaged in a price war that has driven world oil prices down dramatically.
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The supply of oil has surged as the coronavirus pandemic has destroyed demand. Prices have plummeted and analysts are starting to ask if the world will have enough space to store all the extra oil.
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Stock indexes tumbled so fast Monday that marketwide trading was halted temporarily for the first time since October 1997. The Dow Jones Industrial Average fell 2,013 points, or nearly 8%.
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Global oil prices rose by about 4% — a modest increase by historical standards — after the U.S. military killed Qassem Soleimani, the leader of Iran's Quds Force, in an airstrike in Baghdad.