Brent crude oil hit a fresh five-year low close to $60 a barrel on Monday after producer group OPEC restated its determination not to cut output despite a global fuel glut, but the North Sea benchmark later rallied to around $63.
Energy
Oil shock to tilt Mexico energy opening in private sector's favor
The allure of investing in Mexico's historic oil sector opening has been dimmed by the plummeting price of crude, putting pressure on the government to offer bigger incentives to private investors in the first major round of contracts up for grabs.
Saudi's Naimi: Non-OPEC, speculators led to oil price slide
Saudi Arabia's oil minister said on Sunday non-cooperation by producers outside of the Organization of the Petroleum Exporting Countries and the actions of speculators had led to the oil price fall, but he was confident the market would improve.
Urenco owners test market for possible sale
The owners of Urenco are testing the market to gauge investor interest in the uranium enrichment company, said Uwe Beckmeyer, parliamentary state secretary in the German economy and energy ministry.
Brent steady above $61 as companies cut upstream investments
Brent crude held steady above $61 a barrel on Thursday, bringing a sharp drop in prices to a temporary halt as companies are forced to cut upstream investments around the world.
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Oil producers group OPEC can ride out a slump in oil prices and keep output unchanged, its head said on Sunday, arguing market weakness did not reflect supply and demand fundamentals and could have been driven by speculators.
For the past 18 months, Americans from Albany to Oregon have voiced growing alarm over the rising number of oil-laden freight trains coursing through their cities, a trend they fear is endangering public safety.
Brent crude oil slipped on Friday to below $63 a barrel, its lowest since July 2009, on persistent concerns over a global supply glut and a sluggish demand outlook.
Once at the forefront of the fight against global warming, Japan is now facing calls from other big economies such as China to set fresh emissions targets as Tokyo increases its use of dirty coal energy to replace nuclear.
U.S. Secretary of State John Kerry on Thursday urged countries at U.N. climate talks in Lima to move away from using fossil fuels while demonstrators gathered outside the meeting urged him to reject the Keystone oil pipeline.
Global demand for OPEC crude in 2015 is expected to fall to the lowest level in more than a decade and far below current output, the group said on Wednesday, pointing to a hefty supply surplus without OPEC output cuts or a slowdown in the U.S. shale boom.
BP will cut hundreds of jobs across its global oil and gas business by the end of next year in a $1 billion restructuring program announced on Wednesday following steep falls in oil prices.
A surge of oil and gas production will drive the U.S. economy 1 percent higher in 2040 than it would have otherwise grown, and energy exports will only stoke the expansion, an independent study on energy policy concluded on Tuesday.
U.S. Representative Joe Barton will introduce a bill on Tuesday to lift the 40-year ban on exports of crude oil, but the measure has almost no chance of passing due to lawmaker concerns about fuel prices and costs to refiners.
