With oil's price collapse, we can now declare that OPEC's reign as king of the market is over.» Read More
A major oil find by Canada’s Tethys Petroleum in Tajikistan comes at a bad time for the Central Asian country, as the security situation is about to skyrocket out of control in a restive province on the border with Afghanistan.
Struggling Australian steelmaker BlueScope Steel's nearly $1.4 billion joint venture with Japan's Nippon Steel signals the company is on the path to recovery, its CEO Paul O'Malley told CNBC on Monday after the deal was announced.
The promise of discovering a clean, green, safe, and (due to the fact that it is fueled by the most abundant metal and gas on the planet, nickel and hydrogen) cheap renewable energy source is causing many investors and scientists to overcome their previous reluctance and enter the field.
U.S. Secretary of State Hillary Clinton is in the midst of an 11-day trip across sub-Saharan Africa. Speaking on 1 August on the topic “Remarks on Building Sustainable Partnerships in Africa,” Clinton at the University of Cheikh Anta Diop in Dakar, Senegal, Clinton told her audience, “The Obama Administration’s comprehensive strategy on Sub-Saharan Africa is based on four pillars: first, to promote opportunity and development; second, to spur economic growth, trade, and investment; third, to advance peace and security; and fourth, to strengthen democratic institutions.”
The US wants China and Arab states to help foot the $3bn bill for a deal designed to unlock oil production and set Sudan and South Sudan back on the path to peace, the FT reports.
Gasoline and oil futures surged Tuesday to the highest prices since May, as traders predicted the damage from a fire at California's third largest refinery could take months to repair.
Retail gasoline prices in the U.S. Midwest were as much as 50 cents higher than in the rest of the country this week, and a number of contributing factors are to blame.
BHP Billiton is in protracted talks with Harry Winston, the Canadian mining and retail group, about a sale of its diamond business but could yet opt to keep the unit as discussions drag on with the sole remaining bidder. The FT reports.
Ever since its founding as an autonomous state in 1948, Israel has relied on imported energy to meet its domestic power demands. However, offshore exploration operations have now found giant natural gas fields able to supply the country with more gas than it can use.
The Kurdish government in Iraq announced Wednesday it would resume oil exports from the region later this week. Erbil had shut down exports in April, blaming the central government in Baghdad for withholding payments owed to international oil companies working in the semi-autonomous north. The region's Ministry of Natural Resources said the resumption was a goodwill gesture meant to encourage the central government to settle the outstanding payments. With foreign companies seemingly focusing their financial energy in northern Iraq, however, the gesture may be more of a power play than a confidence-building effort.
U.S. oil futures topped $91 a barrel for the first time in two weeks, surging over 4 percent to post the biggest one-day surge for oil prices since June 29. The September WTI crude contract closed the NYMEX floor trading session up $4.27 at $91.40 a barrel.
Oil prices are extending gains on better-than-expected U.S. non-farm payrolls data, a re-evaluation of Draghi's comments, and deepening concerns about escalating violence in Syria..
Natural gas futures plunged 8 percent Thursday as supplies grew more than expected last week and as hot temperatures were forecast to moderate by the middle of August.
For a variety of reasons there still exist many untapped oil fields in the world. Those reasons may be political, technological, geological, or economical; but as time goes on they are being resolved to the extent that some huge fields are now becoming available for exploration and production.
Sliding gold coin sales show that retail demand for the actual metal is clearly fading, but dealers and analysts say it is not because investors are less concerned about the financial turmoil around the globe. There's just not the same fervor for the precious metal as in recent years.
As the summer doldrums set in for oil and equities, at least one sector has become a sleeper hit — refinery stocks.
China’s $15.1 billion bid to acquire Canada’s Nexen oil company threatens to turn China into an owner rather just a major buyer of Canadian oil, and prompts a surge in nationalist rhetoric that is attempting, misguidedly, to bring up the question of sovereignty.
The cost of generating electricity by wind and solar is falling rapidly, ,and however hard Big Oil and Big Gas try to suppress government funding and tax breaks for renewables, they are doomed to lose, and in only about 4 years.
Oil prices staged a sharp turnaround ahead of the close in floor trading at the NYMEX Wednesday, as traders speculated about the prospects for more Fed easing.
West Texas Intermediate (WTI) oil futures fell to the lowest price in more than a week, sliding more than $1 to below $88 a barrel, and RBOB gasoline futures plunged more than two percent to a two-week low, trading below $2.75 a gallon, after the U.S. Energy Information Administration reported a huge increase in domestic oil and gasoline supplies over the past week.