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  • NEW YORK, Jan 28- Oil prices fell on Wednesday after the U.S. government reported record-high crude inventories, adding to anxieties about the global glut that has pressured the market since last summer. Benchmark Brent crude oil was down 84 cents at $48.76 a barrel by 1:07 p.m. ET, after making a session low at $48.65. U.S. crude dropped $1.39 to $44.84, after...

  • Jan 28- Cenovus Energy Inc Canada's No. 2 independent oil producer, cut its 2015 capital budget by C $700 million on Wednesday, blaming plunging crude oil prices. The savings will come from suspending the bulk of Cenovus's conventional drilling program in southern Alberta and Saskatchewan, and delaying some long-term expansions and new projects in the oil...

  • But the build the EIA cited was about a third lower than the nearly 13 million barrels reported for the week to Jan. 23 by the American Petroleum Institute on Tuesday. Benchmark Brent crude oil was down 61 cents at $48.99 a barrel by 12:15 p.m. ET, off its session low of $48.65. "This inventory is bad, but not so bad" as expectations set by the API data, said Dominick...

  • Fed rates hike a ‘tough call’: Analyst Wednesday, 28 Jan 2015 | 12:03 PM ET
    The Federal Reserve building

    The Federal Reserve faces a tough decision on whether or not to raise interest rates because of several factors, one analyst says.

  • Hess reports 4Q loss Wednesday, 28 Jan 2015 | 11:26 AM ET
    A customer refuels at a Hess gas station in Falls Church, Virginia, Jan. 26, 2015.

    Hess Corp. on Wednesday reported a fourth-quarter loss of $8 million, after reporting a profit in the same period a year earlier.

  • LONDON, Jan 28- Oil slipped to $49 a barrel on Wednesday after U.S. crude stocks soared to the highest on record last week, and as a firmer dollar weighed on prices. "Refined product demand continues to be the sole source of strength for the market, but it is not enough to overcome the tidal wave of crude oil supplies for now," said John Kilduff at Again Capital LLC in New...

  • *Barclays cuts 2015 forecast to $44 a barrel from $72 for Brent. Jan 28- Barclays Plc and Goldman Sachs Group Inc issued even more bearish forecasts for oil prices on Wednesday, predicting no significant recovery in the first half of 2015.. Barclays slashed its 2015 Brent crude oil price forecast to $44 a barrel from $72, while Goldman said it expected prices for...

  • The really scary thing about Europe's QE plan Wednesday, 28 Jan 2015 | 10:44 AM ET
    European Central Bank Governor Mario Draghi speaks at a news conference during the World Bank/IMF annual meetings in Washington, Oct. 11, 2014.

    Unlike the US, Europe's central banks might actually lose money on their bond buying, says Ron Insana. And what happens then — who bails THEM out?

  • Fed could raise in second half: Analyst   Wednesday, 28 Jan 2015 | 10:36 AM ET
    Fed could raise in second half: Analyst

    Ethan Harris, Co-Head of Global Economics Research, BofA Merrill Lynch Global Research, says the Fed could raise rates in the second half of this year. The Fed must look at inflation and the unemployment rate, he says.

  • Crude inventories up ... again   Wednesday, 28 Jan 2015 | 10:31 AM ET
    Crude inventories up ... again

    CNBC's Jackie DeAngelis reports oil and gas inventories. Oil was up 8.9 million barrels, and gasoline was down 2.6 million.

  • Goldman cuts outlook for whole commodity sector Wednesday, 28 Jan 2015 | 12:16 PM ET
    corn crops commodity farming agriculture

    After countless oil price downgrades, analysts at Goldman Sachs have cut their outlook for the commodity sector as a whole.

  • The American Petroleum Institute said late on Tuesday that U.S. crude stocks jumped by a massive 12.7 million barrels last week, triple the volume expected, and including a 2 million barrel increase at Cushing, Oklahoma, the delivery point of the U.S. oil contract. If confirmed by official data from the U.S. Energy Information Administration at 1530 GMT on...

  • Jan 28- Cenovus Energy Inc, Canada's No. 2 independent oil producer, cut its capital spending budget for 2015 in response to the slump in crude oil prices. The company said it could defer spending of up to C $700 million, mainly by suspending a bulk of its conventional drilling in southern Alberta and Saskatchewan and delaying long-term oil sands expansion and new...

  • Fed: The 'most uneventful meeting' to date?   Wednesday, 28 Jan 2015 | 5:45 AM ET
    Fed: The 'most uneventful meeting' to date?

    Boris Schlossberg, managing director at BK Asset Management, remains dubious about the Federal Reserve, saying there's no economic merit in the Fed's arguments to raise rates.

  • LONDON, Jan 28- Oil slipped to $49 a barrel on Wednesday as the dollar strengthened, while an industry report showing a larger-than-expected rise in U.S. crude inventories also pressured prices. "The key driver for oil prices in the last few days has been currency fluctuations... we had seen some weakness in the U.S. dollar which helped support prices overnight," Ric...

  • "The key driver for oil prices in the last few days has been currency fluctuations... we had seen some weakness in the U.S. dollar which helped support prices overnight," Ric Spooner, chief analyst at CMC Markets in Sydney said. Brent crude hit a low of $48.79 a barrel and was down 45 cents at $49.15 by 0717 GMT. U.S. crude was at $45.68 a barrel, down 55 cents, after earlier...

  • Research by Morgan Stanley, published on Jan. 25, said that oil and diesel made up between 9 and 12 percent of the total production costs for bulk commodities such as coal, iron ore and bauxite, but only 3 to 5 percent for metals. The spot price of iron ore in Asia dropped to a 5-1/ 2- year low of $62.80 a tonne on Tuesday, and is down 67 percent from its peak of $191.90 reached...

  • Indonesia's Jokowi: A 100-day scorecard   Tuesday, 27 Jan 2015 | 10:33 PM ET
    Indonesia's Jokowi: A 100-day scorecard

    Lim Su Sian, ASEAN Economist at HSBC, says investors are very confident on Indonesia's outlook, which indicates excellent work by Indonesian leader Joko Widodo so far.

  • "The key driver for oil prices in the last few days has been currency fluctuations... we had seen some weakness in the U.S. dollar which help support prices overnight," Ric Spooner, chief analyst at CMC Markets in Sydney said. Brent crude hit a low of $48.79 a barrel and was down 68 cents at $48.92 by 0255 GMT. U.S. crude was at $45.41 a barrel, down 82 cents, after earlier...

  • Citi: Oil price recovery is coming   Tuesday, 27 Jan 2015 | 7:22 PM ET
    Citi: Oil price recovery is coming

    While it's difficult to time the absolute bottom of the oil market, Tim Evans, Energy Futures Specialist at Citi Futures and OTC Clearing, does expect higher prices to eventually come around.