Kazakhstan softened its rhetoric on Wednesday in a row over production delays with a group of oil companies led by Italy's Eni, saying it hoped to resolve environmental concerns at the offshore oilfield.
Stocks moved to session highs on Wednesday on speculation billionaire investor Warren Buffett was considering taking a 20% stake in Bear Stearns. The New York Times reported on its Web site that Bear Stearns was in serious talks with several outside investors, including Buffett.
We're back in the "bad news is good news" phase. At least that's how you may want to read the stock market's reaction to today's clunker of a durable goods number, its worst monthly reading since January. Durable orders fell by 4.9% in August, below the 3.5% decline expected and way off from July's 6.1% increase.
Kazakh lawmakers passed a bill Wednesday allowing the government to unilaterally break contracts with foreign companies, potentially threatening an Italian-led consortium developing a giant oilfield.
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Chevron secured crucial backing from the Kazakh president over its huge Tengiz oil project on Friday, but foreign investors remained wary as a row over another major Western oil project remained unsolved.
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Woodside Petroleum inked an initial multi-billion dollar deal on Thursday with PetroChina to sell liquefied natural gas (LNG) from its proposed Browse project off Western Australia.
Chevron Corp., on trial here for allegedly failing to clean up billions of gallons of toxic wastewater in the Ecuadorean jungle, on Monday criticized the judge presiding over the case for creating "obstacles" to a fair trial.
Oil prices slipped as worries about global economic health outweighed concerns that U.S. refinery problems could hit supplies in the world's top consumer.
Oil has been unquestionably the most important macro-factor for the markets for the last half-decade. From Saudi Arabia to Wal-Mart, oil prices affect everyone. A warm winter can send heating oil prices tumbling, but an event in the Middle East can send crude skyrocketing.
Oil prices were steady at above $72 on Tuesday, with U.S. refinery shutdowns reviving supply concerns, just as the summer driving season draws to a close.
Benchmark oil prices edged upward Monday as traders focused on signs that the U.S. economy is in better shape than previously thought after a moderate sell-off earlier in the day to lock in profits.
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.
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.
A fire struck one of two crude units at Chevron's 325,000 barrels per day Pascagoula, Mississippi, refinery late Thursday, injuring no one but helping send gasoline prices nearly 2% higher.
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.
Marathon Oil said Tuesday it agreed to buy Canada's Western Oil Sands Inc. for about $5.56 billion, giving the U.S. oil company a foothold in one of the world's most promising streams of new crude oil.
Stocks ended at the lowest levels of the trading session after late buying efforts failed. "It's the end of a very difficult week with a critical selloff in the last 15 minutes of trading, but I think Secretary Paulson's comments will be studied over the weekend because they are very reassuring," said James Maguire, Sr., managing director at LaBranche & Co.