Oil

Oil

Oil keeps falling. And falling. How low can it go?

DALLAS (AP) — The price of oil keeps falling. And falling. And falling. It has to stop somewhere, right?

Even after trending down for a year and a half, U.S. crude has fallen another 17 percent since the start of the year and is now probing depths not seen since 2003.

"All you can do is forecast direction, and the direction of price is still down," says Larry Goldstein of the Energy Policy Research Foundation, who predicted a decline in oil in 2014.

Oil

EU probes Halliburton merger with Baker Hughes

BRUSSELS (AP) — The European Union's anti-trust watchdog has opened an investigation into U.S. oilfield service provider Halliburton's planned merger with rival Baker Hughes.

The European Commission, which oversees competition issues in Europe, said in a statement on Tuesday that its probe would assess whether the move "would impede effective competition in breach of the EU merger regulation."

The merger has also drawn the attention of U.S. federal regulators, and the companies had been divesting assets to win approval for the deal.

Oil

Bahrain, Oman cut gas subsidies as oil hits 12-year low

MANAMA, Bahrain (AP) — Bahrain and Oman have reduced state subsidies on gasoline as the global oil price dips to its lowest since 2003.

On Tuesday, gas prices at the pump rose by up to 60 percent in Bahrain, to $1.25 per gallon for regular gasoline and $1.60 per gallon for premium fuel.

Oman said it would reduce subsidies starting Friday and increase gasoline prices by 33 percent for premium fuel and 23 percent for regular fuel. 

Oil

US end mostly higher, but energy sector hit by slump in oil

The U.S. stock market mounted a last-minute comeback to close slightly higher on Monday, snapping a three-day losing streak.

The Standard & Poor's 500 index and the Dow Jones industrial average each eked out a tiny gain, while the Nasdaq composite ended slightly lower.

Consumer staples stocks were among the biggest gainers. Oil and gas companies were hit by another plunge the price of crude oil, which tumbled 5.3 percent to a 12-year low. Chevron lost 1.7 percent and Exxon Mobil fell 1 percent.

Oil

Oil minister says Egypt 'suffering' from fuel subsidies

CAIRO (AP) — Egypt's petroleum minister said Monday the country is "suffering" due to fuel subsidies, saying these funds are better diverted to other areas such as health care and education.

Tarek el-Molla, speaking at a conference in Cairo, showed in a presentation that between July and September 2015, the government paid 42 percent of the cost of 92-octane gasoline, which is used to fuel private vehicles owned by more affluent Egyptians.

While a liter of 92-octane gasoline cost 4.5 Egyptian pounds (57 cents), it sold at 2.6 pounds (33 cents) at the pump, a graph in his presentation showed. El-Molla also highlighted similar disparities in the true cost and selling price of other fuel products.

Oil

Gas prices fall a penny over 3 weeks

CAMARILLO, Calif. (AP) — The average price of gasoline has dropped a penny over the past three weeks, to $2.05 a gallon.

Industry analyst Trilby Lundberg said Sunday that with the slight decline the price remains the lowest since 2009.

Lundberg says prices may continue to go down as crude oil costs drop and refineries run at a high rate.

US stock market ends its worst week since 2011

NEW YORK (AP) — The U.S. stock market closed out its worst week since 2011, rattled by concerns over a slowdown in China's economy and plunging oil prices.

Energy stocks were among the biggest decliners again on Friday as the price of oil sank. Crude is trading just below $34 a barrel, its lowest price since early 2004.

A big reason for the plunge in the oil price is concern that China's economy is stumbling. This week the country allowed its currency to weaken against the dollar, an ominous sign that growth there is petering out.

Oil

Stocks slump the most in 3 months on new China worries

NEW YORK (AP) — Stocks and oil prices plunged again on more worries about a slowdown in China, giving the market its worst drop in three months.

The price of oil sank to its lowest level in 12 years Thursday.

The steep drops in U.S. indexes continued what has been a dismal start to the 2016 for global markets.

Oil

Saudi Arabia may launch IPO for Saudi Aramco

NEW YORK (AP) — Saudi Arabia may launch an initial public offering for the world's largest oil producer, Saudi Arabian Oil Co., according to a report.

Deputy Crown Prince Mohammed bin Salman told The Economist that a decision will be made in the next few months. The crown prince is widely thought to hold considerable power in the monarchy and also heads the defense ministry.

"I believe it is in the interest of the Saudi market, and it is in the interest of Aramco," he said.

Oil

Norway oil fund excludes China's ZTE over corruption risk

STOCKHOLM (AP) — Norway's $820 billion oil fund has blacklisted Chinese telecommunications company ZTE Corp. due to concerns about corruption.

The Norwegian central bank announced the decision Thursday, acting on a recommendation of its Council of Ethics, which said ZTE faces corruption allegations in 18 countries and has been convicted of corruption in one case.

At the end of 2014 the fund held ZTE shares worth about 85 million kroner ($9.5 million).

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