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The Organization of Petroleum Exporting Countries (OPEC) decided on Thursday not to cut oil production, despite sliding oil prices.
Oil futures sank to a fresh four-year low overnight as ministers from the Organization of the Petroleum Exporting Countries are set to meet Thursday.
Banks including Barclays and Wells Fargo are facing potentially heavy losses on an $850m loan made to two oil and gas companies, the FT reports.
The minister said he is confident the group will reach a unified decision, and that the meeting will last only one day.
Saudi Arabia will push other OPEC members to cut production by up to 1.5 million barrels a day to help re-balance the market, experts tell CNBC.
Russia revved up oil bears ahead of OPEC's meeting as the appearance in Vienna of Rosneft's CEO caused a swirl of talk about agreements and output cuts.
All eyes are on OPEC this week to see if it will cut supply. However, one market pro thinks the organization is becoming irrelevant.
Consumer discretionary stocks and crude oil have been trading the way they normally do when OPEC is about to cut production.
Over the next 25 years, the U.S. will become a global energy powerhouse. That shift will reshape geopolitical power.
A meeting between Saudi Arabia, Venezuela, Russia and Mexico did not lead to any agreement to lower crude production, Venezuela said.
Analyst Stephen Schork also says oil prices are bottoming.
The price of a gallon of gasoline in the U.S. dropped 10 cents in the past two weeks, at a four-year low, according to the latest Lundberg survey.
Oil prices could plunge if OPEC does not agree on a significant output cut when it meets in Vienna this week, market players say.
Iran will try to persuade Saudi Arabia to cut oil production when ministers from the two OPEC members meet this week, Mehr news agency reported.
The energy giant is engulfed in a corruption scandal that could threaten to engulf Brazil's most senior politicians.
The White House decided it will postpone a decision on how much ethanol should be allowed in fuel.
Oil gushed higher on China's surprise rate cut but also as traders increased bets that OPEC will cut production when it meets on Thanksgiving Day.
Russia may cut oil production to shore up flagging prices, but no decision has been made yet, its energy minister said.
Man Group took in $1.2 billion in new money in the past quarter in part because of this strategy.
The US Air Force just completed an initiative to convert all of its bases from military-specific grade jet fuel to a civilian grade.
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