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crude oil

Rigs stacked at a business 20 miles west of Farm-To-Market Road 1788 photographed Tuesday, Feb. 24, 2015. (AP Photo/Reporter-Telegram, James Durbin)

A single oil rig was shut down last week, extending six month decline

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As the price of oil seemingly began to stabilize for now near $60 a barrel, the U.S. oil rig count slowed its pace of decline down to a crawl. The number of U.S. oil rigs is now at 659, according to Baker Hughes data, after dropping by eight oil rigs a week prior.
Saudi Arabia's Minister of Petroleum and Mineral Resources Ali Ibrahim Naimi leaves the hall during the opening day of the 10th Arab energy Conference in Abu Dhabi, United Arab Emirates, Sunday, Dec. 21, 2014. (AP Photo/Kamran Jebreili)

Saudi oil supply outpaces rivals in grab for record China demand

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Record imports by China are contributing to a recovery in benchmark oil from a six-year low amid speculation the purchases will help shrink the global supply glut that drove crude’s collapse in 2014.
UAE, Dubai, ENOC filling station at Ibn Battuta gate (Getty Images)

Emirates National Oil proposes bid for rest of Dragon Oil

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ENOC, owner of 53 percent of Dragon, said it intends to offer 735 pence a share, a premium of 44 percent from March 13, the day before talks were initially disclosed. It plans to meet with Dragon Oil’s shareholders to discuss the proposal.
A row of pump jacks operate in Apache Canada’s Provost field, located in the southeast part of Alberta (Apache Corp.)

Canada oil patch to see massive consolidation, analyst predicts

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Crude oil prices remain about 44 percent lower than in June even after rebounding somewhat from a six-year low in March. The lower prices have led oil-sands producers in Western Canada to reduce spending by billions of dollars and cut thousands of jobs.
OIL GAS RIG

Canada adapting to cheaper oil to avoid going way of the auto industry

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The Group of Seven’s biggest oil exporter may see drilling investment slashed by $23.2 billion in the coming 12 months, according to data compiled by Bloomberg. That’s a 29 percent reduction from the previous 12 months and the biggest since at least 2007.
Marathon Bakken drilling

‘Shale-ionaires’ suffering from wave of bankrupt oil drillers

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A rebound in oil prices that bottomed near $44 a barrel in March has provided some relief to stronger companies that have been able to compensate with cost cuts and more efficient operations. For many smaller, cash-strapped producers, current prices of almost $60 still aren’t enough to make ends meet compared to the $100-plus prices seen during the boom days.
Jack Welch, former CEO and Chairman of General Electric, in San Francisco on Monday, May 11, 2015.

Former GE CEO Jack Welch tells energy companies to think long term, keep their talent

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Welch, who led GE for 20 years until 2001, said low oil prices are teaching energy companies to become more efficient and potentially more profitable in the long run.
U.S. refineries consumed 245,000 barrels per day more last week than the week before. (Jake Daniels/The Enterprise)

Oil inventories fall for third straight week, and crude price edges up

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Total inventories stood at 482.2 million barrels of oil for the week ending last Friday, down 2.7 million from the previous reporting period.
(Kristian Helgesen/Bloomberg)

Norway’s prime minister relieved as nation avoids crisis of sub-$45 crude

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Brent crude, the lifeblood for a nation that depends on petroleum for about 20 percent of its economic output, has rallied more than 40 percent since a Jan. 13 low of about $45.
A group of idle rigs is seen behind James Noe, Senior Vice President, General Counsel and Chief Compliance Officer for Hercules Offshore while aboard the Hercules 251 a shallow water drilling rig owned by on Wednesday, Aug. 11, 2010, near Port Fourchon, La. (Smiley N. Pool /Chronicle)

Hercules sells four rigs as Gulf drilling work disappears

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This month’s rig sales come after the oil slump has taken a big toll on the Houston jackup rig contractor, which has cut 40 percent of its 1,800 employees in recent months.