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West Texas Intermediate oil for March delivery rose 75 cents from Friday’s settlement to $53.53 a barrel on the New York Mercantile Exchange.
Oil’s more than 51 percent decline since June 20 has eroded profits and forced major producers and drillers to cut more than $40 billion in spending and fire 50,000 workers.
Pemex reported 3,600 illegal fuel taps on pipelines last year, a 66 percent increase from the 2,167 a year earlier, costing the company an estimated $792 million.
Baker Hughes and a driller in the Permian Basin added to the growing roster of laid-off Texas oil field workers Tuesday, announcing they plan to cut 150 jobs combined.
Emergency crews and environmental officials are responding to a train derailment in West Virginia that sent at least one tanker containing crude oil into a river and also caused a nearby house to catch fire.
Murex Petroleum Corp. reported that 500 barrels of saltwater were contained and recovered on site.
You know the story: “kids these days, they are SOOOO lazy. All they want to do is tweet and overshare; if they’d actually do some real work they’d get somewhere and they could stop complaining about how the world is so cruel to them!”.
Saudi Arabia, the world’s largest crude exporter, started the petrochemical project in 2011 when oil averaged $111 a barrel.
Most energy industry executives say their projects fail to come in on-budget, according to a new survey by consulting firm AlixPartners.
Brent crude futures were little changed in London, paring an earlier increase of as much as 1.7 percent.