Oil

Oil

Brent, WTI continue slide to four-year lows

Source: 
Bloomberg

Both West Texas Intermediate and Brent crude fell to four-year lows on signs that OPEC is still reluctant to reduce output, with WTI falling $2.97 to $74.21 a barrel and Brent dropping $2.46 to close at $77.92, Bloomberg reports.

Oil

Microsoft overtakes Exxon as second-largest company

Source: 
Bloomberg

A long-term decline in oil prices and a nearly $50 billion cut in market value has allowed Microsoft Corp. to surpass Exxon Mobil as the world's second-largest company behind Apple, Bloomberg reports.

Oil

Lawyer says condensate exports without approval may become norm

Source: 
Bloomberg

Jacob Dweck, a lawyer who helped Enterprise Products Partners get processed condensate classified as a petroleum product for export, tells Bloomberg he expects many companies will follow BHP Billiton's lead next year and export condensate without explicit government approval.

Oil

Venezuela, Iran on OPEC tour to press oil price response

Source: 
The Wall Street Journal

Venezuelan Foreign Minister Rafael Ramirez and Iran's Oil Minister Bijan Zanganeh are traveling to several other OPEC countries in an effort to build support for a change in output to help stabilize falling oil prices, The Wall Street Journal reports.

Oil

Report says energy jobs driving recovery

Source: 
FuelFix

The Small Business & Entrepreneurship Council said in a report that job creation in the oil and gas industry has driven U.S. economic recovery, adding 293,000 jobs from 2005 to 2012 as other industries eliminated jobs, FuelFix reports.

Oil

Court tells Shell preemptive lawsuits against green groups unconstitutional

Source: 
The Los Angeles Times

A federal appeals court ruled unconstitutional Shell's attempt in 2012 to preemptively sue a number of environmental groups to block them from filing lawsuits against the company for its Arctic drilling plans, The Los Angeles Times reports.

Oil

Survey suggests lower gas prices will boost holiday spending

Source: 
FuelFix

A survey from the National Association of Convenience Stores found that while two-thirds of Americans plan to maintain last year's holiday shopping levels, 14 percent plan to spend more due partly to lower gasoline prices, FuelFix reports.

Oil

Brent and WTI prices continue decline

Source: 
Bloomberg

Brent crude for December, which expires today, fell as low as $79.35 a barrel in London as the most active January contract fell 60 cents to $80.52. West Texas Intermediate for December extended losses, falling 47 cents to $76.71 in electronic trading, Bloomberg reports.

Oil

Kurdish government approves proposal to launch oil company

Source: 
Bloomberg

The Kurdistan Regional Government's cabinet approved a bill that would have the semi-autonomous region set up an oil and gas company and sovereign wealth fund for revenue completely separate from Iraq's central government, Bloomberg reports.

Oil

Canadian officials, industry warn regulators of understated Bakken crude risks

Source: 
The Wall Street Journal

Canadian and oil industry officials have warned the North Dakota Industrial Commission not to understate the risks of shipping Bakken crude by rail as the agency prepares to rule on whether or not producers must strip the oil of volatile gases ahead of shipping, The Wall Street Journal reports.

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