Oil prices dropped Tuesday but showed signs of stabilizing, thanks to news of strong German economic data. U.S. crude was down $1.30 to $44.75 a barrel, while Brent crude dropped $1.39 to $48.22 a barrel, Reuters reported.
News that the U.S. unemployment rate fell to a seven-year-low but new job creation was lower than expected led to lower oil prices Friday, Reuters reports. U.S. crude prices were down 41 cents to $46.34 a barrel, while Brent crude dipped 68 cents to $50 per barrel.
Drivers are set to enjoy the lowest gasoline prices in more than a decade over Labor Day weekend, the federal government and a top motorist group say, with average national prices below $2.50 per gallon.
The continued slide in gasoline prices comes as lawmakers prepare to return next week, with opponents of ending a 40-year-old ban on crude oil exports heartened by a new federal report suggesting gasoline prices could go even lower.
WASHINGTON (AP) — China's slowdown, volatile financial markets and tumbling raw-materials prices have raised the risks to economic growth around the world, the International Monetary Fund reported Wednesday.
In an assessment of threats published as top finance ministers and central bankers meet this week in Turkey, the IMF warned that the problems could lead to "a much weaker outlook" for global growth.
Oil prices continued their downward slide Wednesday morning on news that U.S. crude stocks increased last week, Reuters reports. U.S. crude for October fell $1.93 to $43.48 per barrel, a 4.25 percent decline, while Brent crude dipped $1.51, or 3 percent, to $48.05 per barrel.
Rival factions in OPEC are split over whether the cartel should include oil-price forecasts in its imminent long-term strategy report, pitting Saudi Arabia and its allies, who wish to exclude price assumptions, against Iran and other members, Bloomberg reports.
NEW YORK (AP) — Energy company ConocoPhillips, which has already cut 1,000 jobs this year, says it will eliminate around 1,810 more positions following a plunge that took oil prices to their lowest levels in years.
The company said Tuesday it is eliminating 10 percent of its workforce. The biggest proportion of the job cuts will be in North America. ConocoPhillips plans to eliminate more than 500 jobs in Houston, where it is based.
“A unified legislative response” is needed to address the complex issues surrounding the West’s drought problem, Energy and Natural Resources Committee Chairman Sen. Lisa Murkowski, R-Alaska, said at a hearing Thursday, E&E reports.
For the second time, FutureGen Industrial Alliance is trying to get its Illinois clean coal project revived, and has engaged former Sen. Mary Landrieu to lobby to restore federal backing, The Hill reports.
Oil prices gained 9 percent on the week after holding relatively steady Friday. Light, sweet crude for November delivery finished 20 cents higher to settle at $49.63 a barrel on the Nymex, while in London, Brent lost 40 cents to $52.65, Dow Jones reports.
Oil prices may be rebounding but it will take time for demand to pick up again, Bernard Deroc-Danner, chief of oil field services company Weatherford International, told The Wall Street Journal, as he defended the firm’s job cuts.
Google's Nest Labs, Commonwealth Edison, and several other utility partners have launched a program aiming to get 1 million smart thermostats into homes in Northern Illinois in the next five years, E&E reports.
The SunPort, which plugs into outlets and gives the users access to solar energy through solar credits, has won startup PlugSolar an award from the Consumer Electronic Association, opening the door to more investment funding, Albuquerque Business First reports.
Calling Petrobras’ April move to write down 6.2 billion reais lost to corruption as just “the tip of the iceberg,” a prosecutor said Friday the scandal may end up costing the company more than 20 billion reais—$5.3 billion at the current exchange rate, Reuters reports.
A planned debate between Republican presidential candidates on energy and environment issues in New Hampshire this week was cancelled after only two agreed to come, and a similar forum for Democrats has been postponed, The Huffington Post reports.