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  • March 25- General Electric Co said it increased planned job cuts in its Lufkin oilfield equipment unit to 575, as it grapples with pressure on the unit from the drop in oil prices. "As a result of increasingly challenging market conditions, we are announcing additional workforce reductions in our Lufkin business," said Kristin Schwarz, a GE Oil& Gas spokeswoman.

  • March 25- General Electric Co increased planned job cuts in its Lufkin oilfield equipment unit to 575, as it grapples with pressure on the unit from the drop in oil prices, Bloomberg reported. The move follows GE's notification to regulators in January of the planned layoffs of 330 people at its beam-pumping manufacturing facility in Lufkin, Texas.

  • *China strategic reserves close to capacity- Sinopec exec. Germany, Europe's largest economy, saw business morale rise for the fifth month in a row in March, hitting its highest since July 2014, Ifo's business climate index showed. Brent crude oil was up 32 cents at $55.43 a barrel by 1029 GMT.

  • *U.S. oil inventories to rise until May- Morgan Stanley. *China strategic reserves close to capacity- Sinopec exec. LONDON, March 25- Brent crude oil steadied above $55 a barrel on Wednesday, not far above the week's lows, as more evidence emerged of global oversupply that has filled fuel storage tanks around the world.

  • BEIJING, March 25- China's commercial and strategic oil storage is almost full, a Sinopec trading executive said on Wednesday, leaving little room for Asia's top oil consumer to keep up its soaring import growth and adding downward pressure to an already oversupplied market. China's purchases to fill its strategic petroleum reserves was one of the main...

  • BEIJING, March 25- China's commercial and strategic oil storage is almost full, a Sinopec trading executive said at an industry forum on Wednesday, leaving little room for the world's No.2 oil consumer to increase its crude imports this year. China's purchases to fill its strategic petroleum reserves was one of the main drivers of Asian demand since August of...

  • March 23- The U.S. shale oil industry may have forever abandoned its heavy-spending ways in the face of sliding crude prices, Schlumberger Ltd, the world's No.1 oilfield services provider, said on Monday. Spending cuts already announced by producers- to the tune of 25 to 60 percent- have dropped the rig count by 45 percent since late 2014, and output will soon...

  • *Schlumberger sees higher oil prices in second half of 2015. NEW YORK, March 23- U.S. crude futures settled more than 1 percent higher on Monday, boosted by a falling dollar that outweighed pressure on prices from a global supply glut. Oil prices were pressured as Saudi Arabia has stood firm on its decision to maintain production levels, saying it would consider...

  • *Schlumberger sees higher oil prices in second half of 2015. NEW YORK, March 23- Brent crude oil prices slipped towards $55 in the last hour of trading after an announcement from Saudi Arabia that its daily oil production neared record highs outweighed a weakened dollar. Saudi Arabia has stood firm on its decision to maintain production levels, saying it would...

  • *Schlumberger sees higher oil prices in second half of 2015. NEW YORK, March 23- U.S. crude oil climbed above $47 a barrel on Monday as a declining dollar offset global oversupply concerns stemming from an announcement by Saudi Arabia that it was pumping around 10 million barrels per day, near a record high. Houston- based Schlumberger Ltd, the world's top oilfield...

  • *Schlumberger sees higher oil prices in second half of 2015. LONDON, March 23- Oil prices rose close to $56 a barrel on Monday as a weaker dollar offset concerns over global oversupply after Saudi Arabia said it was pumping around 10 million barrels per day, near a record high. Saudi Arabia has stood firm on its decision to maintain production levels, saying it would...

  • LONDON, March 23- Hedge funds have turned super-bearish about U.S. oil prices as concerns about running out of storage trump the drop in the number of rigs drilling new wells. Money managers had amassed a record number of short positions in futures and options contracts linked to WTI by the end of March 17, equivalent to 209 million barrels of oil, according to the...

  • *Saudi wants non- OPEC cooperation on any output cuts. LONDON, March 23- Oil prices fell further on Monday, with Brent dropping below $55 a barrel, after top exporter Saudi Arabia said it would only consider cutting output if other producers outside OPEC did so too. "We repeat that, as for prices, the market determines it," Saudi oil minister Ali al-Naimi said on Sunday,...

  • *Saudi wants non- OPEC cooperation on any output cuts. LONDON, March 23- Oil prices fell further on Monday, with Brent dropping below $55 a barrel, after top exporter Saudi Arabia said it would only consider cutting output if other producers outside OPEC did so too. "We repeat that, as for prices, the market determines it," Saudi oil minister Ali al-Naimi said on Sunday,...

  • *Saudi wants non- OPEC cooperation on any output cuts. Weak demand from top energy consumer China comes at a time when the OPEC kingpin Saudi Arabia has reiterated its decision to keep production unchanged and ride out a market slump, which has roughly halved prices since last June. "We repeat that, as for prices, the market determines it," Saudi oil minister Ali...

  • March 20- The number of rigs drilling for oil in the United States continued to decline this week, falling 41 to 825, the lowest rig count in four years, oil services firm Baker Hughes said in its closely-watched survey on Friday. U.S. crude futures have dropped by about 60 percent since June due to concerns OPEC and the United States are producing too much oil while...

  • DUBAI/ KHOBAR, Saudi Arabia, March 20- As the global energy industry stares transfixed at a spectacular drop in U.S. rigs, Saudi Arabia is ramping up the number of machines drilling for oil and gas despite a sharp fall in the price of crude. Industry sources and analysts say the OPEC kingpin is looking beyond the halving of global oil prices since June 2014 to a time...

  • CARACAS, March 19- China will lend Venezuela around $10 billion in coming months, half as part of a bilateral financing deal and the other half for the development of oil fields, a senior official at state oil company PDVSA said on Thursday. Fresh funds are a boon for financially squeezed Venezuela and will likely increase market confidence over the OPEC...

  • CARACAS, March 19- Venezuela will seek to reduce a $46 million compensation claim it has been ordered to pay to oil service company Tidewater in a case stemming from the 2009 seizure of vessels, its oil minister said in an interview published on Thursday. The lawyer representing Venezuela said the award was significantly lower than what Tidewater had claimed...

  • OTTAWA, March 17- Canada's transportation watchdog said on Tuesday that recent fiery derailments of trains hauling crude oil mean a new generation of stronger tanker wagons should be introduced ahead of schedule. The Transportation Safety Board is probing two accidents within the last month involving Canadian National Railway Co oil trains which came off...