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Oil

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  • *Kuwait acknowledges oversupply, but blames non- OPEC sources. NEW YORK, May 18- Oil slipped on Monday as a rallying dollar and concerns of growing oversupply weighed on the market after Saudi Arabia reported its highest crude exports in nearly a decade. Crude oil futures erased early gains of more than $1 a barrel on worries of turmoil in the Middle East after a...

  • *Baghdad delays oil contract negotiations as prices rally. DUBAI, May 18- BP has cut its development budget for Iraq's giant Rumaila oilfield by $1 billion this year after the government warned a slump in crude prices and its battle against Islamic State was making it difficult to pay oil companies. The British oil major has agreed with Baghdad to reduce its 2015...

  • *Kuwait acknowledges oversupply, but blames non- OPEC sources. NEW YORK, May 18- Oil slipped on Monday as a rallying dollar weighed on the commodities complex amid a bearish price outlook by influential Wall Street firm Goldman Sachs and risks of growing oversupply. Crude oil prices erased early gains of more than $1 a barrel on worries of turmoil in the Middle East...

  • Here's why Democrats are big spenders: Survey Monday, 18 May 2015 | 11:16 AM ET
    gas prices

    Democrats are twice as likely as Republicans to spend their gas savings on nonessential items, according to a new survey from Bankrate.

  • Is Shell’s ‘problem child’ business growing up? Monday, 18 May 2015 | 11:59 AM ET

    Activists in kayaks have protested against plans by Shell to resume oil exploration in the U.S. Arctic. For analysts, the news means Shell's "problem child" is getting some attention.

  • *Goldman Sachs slashes 2016-2020 price outlook. LONDON, May 18- Brent crude oil prices declined on Monday after Goldman Sachs slashed its forecasts on a persistently high supply outlook, offsetting fears over deepening violence in the Middle East. Analysts nevertheless said oil markets remained oversupplied, and that the glut could worsen if U.S. production...

  • ConocoPhillips expects spending to remain the same for next 3 years

    After cutting its capital budget in January ConocoPhillips' CEO announced that it expects to keep spending at a lower level for the next three years.

  • *Goldman Sachs slashes 2016-202 price outlook. LONDON, May 18- Oil prices firmed on Monday after a major advance by Islamic State militants in Iraq. Goldman Sachs lowed their Brent crude price assumption from 2016 to 2019 from $70 a barrel to $62- $65 a barrel and for 2020 from $70 a barrel to $55 a barrel.

  • Hoping for an OPEC supply cut? Forget it Monday, 18 May 2015 | 5:52 AM ET
    OPEC headquarters in Vienna, Austria.

    Any expectations that OPEC will cut its production quota next month took another dent Monday.

  • *Iran says OPEC output cut unlikely. LONDON, May 18- Oil prices rose on Monday after Islamic State militants said they had seized control of the key city of Ramadi in western Iraq, raising fears of deeper turmoil in the oil-producing country. Analysts nevertheless said oil markets remained oversupplied, and that the glut could worsen if U.S. production picked up...

  • *Prices up despite Iran saying OPEC output cuts unlikely. SINGAPORE, May 18- Oil prices edged up on Monday following fighting in Iraq and Yemen, but Iranian comments that OPEC was unlikely to cut output as well as signs of strengthening U.S. production capped gains. Prices were supported by concerns that conflict in Iraq and Yemen could disrupt supplies after...

  • *Prices up despite Iran saying OPEC output cuts unlikely. SINGAPORE, May 18- Oil prices rose on Monday on supply concerns in the Middle East following fighting in Iraq and Yemen, but Iranian comments that OPEC was unlikely to cut output as well as signs of strengthening U.S. production capped gains. Prices were supported by concerns that conflict in Iraq and Yemen...

  • UPDATE 1-Oil prices rise on Iraq, Yemen fighting Sunday, 17 May 2015 | 11:24 PM ET

    *Saudi-led coalition resumes air strikes in Yemen. SINGAPORE, May 18- Oil prices edged up on Monday on supply concerns in the Middle East following fighting in Iraq and Yemen, but signs of strengthening U.S. production capped gains. Price were supported by concerns that conflict in Iraq and Yemen could disrupt production or supply routes.

  • Oil ends lower on firmer dollar, bearish outlook Monday, 18 May 2015 | 2:30 PM ET
    Oil

    WTI settled down as a rallying dollar weighed on the commodities complex amid a bearish price outlook by Goldman Sachs.

  • *OPEC unlikely to cut output at June meeting. A recent framework deal on Iran's disputed nuclear programme between Tehran and world powers could see sanctions on Iran eventually lifted if a more permanent pact is finalised by a June deadline. Javadi said the OPEC producer expected to claw back lost market share in Asia.

  • The factors that could bring oil prices down again

    A return of Iran's oil supply, alongside a surge in U.S. shale oil production, will have downward effects on oil prices, says David Hewitt, co-head of Global Oil & Gas Equity Research at Credit Suisse.

  • NYMEX-Oil prices rise on Iraq, Yemen fighting Sunday, 17 May 2015 | 8:26 PM ET

    SINGAPORE, May 18- Oil prices rose slightly in early Monday trading on supply concerns in the Middle East following fighting in Iraq and Yemen, although signs of strengthening U.S. production capped stronger gains. Price were supported by concerns that conflict in Iraq as well as Saudi attacks on Yemen could disrupt production or supply routes.

  • NEW YORK, May 15- Top U.S. hedge fund managers made contrasting bets on energy companies in the first quarter, with Greenlight Capital's David Einhorn sticking with names pummeled by falling oil prices, while Hayman Capital's Kyle Bass bet on frackers, regulatory filings showed on Friday. Einhorn's $11 billion Greenlight Capital increased its stake in Consol...

  • Brazil's Petrobras' earnings, outlook beat Street Friday, 15 May 2015 | 6:42 PM ET
    A Bolivian employee of Brazil's oil giant Petrobras subsidiary Petrobras Bolivia shows a natural gas facility at the Gualberto Villarroel, south of Cochabamba, Bolivia.

    Brazil's Petroleo Brasileiro beat analyst forecasts, posting first-quarter profit little changed from a year earlier.

  • The week ahead: Facebook IPO anniversary   Friday, 15 May 2015 | 4:02 PM ET
    The week ahead: Facebook IPO anniversary

    CNBC's Mandy Drury looks ahead to what are likely to be next week's top business and financial stories. Retailers report earnings this week. And Tim Cook gives the commencement speech at George Washington University in D.C.