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Phillips 66 operates the Gulf Coast Fractionators facility in Mont Belvieu, Texas. (Phillips 66)

Berkshire discloses $4.5 billion stake in Phillips 66

Berkshire held almost 58 million shares after purchases this week, or more than 10 percent of the total outstanding, according to a regulatory filing issued Friday by Warren Buffett’s Omaha, Nebraska-based company.
(Spencer Platt/Getty Images)

Oil jumps up 6 percent

The rebound follows the lowest close since February 2009 on Monday after a slump in Chinese stocks sent ripples through global financial markets. Crude is still down 15 percent this year on concern a supply glut will persist.

For OPEC, this year’s painful oil slump will bring gains in 2016

With consumption set to grow by 1.4 million barrels a day, OPEC and its de facto leader Saudi Arabia could seize the chance to broaden their market as competitors damaged by the price slump fall off.
Dave Lesar, third from right, chairman and CEO of Halliburton, rings the Opening Bell at the New York Stock Exchange (NYSE) on November 18, 2014 in New York City. (Photo by Spencer Platt/Getty Images)

Halliburton believers could win big betting on deal

Traders willing to bet the biggest oil-services deal can survive regulatory scrutiny stand to rake in more than $3 billion in profit.
The shadows of  workers in the Permian Basin on February 5, 2015 in Mentone, Texas. (Photo by Spencer Platt/Getty Images)

Oil industry needs half a trillion dollars to endure price slump

If oil stays at about $40 a barrel, the shakeout could be profound.
Ecuador's President Rafael Correa delivers a speech in Quito, Ecuador, Thursday, Aug. 13, 2015. (AP Photo/Dolores Ochoa)

Ecuador reveals the pain inside OPEC: It’s pumping oil at a loss

President Rafael Correa said on Tuesday that the South American nation is receiving as little as $30 a barrel for its crude, while production costs average about $39.
(Simon Dawson/Bloomberg)

Transocean will cancel dividend

The most severe oil-industry collapse since the 1980s has prompted explorers to curtail drilling budgets, cancel rig contracts and shelve plans to search for untapped crude fields from the Indian Ocean to the Gulf of Mexico.
(Photo by Andrew Burton/Getty Images)

Oil plunge has gone too far, Morgan Stanley says

China, the world’s second-biggest oil consumer, will keep buying extra barrels to fill its strategic reserve this year, according to Goldman Sachs Group Inc.
Oil workers operate drill sections while working on the drilling floor beneath the travelling block on a derrick operated by Salym Petroleum in Russia,. (Andrey Rudakov/Bloomberg)

Oil companies cheaper to buy than assets after rout, Exxon partner says

Oil and gas producers on Monday declined to their lowest level in almost four years as collapsing markets in China raised concern demand will falter and exacerbate a glut.
Roughnecks take a break from working the Peterson Drilling Company rig in Carlsbad, New Mexico, February 26, 2000.  (Photo by Joe Raedle)

Oil prices headed toward longest weekly losing streak since 1986

Oil has slumped more than 30 percent since this year’s closing peak in June amid speculation the global surplus will persist.