Prices

Oil

Brent climbs on Saudi King’s death, WTI falls on supply gain

Source: 
Reuters

Oil was mixed Friday, with an estimate of a stockpile build in Cushing sending West Texas Intermediate crude down 49 cents to $45.83 a barrel on the Nymex, while the death of Saudi Arabia’s King Abdullah pushed Brent 47 cents higher to $48.99, Reuters reports.

Oil

$2 gasoline: Good times keep rolling at the pump

NEW YORK (AP) — At some point this will end, perhaps even soon. The price of gasoline will not fall to zero.

But for the first time since 2009, most Americans are paying less than $2 a gallon. Just three months ago experts were shocked when it fell under $3.

Oil

GE earnings rise despite headwinds from low oil prices

NEW YORK (AP) — General Electric Co. posted higher revenue and net income for the fourth quarter, but was held back from even better results by a sputtering performance from its expanding oil and gas division.

The company calmed investors by maintaining its guidance for its 2015 profit, despite the low oil prices that are hurting its oil and gas operations and a stronger dollar that is hurting exports.

Oil

Oil settling after spike on Saudi king’s death

Source: 
Bloomberg

After soaring in the wake of the announcement of the death of King Abdullah of Saudi Arabia, oil prices began retreating again in the face of assurances from the new King Salman bin Abdulaziz. West Texas Intermediate crude for March delivery was $1.45 higher to $47.76 a barrel in electronic trading on the Nymex, while in London Brent was up 90 cents to $49.42, Bloomberg reports.

Oil

Death of Saudi king unsettles oil market, prices rise

NEW YORK (AP) — Oil prices rose on news of the death of Saudi Arabia's powerful King Abdullah, but the increase is likely to be short-lived without a cut in the kingdom's immense crude production.

The benchmark U.S. crude futures contract was up 71 cents to $47.02 a barrel at 0725 GMT on Friday. Brent crude, an international benchmark, was up 92 cents to $49.42 a barrel.

Oil

Stocks rally, euro falls on ECB stimulus, oil drops on stocks gain

NEW YORK (AP) — A plan to revive Europe's sagging economy rippled through the financial world on Thursday, setting off a rally in the stock market that wiped out its losses for the year.

The pledge by the European Central Bank to spend 1.1 trillion euros on bonds knocked down government borrowing rates across Europe and drove the euro to its lowest level against the dollar in 11 years. For investors, the long wait for action in Europe was over.

Oil

Algeria to boost oil production in face of falling prices

ALGIERS, Algeria (AP) — Algeria's minister of energy said Thursday the country could boost oil production to compensate for the dramatic drop in oil prices.

Algeria produces some 1.2 million barrels of oil a day, according to its OPEC quota, but the 50 percent drop in prices over the last few months has hurt the country.

Oil

Union Pacific railroad hauls in 22 percent more 4Q profit

OMAHA, Neb. (AP) — Union Pacific's fourth-quarter profit surged 22 percent as the railroad hauled more freight, raised rates and paid less for fuel.

The Omaha, Nebraska, company beat Wall Street expectations on both net income and revenue, sending shares up more than 4 percent to a new high for the year.

Oil

Oil higher on ECB expectations, OPEC remarks

Source: 
Bloomberg

A prediction from OPEC’s Secretary General that oil prices will rebound, with expectations that the European Central Bank would act to stimulate the Eurozone economy, helped boost oil prices early Thursday. West Texas Intermediate crude for March delivery was up 56 cents to $48.34 a barrel in electronic trading on the Nymex, while in London Brent was 86 cents higher to $49.89, Bloomberg reports.

Oil

$100 crude to return in 3-4 years, predicts Suncor exec

Source: 
The Wall Street Journal

Oil sands producer Suncor is proceeding with its long-term investment plans because the company believes the price of crude oil will return to the $90-$100 range in another three to four years despite its drastic plunge in recent months, the CFO told a conference Wednesday, The Wall Street Journal reports.

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