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Glut of gasoline undercutting oil prices

Gear up for a fall in oil prices. The global oil market is “severely oversupplied” with gasoline — with stocks at a five-year high — serving as a blow to crude prices from next month, reckon Morgan Stanley analysts led by Adam Longson. In a report published on Sunday, the analysts forese ...

Oil falls to 2-month low as drilling increases

Oil dropped to the lowest in more than two months after U.S. producers increased drilling for a fourth week even as the market contended with abundant supplies. Futures fell 1.5 percent in New York after slipping 3.8 percent last week. U.S. oil explorers expanded the number of rigs in action by 14 t ...

Oil heads for weekly loss amid sustained glut

Oil is set for a weekly decline as the U.S. heads toward the end of its summer-driving season with ample crude and motor fuel stockpiles. Futures are down 2.7 percent in New York this week. U.S. crude and gasoline supplies are at the highest seasonal levels in at least two decades, according to data ...

Exxon grabs reins in InterOil hunt as rivals bow out

Exxon Mobil Corp. has a clear path to expanding its reach in Papua New Guinea after its rivals said they wouldn’t counter a $2.5 billion bid for gas explorer InterOil Corp. Oil Search Ltd. and Total SA had offered to buy InterOil in May in a deal that valued the company at $2.2 billion. Exxon ... ...

Oil at near 2-month low after U.S. inventories rise

Oil traded near a two-month low in New York as total U.S. inventories climbed to a record, signaling the surplus will be slow to clear. West Texas Intermediate for September delivery dropped 0.6 percent. While an Energy Information Administration report on Wednesday showed that crude inventories fel ...

Drilling, IPO unaffected by oil price, Saudi Aramco chief says

Saudi Arabia’s oil and natural gas production and drilling activities are unaffected by crude prices at current levels, the state-run producer’s chief executive officer said, signaling that the world’s biggest oil exporter will continue to protect its market share. Saudi Arabian Oil Co., known as Sa ...

Enbridge agrees to spend $172 million for 2010 Michigan spill

Enbridge Inc. will spend $172 million paying fines and boosting safety across its pipeline operations in a deal with the Justice Department resolving Clean Water Act violations connected to its 2010 oil spill near Marshall, Mich. The settlement agreement announced Wednesday resolves the biggest ling ...

Kinder Morgan ‘closer’ to meeting conditions for Trans Mountain expansion

Kinder Morgan is “a lot closer” to meeting British Columbia’s conditions for the company’s Trans Mountain crude oil pipeline expansion, Energy Minister Bill Bennett said. “They’re working very hard,” Bennett said in an interview in Calgary. “And frankly, they’re going to get there.” Kinder Morgan in ...

Chesapeake, Tom Ward sued by shale owners for alleged bid rigging scheme

Chesapeake Energy Corp., the company Aubrey McClendon built into a natural-gas giant, was sued along with his former partner by lease holders who say the pair conspired to rig bids for drilling rights during the shale boom. The lawsuit against Chesapeake and  Tom Ward comes four months after a feder ...

‘Brexit’ leads to oil-field shutdowns in North Sea

The pace of shutdowns in the North Sea oil-field is picking up as the impact of the market slump is compounded by the uncertain investment environment created by Brexit. Projected spending on decommissioning in the British sector in the decade to 2024 has risen to 16.9 billion pounds ($22.2 billion) ...

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