Oil prices flipped between gains and losses Friday, as investors weighed the prospects for lower production levels against building oil products in storage..
OPEC’s recent agreement to limit crude production is unleashing a tide of bets that oil prices will rise, and that speculation raises the prospect that the oil market could reverse suddenly if the cartel fails to deliver.
Saudi Arabia has cut its crude-oil production by at least 486,000 barrels a day since October, bringing the world’s largest exporter of petroleum swiftly into line with OPEC’s deal to raise prices.
Oil prices swung between gains and losses on Thursday, paring earlier gains after inventory data showed massive additions to gasoline and diesel stockpiles.
Petróleos de Venezuela is facing new legal action from North American multinationals over financial maneuvers they say are designed to shield the state-owned oil giant’s U.S. assets from seizure.
France's Engie may have to return more than $300 million in unpaid taxes to Luxembourg if the energy company’s tax arrangements are found to breach EU rules on illegal state aid.
Shares of Bonanza Creek Energy Inc. jumped 40% Wednesday on its plans to shed more than half of its debt in bankruptcy proceedings, but the pop is little consolation for investors who bought the shares of the Denver energy producers’ stock offering two years ago.
Energy producer Encana Corp. said Wednesday that results in 2017 will exceed its forecast released just a few months ago as the company continues to cut costs and boost volumes.
Russia’s pledge to cut output may have less impact on oil supply than the headlines suggest.
The battle lines are being drawn for the bond market in 2017.
Exxon Mobil has awarded former Chief Executive Rex Tillerson a $180 million retirement package as the company moves to break financial ties with President-elect Donald Trump’s nominee for secretary of state.
Samson Resources has given junior creditors until Friday to stand down from a bankruptcy-court confrontation over the oil-and-gas company’s future.
Marathon Petroleum announced plans to accelerate drop-down deals and conduct a strategic review of its speedway assets, months after hedge fund Elliott Management raised concerns with the energy company.
Shell helped sell investors on its $50 billion acquisition of BG Group by promising to unload $30 billion in assets. Executing these asset sales has become crucial for retaining shareholder confidence and reducing the company’s mountain of debt.
Energy companies that sold shares in the last two years to survive the vicious collapse in oil prices finished on top in 2016.
Mexicans protested against sharp increases in gasoline and diesel prices at the start of the year, blocking roads, gas stations and fuel facilities in various parts of the country.
Brazilian oil company Petróleo Brasileiro SA, or Petrobras, completed a flurry of asset sales at year-end, but still fell short of its $15.1 billion divestment target for the 2015-2016 period.
The open-outcry trading floor of the New York Mercantile Exchange in lower Manhattan will shut down after markets close Friday, the latest step in the inexorable shift toward electronic trading.
Brazilian state-run oil company Petróleo Brasiliero SA on Wednesday, said it agreed to sell certain noncore business assets for $587 million, amid its efforts to raise cash and reduce debts.