Prices

Oil

Oil surges again on signs companies slow production

NEW YORK (AP) — Oil soared again Tuesday as the low prices of the past few months force oil companies to slow down production in the U.S. and elsewhere.

In the morning, BP became the latest major oil company to announce it will cut exploration spending this year. Oil seemed to get a further boost in the afternoon from a run-up in the U.S. stock market.

U.S. oil rose $3.48, or 7 percent, to $53.05 a barrel, its highest closing price this year. Brent crude, a benchmark for many international oils imported by U.S. refineries, rose $3.16, or 5.8 percent, to $57.91 a barrel.

Oil

Oil over $50 on BP spending cuts

Source: 
Reuters

Word that BP intends to slash its capital expenditure kept oil prices rising early Tuesday. West Texas Intermediate crude was up $1.76 to $51.33 a barrel in electronic trading on the Nymex, while in London Brent jumped $2.13 to $56.88, Reuters reports.

Oil

Job cuts coming, energy companies tell Texas

Source: 
The Wall Street Journal

Hit hard by low oil prices, General Electric subsidiary GE Oil & Gas was among three companies notifying the Texas Workforce Commission of plans to lay off hundreds of workers, The Wall Street Journal reports.

Oil

BP reports loss of $4.4 billion in 4th quarter of 2014

LONDON (AP) — Oil giant BP reported a loss Tuesday of $4.4 billion for the fourth quarter of 2014, as oil prices plunged.

The net income figure includes a $5 billion writedown on the value of BP's inventories, after the price of Brent crude, the benchmark for North Sea oil, dropped almost 50 percent last year. BP posted a profit of $1.04 billion in the fourth quarter of 2013.

Oil

Stocks rise in late rally on higher oil; energy stocks jump

NEW YORK (AP) — A late rally led by energy companies pushed U.S. stock indexes higher Monday after the market flitted between small gains and losses for most of the day.

Stocks opened higher, then moved down, then back up as investors seemed unable to make up their minds. A pair of weak reports on the U.S. economy fed the uncertainty. Oil prices ended up surging for a third straight day, and stocks of big producers jumped. All 10 industry sectors in the Standard and Poor's 500 index rose.

Oil

Oil sands hit by low prices but flow continues

Source: 
The New York Times

The dramatic fall in crude prices has triggered a scramble to cut production costs in Canada’s oil sands, but production itself will continue to rise, The New York Times reports.

Oil

US consumer spending slips in December as auto sales weaken

WASHINGTON (AP) — U.S. consumer spending slipped in December, as the pace of motor vehicle sales slowed and more Americans saved their money.

The Commerce Department said Monday that consumer spending fell 0.3 percent in December, compared to a 0.5 percent increase in November. Cheaper gasoline and fewer auto sales accounted for most of the decline.

Oil

Low prices raise alarm in North Dakota oil patch

WATFORD CITY, N.D. (AP) — High crude prices catapulted North Dakota into the top tier of the global oil market and doubled or tripled the size of once-sleepy towns that suddenly had to accommodate a small army of petroleum workers.

But now that those prices have tumbled, the shifting oil market threatens to put the industry and local governments on a collision course. Farming and ranching communities that committed to building homes, roads and schools for the swelling population are worried about how they will pay for those improvements as oil-related tax revenue evaporates.

Oil

Oil rally extended

Source: 
Reuters

The drop in rig count was outweighing concerns about the refinery strike as oil jumped early Monday, continuing the rally that closed out last week’s trading. U.S. benchmark crude gained $1.50 to $49.74 a barrel in volatile electronic trading on the Nymex, while in London Brent soared $2.05 to $55.04, Reuters reports.

Oil

Mexico cuts spending by $8.4 billion due to oil price drop

MEXICO CITY (AP) — Mexico will cut government spending by $8.4 billion this year because of a drop in revenues due to declining oil prices.

Finance Minister Luis Videgaray also said Friday the government will put on hold plans to build a high-speed rail project that has been marred by allegations of favoritism.

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