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Oil on track for biggest two-week gain in 17 years

Oil has rebounded as companies including Statoil ASA, BP Plc and Royal Dutch Shell Plc have reduced investments in response to the market’s collapse.  More »

Statoil deepens spending cuts amid oil price rout

Statoil said Friday its earnings were eroded by sagging oil prices and impairment losses linked to its international operations.  More »

Crude price gains erase declines to settle above $50

West Texas Intermediate gained 4.2 percent, erasing an earlier 2.3 percent decline.  More »

Siemens said to plan 7,400 job cuts as CEO reduces costs

The cuts, representing about 2 percent of Siemens’s global workforce, may be announced as early as this week.  More »

Brazil makes third round of searches and arrests in Petrobras kickback scheme

Those involved may be charged with fraud, corruption, money laundering and criminal associations, police said.  More »

Libya Islamists seen capturing oil Field in quest for funding

The militia that captured the Al-Mabruk field Wednesday could be a local branch of Islamic State a spokesman of the national Petroleum Facilities Guard said.  More »

Petrobras CEO steps down amid Brazil’s biggest graft scandal

The scandal has also engulfed Brazil’s largest construction companies, which may bring public works projects to a halt.  More »

Petrobras shares rally most since 1998 on CEO exit speculation

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.  More »

Oil surges into bull market as investment cut seen curbing glut

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.  More »

Cash-starved oil producers trade treasured pipelines for money

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.  More »

WTI crude oil climbs near to $50 a barrel

West Texas Intermediate futures gained 2.8 percent while Brent increased 3.3 percent.  More »

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

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.  More »

How Americans are spending their windfall from cheap gasoline

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.  More »

Oil’s next casualty: government budgets

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.  More »

Cheap oil burns $390 billion hole in investors’ pockets

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.  More »