A national deal reached last Thursday between the United Steelworkers and Shell Oil Co. to settle a refinery strike that lasted for six weeks doesn’t appear to be sufficient to end the walkout at eight plants, Reuters reports.
BEIJING (AP) — The vice chairman of China's biggest state-owned energy company has become the latest prominent executive targeted by Communist Party investigators in a spreading anti-corruption campaign.
Liao Yongyuan, vice chairman of PetroChina Ltd., is under investigation for possible "serious violation of the law," the ruling party's Central Commission for Discipline Inspection announced late Monday. Its one-sentence statement gave no details but a separate statement by PetroChina said Liao was suspected of violating discipline, the party's term for corruption.
NEW YORK (AP) — U.S. stocks bounced back on Monday after losing ground for three weeks as the dollar's rally against the euro abated. Energy stocks managed to gain despite another big slump in the price of oil.
Oil fell to its lowest level in six years on continuing expectations that rising supplies in the U.S. are far outpacing demand. Benchmark U.S. crude fell 96 cents to close at $43.88 a barrel in New York.
Offering an interpretation of the oil market that differs from what the International Energy Agency said last week, OPEC is predicting spending cuts and the drop in rig count will mean the U.S. oil boom will dry up by the end of 2015, The Wall Street Journal reports.
WASHINGTON (AP) — Output at U.S. factories fell for a third straight month in February, driven by a big drop in production at auto plants.
The Federal Reserve said Monday that manufacturing output fell 0.2 percent in February, following a decline of 0.3 percent in January. Overall industrial production edged up a slight 0.1 percent in February, as unusually cold weather in many parts of the country led to a surge at utilities.
Last week’s bearish oil market trading -– fueled by news of growing stocks -- continued early Monday as investors awaited action by the Federal Reserve later this week. Traders expect the U.S. central bank to raise its benchmark interest rate sooner rather than later and they will be watching to see whether officials signal through their language whether that's the case.
Benchmark U.S. crude was down 38 cents to $44.46 a barrel in electronic trading on the New York Mercantile Exchange, after falling earlier to its lowest level in six years. The contract fell $2.21 to close at $44.84 a barrel on Friday.
Having held a test sale of crude from the Strategic Petroleum Reserve a year ago, the Energy Department now needs to replenish up to 5 million barrels, but it will make money on the deal because the price of oil has dropped, FuelFix reports.
GEORGETOWN, Guyana (AP) — Guyana's government on Saturday rejected the latest objections raised by neighboring Venezuela over the granting to ExxonMobil Corp. of an oil and gas concession in Caribbean waters claimed by both nations.
Foreign Minister Carolyn Rodrigues-Birkett said in a statement that the project would continue, saying that Guyana has authority over the offshore area in dispute.
Sen. Chuck Schumer, D-N.Y., the man most likely to succeed departing Sen. Harry Reid of Nevada as Senate Democratic leader, does not have the same track record of supporting environmental causes, National Journal reports.
Despite opposition in the state to federal carbon regulations, Ohio utility regulators are urging the Legislature not to pass any laws that interfere with their ability to comply with EPA's Clean Power plan, Midwest Energy News reports.
Discussions between Iran and six world powers including the U.S. over its nuclear program were pressuring oil prices early Monday. U.S. benchmark crude was 80 cents lower to $48.07 a barrel in electronic trading on the Nymex, while in London Brent fell 40 cents to $56.01, Reuters reports.