Early signs of capitulation by oil producers could mean a bottom is getting closer.» Read More
BP shut down a quarter of its 400,000 barrels-per-day Prudhoe Bay oil field in Alaska after finding a leaky water pipe Monday, a company spokesman said.
Shares in oil giant Royal Dutch Shell rose more than 4% before closing at their highest level in six months on Thursday as traders cited rumours of a possible tie-up with a rival.
John Browne, the former CEO of BP has lost another job. Today, he resigned from the board of Goldman Sachs.
U.S. gasoline prices topped $3 a gallon on Friday, and threatened to rise even higher, as concerns mounted that refineries are simply not making enough gas to meet peak summer demand.
Browne said he had had a relationship with someone called Jeff Chevalier who had told his story to Associated Newspapers, publishers of the Daily Mail, Mail on Sunday and Evening Standard.
British oil and gas group BP is a front-runner to win a controlling stake in Pakistan State Oil in a deal worth about $600 million, the Times of London reported on Monday.
Stocks rose and the Dow moved closer to 13,000 after IBM announced a $15 billion stock buyback plan, as investors shrugged off disappointing data from the housing industry."With the liquidity out there and risk appetites increasing for investors ... you probably have to give upside the benefit of the doubt here," said Jeff Saut, chief investment strategist at Raymond James.
Crude oil futures fell more than a dollar as traders took profits ahead of fresh oil inventory data due Wednesday and following Monday's sharp price rise on worries about supply disruptions in the wake of Nigeria's disputed presidential election.
Top Asian oil refiner Sinopec beat forecasts with a more than two-fold jump in quarterly earnings as falling oil prices helped its refining arm turn around, and it flagged a 50% surge in first-half profit.
U.S. crude oil finished just short of $64 as gasoline futures surged to new eight-month highs on troubles at two refineries. The production disruptions raised fears of a gasoline supply crunch when drivers hit the roads this summer.
Actor Willie Garson comes back (as we thought-see below) to take champion poker player Chris Moneymaker out of the lead for the second time. Stephen Collins also passes Chris to take second place on Chris's big loss on CMGI. Not too good of a day for most--as all of our celebs were down Wednesday, except for Ernie Hudson who gained almost $35,000 mostly on his sale of Electro Scientific, moving himself out of last place.
Oil prices rose after four straight losing sessions as markets turned attention to Iran's nuclear activities and dwindling gasoline stocks in the United States, the top consumer.
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Oil prices rose after a big drop in gasoline supplies in top fuel consumer the United States raised worries of a crunch leading into the summer driving season.
The federal government's final report on the fatal 2005 explosion at BP's Texas City refinery criticized a key worker-safety agency for lax oversight and reiterated claims that organizational and safety deficiencies at the British energy company led to the blast.
"As the investigation unfolded, we were absolutely terrified that such a culture could exist at BP," said U.S. Chemical Safety Board Chairman Carolyn Merritt.
Crude oil futures slipped as some traders took profits on a $1 bulge, the day after a surprise government report showed a big drawdown in crude stocks last week.
Upside in investments is important. But if today’s rally doesn’t hold and last week’s sell-off returns in full force, you’ll want stocks that minimize the downside. The solution: Look for good yields.
Cramer continues his list of the top 10 potential anti-competitive deals coming before 2008.
Oil prices soared above $60 a barrel as a rash of snags affecting U.S. oil refineries, pipelines, and an oil field sparked worries of a supply crunch in the world's biggest energy consumer.