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John Hess, chairman and CEO of Hess Corp. (Photographer: F. Carter Smith/Bloomberg )

Hess misses earnings estimate on lower oil prices

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Hess announced Monday it would cut its capital spending plan for the year 16 percent to $4.7 billion.
Workers go for lunch at the construction site of the Oryx Gas-to-Liquids plant in Ras Laffan Industrial City north of Doha, in Qatar, Feb. 16, 2005. The plant, which is the largest in the world, and is expected to begin operation in 2006, is a joint venture between South Africa's Sasol and state-owned Qatar Petroleum that will convert natural gas into clean-burning diesel fuel, as well as smaller amounts of other liquids. (AP Photo/Str).

Sasol delays decision on $14 billion U.S. plant on oil drop

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The facility was to be located next to an $8 billion ethane cracker in Lake Charles, Louisiana.
(SAMAD/AFP/Getty Images)

Hedge funds bet oil will fall further

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U.S. crude supplies rose by 10.1 million barrels to 397.9 million in the week ended Jan. 16 and the country will pump the most oil since 1972 this year.
Caroline Lucas, a Green Party member in the UK Parliament, stands outside the main entrance to the Cuadrilla exploratory drilling site in Balcombe, England, as anti fracking demonstrations continue near the drill site, Sunday Aug. 18, 2013. (AP Photo / Gareth Fuller, PA)

U.K. lawmakers urge fracking moratorium

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Hydraulic fracturing in shale for oil and gas should be put on hold in the U.K. because of risks to public health and the environment, a panel of lawmakers said.
(AP file photo/John Moore)

U.S. crude erases gains following Saudi king’s death

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King Salman bin Abdulaziz, who succeeds Abdullah on the throne, said he would maintain his predecessor’s policies.
Oil field workers drill into the Gypsum Hills near Medicine Lodge, Kan., in 2012. (AP Photo/Orlin Wagner, File)

Oil slips as U.S. crude stockpiles surge most in 14 years

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Inventories rose 10.1 million barrels in the week ended Jan. 16, the biggest gain since March 2001, according to the Energy Information Administration.
Under a portrait of the late Hugo Chavez, Venezuela's President Nicolas Maduro, left, talks with Nicaragua's President Daniel Ortega during the 8th Petrocaribe Summit in Managua, Nicaragua. (AP Photo/Esteban Felix, File)

Venezuela’s Maduro sees U.S. wielding oil as weapon to ‘destroy’ nation

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Venezuelan President Nicolas Maduro has avoided substantial cuts to social programs amid the slide in crude, the commodity that provides 97 percent of Venezuela’s dollars.
Photographer: Andrey Rudakov/Bloomberg

Oil trader sees no return to $100 crude

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Brent crude climbed 0.8 percent to $49.44 a barrel at 10:48 a.m. in London on Thursday. It rose as high as $115.71 in June.
Yellow oil barrels

Crude rebounds as U.S. drilling slows

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West Texas Intermediate for March delivery gained $1.31, or 2.8 percent, to close at $47.78 a barrel on the New York Mercantile Exchange.
Categories: Crude oil, Gasoline, Markets
(ALEXANDER KLEIN/AFP/Getty Images

OPEC: Oil won’t sink to $20, but rebound will be slow

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Oil slumped almost 60 percent since June as OPEC nations continued pumping amid the highest U.S. production in more than three decades.