U.S. energy firms added 5 oil rigs this week after putting 21 rigs into service last week, the most in over a year, despite a collapse in U.S. crude prices from recent highs in June,
Oil prices were hit hard on Friday, a quiet session for the bulk of the market. Stuart Isett for The Wall Street Journal West Texas Intermediate crude prices fell 2.5% to $47.27 a barrel in afternoon trading. Prices were slipping since the open, but took another leg lower after Baker Hughes (BHI) data showed an uptick [...]
Researchers say oil prices would need to fall to $40 a barrel and stay there for a few months for the global glut to diminish
The average price of U.S. crude oil in the second quarter fell by 44 percent compared to last year
Spencer Platt/Getty ImagesAn oil refinery in Big Springs, Texas. As crude oil prices have fallen globally, many American communities that became dependent on oil revenue are preparing for hard times. By JONATHAN FAHEY NEW YORK -- AsShow More Summary
The Exxon (XOM) and Chevron (CVX) reports today spotlight the pain in the oil patch as industry players brace themselves for a ‘lower-for-longer’ oil price environment. The comparisons to the same period last year...
Exxon Mobil posts its worst quarterly performance since 2009 as a worldwide glut of oil collapsed prices faster than explorers trim costs. ||| Irving - Exxon Mobil posted its worst quarterly performance in six years as a worldwide glut...Show More Summary
By Ernest Scheyder and Anna Driver (Reuters) - Weak oil prices shriveled quarterly profit at Exxon Mobil Corp and Chevron Corp, compelling both companies to rethink operations and plan for what many expect to be a sustained period of cheap crude. Show More Summary
Official British GDP data for the second quarter of this year, pointing to economic growth of 0.7% between April and June, was not a major surprise. That the UK’s Office for National Statistics attributed the uptick in large parts to oil and gas production most certainly was. In a low price [...]
The leaders of BP appear to have joined their counterparts at Royal Dutch Shell in concluding that oil prices will stay low for longer than anyone had previously expected. BP’s outlook springs from the second-quarter beating it reported July 28. Show More Summary
U.S. consumers stepped up their spending this spring, a welcome sign for the economy as businesses largely went the other way.
CEO: "Today's oil price downturn could last for several years, and Shell's planning assumptions reflect today's market realities"
Oil prices rise after weekly US crude oil inventories posted a surprise fall.
Categories: Afternoon Coffee The US gross domestic product increased at a 2.3% annual rate from April to June, thanks in large part to more consumers making large purchases on items such as cars. And, oil prices were relatively unchanged...Show More Summary
US gross domestic product (GDP) expanded 2.3 percent in the second quarter of 2015 as consumers spent more money saved on low oil prices, White House Council of Economic Advisers Chairman Jason Furman said in a statement on Thursday...
Real GDP rose faster in the second quarter than in the first, even after a large upward revision to first-quarter growth. Strong personal consumption led the rebound as consumers spent more of the windfall gains from lower oil prices...Show More Summary
The oil giant said the drop in oil and gas prices is squeezing its vast global exploration and production operations.
With stocks just 1-2% from record highs, because China is fixed, oil is recovering, Europe is awesome, and gas prices are low? it appears the talking heads forgot to tell the 'people' how great things are. Bloomberg's Consumer Comfort index plunged (by the most since Sept 2014) to hover at 18 month lows... Show More Summary
Low oil prices and muted sentiment in the industry continued to take a toll on Sembcorp Marine's second-quarter earnings. The rigbuilder has announced that