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Oil stumbles, but heads toward best month since April

Oil is poised for the biggest monthly advance since April as the global surplus diminishes and OPEC’s planned talks fan speculation it could reach an accord on output. Futures slid 1 percent in New York, trimming the monthly gain to 10 percent. Iraq’s Prime Minister Haidar Al-Abadi said Tuesday the ...

Shell selling Gulf oil assets for $425 million

Royal Dutch Shell agreed to sell its Brutus/Glider operation in the Gulf of Mexico for $425 million as Chief Executive Officer Ben Van Beurden seeks to resuscitate an explorer dinged by the lowest profits in more than a decade. The buyer, EnVen Energy Corp., will gain control of four blocks in the U ...

Oil discoveries at 70-year low signal supply shortfall ahead

Explorers in 2015 discovered only about a tenth as much oil as they have annually on average since 1960. This year, they’ll probably find even less, spurring new fears about their ability to meet future demand. With oil prices down by more than half since the price collapse two years ago, drillers h ...

Gas has grown to be global commodity, but will it ever carry global price?

Natural gas is rapidly becoming one of the most traded global commodities, but that doesn’t mean it will have a global price, according to Royal Dutch Shell. While the fuel can be transported anywhere on liquefied natural gas carriers, it will probably remain regionally priced for the time being, wi ...

Oil trades near $47 as gasoline inventories appear to have dipped

Oil traded near $47 a barrel before data forecast to show that gasoline stockpiles declined while crude inventories increased in the U.S., the world’s largest oil consumer. Futures increased 0.7 percent in New York after falling 1.4 percent on Monday. Inventories of gasoline probably slid by 1.25 mi ...

Colorado drillers dodge $10 billion-a-year threat to output

Oil and natural gas explorers from Anadarko Petroleum to Synergy Resources have escaped a vote in Colorado that would’ve limited drilling and threatened to halt about $10 billion worth of oil and natural gas production a year. A proposal known as Initiative No. 78, which would’ve restricted drilling ...

Williams names 3 independent directors amid proxy fight

Williams Cos., facing a proxy battle over board seats with former director Keith Meister, appointed three independent directors who will stand for election at the company’s November annual meeting. Stephen W. Bergstrom, Scott D. Sheffield and William H. Spence will take their seats immediately, Tuls ...

Doubts linger over potential OPEC deal

Oil declined amid doubts that producers will agree to stabilize the market when suppliers meet next month for informal talks. Futures decreased as much as 1.8 percent in New York after rising the previous two sessions. Iran’s plan to continue boosting crude output until it regains its pre-sanctions ...

Look past OPEC freeze hype to really understand oil’s advance

For all the feverish speculation of OPEC action that’s roiling oil markets, the real reason for crude’s recent recovery probably lies elsewhere. Oil futures have rallied more than 10 percent since the Organization of Petroleum Exporting Countries said it would hold informal talks in Algeria in late ...

Blackstone finds an oil Narnia in west Texas

By Liam Denning Gadfly If you happen to find a battered, exhausted oil baron slumped in a dark corner (and who doesn’t from time to time?), just whisper this one word in their ear to revive them: “Permian.” This shale basin, which stretches across northwestern Texas and into a port ...

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