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Maria das Gracas Silva Foster, CEO of Petrobras, speaks during the Global Energy Outlook: Shaping the Future! panel at the Offshore Technology Conference May 7, 2013 in Houston.

Petrobras CEO steps down amid Brazil’s biggest graft scandal

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The scandal has also engulfed Brazil’s largest construction companies, which may bring public works projects to a halt.
Maria das Gracas Silva Foster, CEO of Petrobras, speaks during the Global Energy Outlook: Shaping the Future! panel at the Offshore Technology Conference May 7, 2013 in Houston.

Petrobras shares rally most since 1998 on CEO exit speculation

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Rousseff’s administration told Chief Executive Officer Maria das Gracas Foster that it’s seeking candidates for her job, Folha de S.Paulo newspaper reported today.
(Brian van der Brug/Los Angeles Times/MCT)

Oil surges into bull market as investment cut seen curbing glut

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West Texas Intermediate for March delivery climbed $3.48, or 7 percent, to close at $53.05 a barrel on the New York Mercantile Exchange.
(Bill Montgomery/Houston Chronicle)

Cash-starved oil producers trade treasured pipelines for money

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Bakken shale billionaire Harold Hamm and Canadian gas giant Encana Corp. are among the latest to peddle some of their most valuable assets and steadiest earners.
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WTI crude oil climbs near to $50 a barrel

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West Texas Intermediate futures gained 2.8 percent while Brent increased 3.3 percent.
(AP Photo/Gerald Herbert, File)

Anadarko didn’t pay cleanup costs for Gulf of Mexico oil spill, U.S. witness says

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The statement may undermine the company’s argument that it shouldn’t be fined for the spill, while the U.S. government seeks more than $1 billion from Anadarko.
(JEFF PACHOUD/AFP/Getty Images)

How Americans are spending their windfall from cheap gasoline

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Millions of Americans are benefiting from the collapse in gas prices, which Goldman Sachs Group Inc. equates to a tax cut worth as much as $125 billion.
(AP file photo/John Moore)

Oil’s next casualty: government budgets

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Saudi Arabia, the world’s top producer of crude, will see the budget surplus it has enjoyed in the past turn into a deficit of 4.7 percent of gross domestic product this year.
(AP Photo/Richard Drew)

Cheap oil burns $390 billion hole in investors’ pockets

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Now that oil prices have fallen below $45, any euphoria over cheaper energy will be tempered by losses that are starting to show up in investment funds, retirement accounts and bank balance sheets.
(AP Photo/ Louis Lanzano)

Crude up slightly from 6-year low

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WTI for March delivery gained 8 cents to $44.53 a barrel on the New York Mercantile Exchange.