Oil

US manufacturing shrinks for 2nd month amid global slowdown

WASHINGTON (AP) — Fears escalated Monday that the global economy could struggle more than expected this year — a prospect that contributed to a plunge in financial markets.

The anxiety was heightened by reports that manufacturers extended their slumps last month in the United States and China, the world's two largest economies. Factory activity contracted for a second straight month in the United States and for a 10th straight month in China.

By midafternoon, the Dow Jones industrial average had sunk more than 400 points — over 2 percent — though the fall was also due in part to rising tensions in the Middle East. Chinese stocks fell 7 percent before trading was halted.

Oil

Global stocks sink after Shanghai index dives 7 percent

SEOUL, South Korea (AP) — Chinese stocks plunged nearly 7 percent Monday, triggering an emergency trading suspension and giving global markets an unnerving start to 2016. Weak Chinese manufacturing and Middle East tensions were catalysts for the sell-off.

The Shanghai Composite Index dived 6.9 percent to 3,296.66 on the first trading day of the year. The index was at its lowest level in nearly three months.

The official Xinhua News Agency said the Shanghai and Shenzhen stock markets halted trading for the remainder of Monday to avert steeper falls. It was the first time China used the "circuit breaker" mechanism it announced late last year.

Oil

Uruguay bailing out troubled state oil company

MONTEVIDEO, Uruguay (AP) — Uruguay's congress has approved an $872 million aid package for the country's debt-ridden state oil company.

Sunday's lower house vote forgives a $622 million debt and enables $250 million in credits from a regional development agency for ANCAP. The Senate earlier approved the package to help the company, which has a monopoly on importing and refining oil in Uruguay and has sidelines in alcoholic beverages, perfumes and cement.

Oil

Oil edges lower, as U.S. price surpasses Brent benchmark

Source: 
Reuters

Continued concerns about oversupply forced oil prices downward early Wednesday, nearing an 11-year low already reached once this week. London Brent fell 31 cents to $37.05 a barrel while U.S. crude remained unchanged at $37.50, Reuters reports.

Oil

Home heating prices likely to fall this winter

Source: 
The Wall Street Journal

Cheap oil and warmer-than-expected weather so far are likely to push home heating costs down this winter, The Wall Street Journal reports.

Oil

Saudi budget to be hit by oil price slump, less money for citizens

Source: 
The Wall Street Journal

Saudi Arabia plans to slash its 2016 budget, including the normally generous benefits for its citizens, to cope with the massive drop in oil prices, The Wall Street Journal reports.

Oil

Low oil prices a $1.6 billion gift for Christmas holiday motorists

Source: 
FuelFix

The gasoline-price-tracking group GasBuddy estimates the current low oil prices will save Christmas holiday travelers as much as $1.6 billion at the pump compared to 2015, FuelFix reports

Oil

Creditors press energy sector to pay debts, force more bankruptcies

Source: 
Reuters

Some energy sector suppliers and vendors are pressing to collect unpaid debts given the weaknesses in the marketplace, forcing some debt-heavy companies into bankruptcy, Reuters reports.

Oil

Pioneer looking at first oil exports middle of next year

Source: 
The Hill

Pioneer Natural Resources is the second U.S. firm, after Enterprise Products, to begin exploring how to take advantage of the end of the U.S. oil export ban and could begin shipments by the middle of next year, The Hill reports.

Oil

Mexico: 1 dead, 7 injured gathering fuel near pipeline tap

MEXICO CITY (AP) — A fire broke out as people gathered fuel left near an illegal tap on an oil pipeline in southern Mexico, and at least one person died and seven others were injured, authorities said Wednesday.

The civil defense office in the Gulf coast state of Tabasco initially reported seven injuries, but searchers discovered the burned body of a man later in the day, spokesman Gustavo Notario said. He said all the injured remained in critical condition.

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