News

BP CEO says oil markets will balance with $50 crude this year

WASHINGTON (Bloomberg) -- Rising petroleum demand in China, North America and Europe will help bring global oil markets into balance this year, BP Plc CEO Bob Dudley said. Global supply and demand recently have moved toward a better balance......【more】

2016-06-24

Global oil demand is growing ‘strongly,’ leading trader says

SINGAPORE (Bloomberg) -- Trafigura Group has joined other leading energy trading houses in saying oil demand is growing strongly this year, suggesting that OPECs cheap oil strategy is spurring consumption despite weak economic growth in Chi......【more】

2016-06-08

Oil pessimists exit market as supplies seen closer to balance

NEW YORK (Bloomberg) -- The oil market doomsayers are beginning to capitulate. Speculators reduced bets on falling prices to the lowest level in 11 months as oil briefly breached $50/bbl on signs supplies are coming into balance. Crude clim......【more】

2016-05-31

Big Oil gobbles up record levels of debt as borrowing costs fall

HOUSTON (Bloomberg) -- The worlds biggest oil companies are borrowing record amounts of money to cope with a slump in crude prices. Luckily, theres rarely been a better time to go on a debt binge. Exxon Mobil Corp., Royal Dutch Shell Plc, C......【more】

2016-05-16

Iran's speedy oil revival unlikely to mean change in OPEC stance

DUBAI (Bloomberg) -- Irans success in boosting crude output to the most since late 2011 is no incentive for it to join OPEC partners in curbing production to shore up prices. With crude rallying, analysts see no immediate need for action. O......【more】

2016-05-13

Oil falls below $45 as Iraq exports approach record

NEW YORK (Bloomberg) -- Oil declined for a second day as Iraqs exports approached a record high in April, adding barrels to a worldwide supply glut that has pushed prices lower. Futures settled below $45/bbl in New York after rallying to a......【more】

2016-05-04

Oil extends declines as rising U.S. stockpiles expand glut

HONG KONG (Bloomberg) -- Oil extended its decline after the biggest loss in six weeks, as rising U.S. crude stockpiles kept supplies at the highest level in more than eight decades. Futures dropped as much as 1.6% in New York after slumping......【more】

2016-03-25

Oil price declines as U.S. crude stockpile gain adds to glut

WASHINGTON, D.C. (Bloomberg) -- Oil maintained its decline after a U.S. government report showed rising crude stockpiles kept supplies at the highest level in more than eight decades. Crude inventories rose 9.36 MMbbl last week, according t......【more】

2016-03-24

BSEE assists in opening oil spill response test burn tank

WASHINGTON, D.C. -- The Bureau of Safety and Environmental Enforcement (BSEE) helped oversee and execute a series of test in situ burns​​ in the newly opened burn tank at the Joint Maritime Test Detachment in Mobile, Ala., to evaluate b......【more】

2016-03-22

U.S. Steel to idle two plants, cut up to 770 jobs amid oil price rout

PITTSBURGH, Pennsylvania (Bloomberg) -- U.S. Steel Corp., the countrys second-biggest producer of the metal, said it will dismiss as many as 770 workers and idle two plants that make products used in oil drilling as energy companies cut pro......【more】

2016-03-21

Oil extends gain from three-month high on falling U.S. output

NEW YORK (Bloomberg) -- Crude extended gains from a three-month high as U.S. oil production dropped, while central-bank policies put pressure on the dollar and improved the outlook for demand growth. Futures rose as much as 2.5% in New York......【more】

2016-03-19

Oil investers see $7.4 billion vanish as dividends are targeted

NEW YORK (Bloomberg) -- The check is not in the mail. Bludgeoned by falling energy prices, at least a dozen oil and natural gas companies have opted to cut dividends this year to preserve cash, cannibalizing payouts considered sacrosanct by......【more】

2016-03-18

Oil holds gains on less-than-projected U.S. inventory rise

NEW YORK (Bloomberg) -- Oil maintained gains after a government report showed a smaller-than-anticipated U.S. crude inventory increase. Crude inventories rose 1.32 MMbbl to 523.2 MMbbl last week, according to the Energy Information Administ......【more】

2016-03-17

If oil prices have hit bottom, the top may not be too far away

NEW YORK (Bloomberg) -- The top of the oil market may be closer than you think. With Brent futures having bounced back to $40/bbl, the International Energy Agency sees light at the end of the tunnel, and Goldman Sachs Group Inc. is spotting......【more】

2016-03-16

Iran may join oil freeze after boosting output, Russia says

TEHRAN (Bloomberg) -- Iran may join other oil suppliers in freezing production after restoring its own output to levels before sanctions were imposed, Russian Energy Minister Alexander Novak said after meeting with the Persian Gulf nations......【more】

2016-03-15