NEW YORK (AP) — The price of oil fell nearly 3 percent Friday as fear that Greece could default and abandon the euro rattled global financial markets.
Oil fell on a slowdown in the reduction of working drilling rigs, but finished the week sharply higher. A closely watched industry count of drilling rigs showed a decline of 26 U.S. rigs for the week, compared with a decline of 42 last week.
Benchmark U.S. crude fell 97 cents to close at $55.74 a barrel in New York. U.S. crude finished up 8 percent for the week, however. Brent crude fell 53 cents to close at $63.45 a barrel in London.
Oil prices fell early Friday as an increase in crude coming from OPEC countries outweighed a slowdown in U.S. production. U.S. benchmark crude for May delivery was 82 cents lower at $55.89 a barrel in electronic trading on the Nymex, while in London June Brent lost 75 cents to $63.23, Reuters reports.
Schlumberger, the world’s biggest oilfield services company, has announced 11,000 more layoffs, meaning the company will have cut 20,000 jobs, or 15 percent of its workforce, this year in response to plunging oil prices, FuelFix reports.
WASHINGTON (AP) — Finance officials from the world's major economies are searching for the right mix of policies to bolster a still-weak global recovery nearly six years after the Great Recession while confronting a range of new threats from a soaring U.S. dollar to a big drop in oil prices.
The financial officials from the Group of 20 nations were also expressing concerns about potential market instability once the Federal Reserve starts increasing a key interest rate which has been at a record low near zero since late 2008.
After an Energy Information Administration report projected that the U.S. could eliminate net energy imports by 2030, the natural gas industry and Republican lawmakers are making more forceful calls for sending U.S. crude oil and gas abroad.
At a Thursday hearing on EIA’s Annual Energy Outlook, Senate Energy and Natural Resources Committee Chairwoman Lisa Murkowski, R-Alaska, said the report suggests that with the right policies, the net import gap could evaporate much sooner.
MOSCOW (AP) — President Vladimir Putin hailed the nation's economic performance in a marathon TV show Thursday, pointing at the ruble's recovery as a sign of a renewed investor confidence in Russia.
Speaking in a call-in show with the nation televised live, Putin said the nation's economic performance has remained strong, despite Western sanctions slapped on Russia over the Ukrainian crisis and a slump in global oil prices.
Receding fears of an inventory overflow supported oil prices early Thursday. U.S. benchmark crude retreated slightly after making a massive jump Wednesday, dropping 63 cents to $56.06 a barrel in electronic trading on the Nymex, while London Brent hit $63 a barrel but then retreated to $62.70, still up $2.38, Reuters reports.
NEW YORK (AP) — Rising corporate profits and a jump in oil prices helped push the stock market to a modest gain on Wednesday. Delta and Intel led the way up after turning in results that beat Wall Street's forecasts. The price of oil soared to its highest level this year, driving up energy stocks.
Crude oil jumped $3.10 to settle at $56.39, after the Energy Department said that storage of crude rose by the smallest amount in three months. Brent crude, a benchmark for international oils used by many U.S. refineries, rose $1.89 to close at $60.32 in London.
Oil prices gained early Wednesday as concerns about tensions in the Middle East and U.S. data suggesting a decline in production outweighed the impact of an IEA report predicting continuing strong supplies. U.S. benchmark crude rose 70 cents to $53.99 a barrel in electronic trading on the Nymex, while London Brent increased 68 cents to $59.11, Reuters reports.
Three GOP presidential hopefuls - Sens. Rand Paul, R-Ky., Ted Cruz, R-Texas, and Marco Rubio, R-Fla. - are co-sponsoring a bill to block the Environmental Protection Agency's Waters of the United States rule, The Hill reports. Paul announced the bill Friday.
A report from the center-right think tank American Action Forum estimates that the Environmental Protection Agency's power plant carbon rules could eventually force more than 90 coal-fired plants to retire and cost the economy nearly 300,000 jobs, The Washington Times reports.