Prices

Oil

Baker Hughes announces layoffs after record earnings

Source: 
FuelFix

Following the announcement of record net income in the fourth quarter of $663 million, oilfield services company Baker Hughes said it would shed 7,000 jobs early this year as a result of the oil price slide that has prompted a drilling slowdown, FuelFix reports.

Oil

Oil bust could spell trouble for Perry’s potential presidential bid

Source: 
Politico

If Rick Perry made another attempt at the presidency he’d want to be touting the economic success of Texas under his leadership, a plan that could be wrecked by an oil bust triggered by falling prices, Politico reports.

Oil

Delta posts 4Q loss after writing down fuel-hedging deals

ATLANTA (AP) — Delta Air Lines Inc. reported a fourth-quarter loss because falling oil prices led it to write down the value of its fuel-hedging contracts, but the airline's results were still better than Wall Street expected.

Its shares rose more than 4 percent in midday trading Tuesday.

Delta reported a $712 million loss after taking $1.4 billion in special charges, mostly hedging losses.

Oil

Morocco predicts economic rebound in 2015

CASABLANCA, Morocco (AP) — Morocco will experience strong economic growth in 2015 based on expectation of a bountiful harvest and the drop in oil prices, authorities said Tuesday.

Ahmed Lahlimi Alami, the high planning commissioner, told journalists that growth was expected to be 4.8 percent in 2015, a dramatic increase over 2.6 percent the previous year, which was marked by a poor harvest.

Oil

IMF forecast cut not moving oil prices

Source: 
Bloomberg

The deepest cut in a forecast by the International Monetary Fund in three years appeared to have little impact on oil prices early Tuesday, although they had fallen over the holiday weekend. West Texas Intermediate crude for February delivery was $1.31 lower than Friday’s close, at $47.38 a barrel in electronic trading on the Nymex, while in London March Brent gained 7 cents on Monday’s settlement, to $48.91, Bloomberg reports.

Oil

Oil price slide triggers storing binge

Source: 
The Wall Street Journal

The latest attempt by traders to cash in on oil prices involves buying cheap crude now, storing it in supertankers, and selling it in the future when prices rise again, The Wall Street Journal reports.

Oil

Cutbacks bite across-the-board in West Texas as oil prices slide

Source: 
The New York Times

From companies to bosses to workers to businesses – all are taking responsive action in West Texas as plummeting oil prices have crippled the region’s drilling boom, The New York Times reports.

Oil

From car lots to city budgets, cheap oil means change

WASHINGTON (AP) — Cheap oil doesn't only mean cheaper gas in the tank. It means that a car dealer in Illinois is shuffling the inventory of models he'll be selling, that more students in Wisconsin may get school-provided iPads, that some planned projects in a Southern California city will get delayed, and that some expected oilfield hiring in North Dakota and Texas may not happen.

In ways large and small, plummeting oil prices are now reverberating through businesses, towns, schools and family budgets, causing confusion and changing plans. With prices having fallen by nearly half in just six months, the potential impact has been sudden and wide ranging.

Oil

Malaysia slashes 2015 budget, cuts growth forecast

KUALA LUMPUR, Malaysia (AP) — Malaysia on Tuesday cut its economic growth forecast for this year and announced a slew of austerity measures as tumbling oil prices force the government to slash spending.

Prime Minister Najib Razak said the government's 2015 budget, announced in October, was based on oil prices averaging $100 a barrel but this projection was no longer realistic as global crude prices have dropped by over 50 percent. State oil company Petronas contributes about a third of Malaysian government revenue.

Oil

Oil pressured by Chinese woes

Source: 
Reuters

Expectation that statistics will show slower economic growth and energy demand in China was weighing on oil prices Monday. U.S. benchmark crude dropped $1.02 to $47.67 a barrel in electronic trading on the Nymex, while in London Brent fell the same amount to $49.15, Reuters reports.

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