Stocks rose on Tuesday after a report had orders for durable goods jumping far more than expected in July.» Read More
Exxon Mobil said it will go ahead with building a multi-billion dollar second petrochemical complex in Singapore to start in early 2011, adding to a wave of new projects to meet global demand for plastics.
Kazakhstan wants "more than $10 billion" from an Eni-led consortium in compensation for delays in developing the Kashagan oilfield in the Caspian Sea, a senior government official told Reuters on Tuesday.
Plaintiffs in the long-running case surrounding the 1989 Exxon Valdez oil disaster this week asked the U.S. Supreme Court to restore a $5 billion punitive fine against Exxon Mobil, a petition filed with highest U.S. court shows.
Regulators should slap a moratorium on pipelines in Canada's North because governments and oil companies have not planned for long-term environmental impacts, a green-group representative said Thursday.
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Energy stocks are still a solid investment for the long haul, say market strategists, though rampant speculation and big price swings could make it a bumpy ride for investors.
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Stocks closed sharply higher after stronger-than-expected housing and durable goods data overshadowed lingering concerns about the credit markets. The Dow Jones Industrial Average had its best week since last April while the Nasdaq and the S&P 500 posted their best gains since late March
The violent correction in the market this month took all sectors lower. Energy stocks came under pressure, in particular, because they had been such big winners and hedge funds sold them to raise cash. Traders, is now the time to pick up these correction casualties?
U.S. stocks ended mixed as the investors looked for signs that the Federal Reserve may cut interest rates again soon. "I think it's encouraging that we are kind of stabilizing after last week's turmoil," said Alec Young, equity market strategist at Standard & Poor's.
Exxon Mobil has delayed work on the 71,600 barrel per day gasoline-making fluid catalytic cracking unit at its 188,160 barrel per day refinery in Chalmette, La., trade sources said on Tuesday.
Kazakhstan threatened on Tuesday to revoke an Eni-led consortium's permit to exploit the giant offshore Kashagan oilfield due to environmental law violations.
Gulf of Mexico oil and natural gas producers were evacuating offshore workers and shutting small amounts of production over the weekend as they watched powerful Hurricane Dean storm across the Caribbean Sea toward an entry into the Gulf next week.
Before the recent downturn in the U.S. stock market, portfolio strategists and market prognosticators said the resiliency of the markets was a key sign of positive times ahead.
Stocks closed the week lower as credit market concerns had investors running for safety but a reversal of misfortune late in the week cut losses significantly.
Stocks rallied Friday as investors were encouraged by a cut in discount rates by the Fed. "As long as we can stay out of the woods with further credit problems, we can build from this base and go forward steadily," said James Maguire, Sr., managing director at LaBranche. "I think we've hit the bottom. We might fish around here for a bit, but I'm very confident."
Oil prices jumped Friday after the U.S. Federal Reserve cut a key interest rate to calm financial markets and on concerns Hurricane Dean could hit Gulf of Mexico installations.
A fire broke out Thursday at Chevron's largest U.S. refinery in Pascagoula, Miss., but authorities said there were no immediate reports of injuries.
Oil edged lower on Friday as the crisis in world credit markets weighed on investor sentiment, but a late rally after central banks plowed more cash into the financial system erased most of the day's losses.
Oil rose Wednesday, as draws in U.S. crude and gasoline stockpiles overcame wider concerns about the health of the world's largest economy.