TOKYO (AP) — Oil climbed and global stock markets were higher early Friday as Athens and its European creditors inched toward a deal on renegotiating Greece's bailout and fresh data showed an improvement in Germany's economy. Investors also reacted with optimism regarding an agreement on a cease-fire in Ukraine.
ENERGY: Benchmark U.S. crude was up 56 cents to $51.77 a barrel in electronic trading on the New York Mercantile Exchange. The contract soared $2.37 on Thursday after the CEO of Royal Dutch Shell said he expected crude demand to grow faster than supply this year. Brent crude was up 45 cents at $59.77 a barrel in London.
NEW YORK (AP) — U.S. stocks climbed back close to record levels on Thursday as technology, materials and energy companies all notched big gains. Energy stocks rose as the price of oil rebounded following two days of heavy losses.
Crude rose sharply as the CEO of Royal Dutch Shell said he expects crude demand will grow faster than supply this year. Benchmark U.S. crude jumped $2.37 to close at $51.21 a barrel in New York. Brent crude, a benchmark for international oils used by many U.S. refineries, rose $2.39 to close at $57.05 in London.
Kohlberg, Kravitz, Roberts and the Carlyle Group have joined Apollo Global Management in reporting drastic drops in profit as a result of the slide in oil prices, but private equity firms generally are seeing ripe pickings in the energy sector at the moment because of its drastically reduced asset prices, The Economist reports.
A two-day fall for oil looks to have come to an end, as prices reversed course early Thursday on news of a weaker dollar and more spending cuts by oil companies. U.S. benchmark crude was $1.34 higher at $50.18 a barrel in electronic trading on the Nymex, while in London Brent gained $1.34 to $56, Reuters reports.
PARIS (AP) — French energy producer Total wrote down the value of oil and gas fields in Canada and the United States and said it would slash investment after the collapse in market prices led to a net loss of $5.66 billion for the fourth quarter.
Total SA said Thursday its earnings were weighed down by $6.5 billion in charges, mainly against the value of oil sands in Canada and unconventional gas fields in the United States.
NEW YORK (AP) — U.S. stocks closed effectively flat in quiet trading Wednesday as investors waited to see what the outcome would be of an emergency meeting between Greece and the rest of the eurozone to discuss the country's finances.
Energy stocks were among the biggest decliners as the price of oil fell.
BATON ROUGE, La. (AP) — Year after year, Louisiana didn't have enough money to cover its expenses, yet Gov. Bobby Jindal refused to roll back income tax cuts or ever-increasing corporate tax breaks. Instead, he raided reserve funds and sold off state property.
Jindal suggested job growth from his economic development wins would replenish those assets once the recession ended. It hasn't — and money from the lucrative oil industry has taken a nose dive with crude prices. Now, the Republican is running out of short-term patches and is struggling to plug a $1.6 billion budget hole just as he tries to build support for a possible 2016 presidential run.
BRUSSELS (AP) — With all the noise and uncertainty surrounding Greece over the past couple of weeks, it's been easy to overlook the growing signs of economic recovery in Europe.
A raft of indicators have pointed to a pick-up in activity that puts the 19-country eurozone economy in a position to outperform expectations this year — provided it doesn't stumble into a messy Greek exit from the euro or relations deteriorate between the West and Russia over the conflict in Ukraine.
More than 3,000 wells across the country have been drilled but not tapped, as companies like Apache Corp. and EOG Resources Inc. wait for the prices of crude to rise before pulling it out of the ground, Bloomberg reports.
The slide in crude prices was continuing to affect drilling rigs this week, with the U.S. oil rig count falling 64 to 922 and the total oil and gas count standing at 1,192, around 38 percent less than in September, FuelFix reports.
When asked about the views of Sen. Jim Inhofe, R-Okla., Vice President Joe Biden said in an interview for the HBO Series "Vice" that refusing to acknowledge human impact on climate change is a “close to mindless” stance akin to “denying gravity,” The Hill reports.
Sen. Tom Udall, D-N.M., says he’s “fighting” to protect children from “being pumped full of chemicals” as he negotiates new chemical safety legislation with Sen. David Vitter, R-La., but critics question the donations and support he has received from the industry, The New York Times reports.
At a hearing Thursday, State Sen. Isadore Hall told Brian Ablett -- manager of Exxon Mobil's Torrance refinery -- that lawmakers would hold the company “accountable” for last month’s explosion at the facility, which Ablett said was caused by pressure in an emission control device, the Los Angeles Times reports.
Daniel Poneman, who used to hold the number-two position at the Energy Department, will become president and CEO of uranium enrichment company Centrus Energy, formerly the U.S. Enrichment Corp., E&E reports.
Energy companies whose collateral has shrunk as a result of the oil price slide are using different methods to deal with their debt: Some are refinancing with leveraged loans, others are selling bonds or stock or assets, Reuters reports.
Matt Lepore, the head of Colorado’s Oil and Gas Conservation Commission, told a forum this week that he’d like to see some action this year on recommendations from a task force about ways to handle oil and gas drilling, The Daily Sentinel reports.