Oil dropped on Monday as signs of a growing glut in refined products outweighed a fall in Saudi crude exports and slower U.S. rig activity.
Energy
US energy stocks slip as oil price drop continues to 6-year low
The oil price in the global market continued to skid further on Wednesday touching a new low since March 2009 while crude inventories in the US are increasing.
Feds give Shell go signal to drill for oil in Arctic Ocean off Alaska
The US government has finally given Royal Dutch Shell permission to pursue their oil exploration in the Arctic Ocean near Alaska. For more than 20 years, exploratory drilling allowed in the northwest coast of Alaska.
Continued oil price crash reached lowest level
The U.S. crude oil's price continued to crash allowing it to reach its lowest level in more than six years. Benchmark U.S. crude oil has fallen to $1.88 equivalent to 4% making it settle at $43.08 a barrel In New York City, which is at its lowest since March 2009. The front-month continuation contract for U.S. crude had previously struck a 2015 low of $42.03.
Falling world oil prices result in job cuts
Collapsing oil prices are prompting energy firms to lay off workers. Royal Dutch Shell and Centrica -- two of Britain's leading energy firms -- are cutting more than 12,000 jobs this year.
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Mexico kicked out foreign companies 77 years ago, but just last Wednesday the tables seem to turn as its government auctioned 14 exploration blocks to attract international energy companies, which will hopefully redeem the country's dwindling production.
Amazon Inc., through its subsidiary Amazon Web Services (AWS), will be building a 208 megawatt wind farm in North Carolina. The wind farm will be built and jointly operated by AWS and Iberdrola Renewables, LLC of Portland, Oregon, and is the first utility-scale wind farm in the state.
Oil and gas producer WPX Energy Inc (WPX.N) said it would acquire privately held RKI Exploration & Production LLC [REPI.UL] for $2.35 billion, the latest in a series of deals brought on by a steep drop in crude prices.
Oil dropped on Tuesday after Iran and six global powers reached a landmark nuclear deal that would see an easing of sanctions against Tehran and a gradual increase in its oil exports.
U.S. crude futures fell more than 1 percent on Wednesday after a surprise build in stockpiles while gasoline rallied on bets for strong fuel demand through the peak summer driving season.
U.S. crude oil futures steadied on Tuesday after falling sharply a day earlier on worries about Greece's indebtedness and China's stock market losses, although charts indicated renewed selling could push prices into bear market territory.
Oil prices suffered their biggest selloff in five months on Monday, falling as much as 8 percent as Greece's rejection of debt bailout terms and China's stock market woes set off a deepening spiral of losses.
Oil prices dropped on Friday as a rising U.S. rig count stoked more concerns about global oversupply while an investigation by Chinese regulators into suspected stock market manipulation further unsettled the market.
U.S. exports of ultra-light crude, also known as condensate, have doubled since the start of the year, with most shipments headed to Europe, according to traders familiar with the deals and data from an energy consultant.
