Oil Industry News
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Energy Up on Oil Rally, Conoco Earnings -- Energy Roundup
Shares of energy companies rose after Conoco earnings and an up-tick in oil prices. Shares of Houston oil major ConocoPhillips rose as the exploration-and-production giant posted second-quarter adjusted earnings ahead of Wall Street targets. Oil…
Crude oil supplies at 45-year low
U.S. crude oil supplies are at a 45-year low as the Iran war continues to tarnish strategic reserves. Bank of America Global Research data shows that the level of the U.S. Strategic Petroleum Reserve is at its lowest level since 1983, leaving the…
Trump faces calls for windfall tax on big oil's profits from Iran war
Donald Trump's statement that oil companies have made “too much money” from the Iran war has angered environmentalists, who say that his policies were designed to benefit those very corporations. If he really believes his own claims…
First Thing: Soaring oil profits from US-Iran conflict drive calls for windfall tax
Good morning. Donald Trump's statement that oil companies have made “too much money” from the Iran war has angered environmentalists, who say his policies were designed to benefit those very corporations. Americans have paid more than…
Oil Rises Amid Supply-Disruption Concerns
2343 GMT — Oil rises in early Asian trade amid concerns over supply disruptions in the Middle East. The “Iranian-backed Houthi militant group said they had conducted a ‘large-scale' attack on forces from Yemen 's Saudi…
Top Democrat proposes killing tax breaks for overseas oil production
Sen. Martin Heinrich, D-N.M., will introduce a bill, shared exclusively with CNBC, to end tax breaks for U.S. oil and gas companies that operate overseas while the industry reaps massive profits as the war with Iran spikes oil prices. The bill…
Oil Rises on Doubts That Strait of Hormuz Can Reopen Soon
Arab mediators working on a deal with Tehran to reopen the Strait of Hormuz said they fear Iran's diplomats, who are under pressure from the country's hard-liners, lack the clout to guarantee compliance even if an agreement is reached. Mediators…
Stock markets decline dragged by banks, elevated crude oil prices
Market benchmark indices Sensex and Nifty ended lower on Friday after two days of gains, dragged down by bank, financial stocks, and crude oil prices trading above $80 per barrel mark. The 30-share BSE Sensex dropped 455.59 points, or 0.58 percent…
Oil Analysts Stumped by the Case of the Missing Barrels
The monthly U.S. payrolls report used to be as much about gauging the Federal Reserve's reaction as the actual number of Americans hired and fired. With Chair Kevin Warsh playing coy, it's mostly about jobs. Economists surveyed by The Wall Street…
Oil Ticks Higher, U.S. Futures Steady Ahead of Jobs Report
U.S. futures were mixed in muted early European trade. Investors stood their ground ahead of a hotly anticipated jobs report and potential progress in Middle East talks. Brent crude oil rose above $83 a barrel, up around 0.9%, amid the continued…
Oil prices dip after 4% increase the day before - TT
People walk past the Nasdaq MarketSite on Aug. 6 in New York. (Yuki Iwamura/AP) Oil prices are heading back down Aug. 7 after Brent crude rose nearly 4% on Aug. 6. Progress toward reopening the Strait of Hormuz, vital to securing stable oil…
China's Crude Oil Purchases Rebound in July From Near-Decade Low
China's crude oil imports rebounded last month from a near-decade low, after flows through the Strait of Hormuz picked up and refiners boosted purchases from nations outside the Middle East including Russia. Pipeline and seaborne flows rose to…
Asian Stocks to Slip on Iran Concerns, Oil Climbs: Markets Wrap
Stocks in Asia looked set to edge lower Friday after a resurgence in geopolitical tensions jolted global markets, sending equities and bonds lower as oil jumped, reviving inflation concerns ahead of the US jobs report. Equity-index futures pointed…
Petrobras Profit Tops Estimates on Iran War-Driven Oil Rally
Brazilian oil producer Petrobras outperformed expectations after supply disruptions stemming from the US-Iran conflict lifted second-quarter prices for crude, gasoline and diesel. The state-controlled driller's 93.8 billion reais ($18.4 billion) in…
US airfares expected to stay high even if Iran ceasefire drops oil prices, experts say
Even if a lasting ceasefire between the US and Iran lowers oil prices, travelers hoping to snag cheaper airfare should buckle their seatbelts and expect continued turbulence. US domestic airfares are 26.5% higher than a year ago, according to…
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