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Energy Commodities Oil

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  • LONDON, July 30- Royal Dutch Shell on Thursday reported a 37 percent drop in second quarter profits and said it would cut 6,500 jobs this year and reduce spending further to deal with an extended period of lower oil prices. The Anglo-Dutch oil and gas company also said it was planning more asset disposals alongside its proposed $70 billion acquisition of BG Group,...

  • *U.S. crude for September delivery climbed 8 cents to $48.87 a barrel as of 0008 GMT, after ending the previous session up 81 cents, or 1.7 percent. U.S. crude oil stocks fell by 4.2 million barrels to 459.68 million in the week to July 24, more than twenty times analysts' expectations for a decrease of 184,000, data from the Energy Information Administration showed on...

  • Earlier this week, U.S. crude prices hit four-month lows and Brent, the more important global benchmark, neared a six-month trough as a global oil glut, resurgent dollar and stock market tumble in top energy consumer China took a toll. "I see a rebound of about five bucks off the recent lows in the most likely scenario," said Chris Jarvis at Caprock Risk Management, an...

  • *Crude futures rise $1 before ending off highs on strong dollar. NEW YORK, July 29- Oil settled higher on Wednesday, recovering from multi-month lows, after U.S. government data showed a surprisingly large crude stockpile draw that signaled the market may have been wrong in predicting slumping demand for energy. Crude futures lost more than $10 a barrel over the...

  • $45 WTI oil prediction: Goldman's Currie

    Jeff Currie, Goldman Sachs global head of commodities research, gives an oil outlook and gives perspective to Goldmans' cautious outlook on oil.

  • Goldman Sachs' 3Ds of macro

    Jeff Currie, Goldman Sachs global head of commodities research, gives an oil outlook and gives perspective to Goldman's cautious outlook on oil.

  • *Crude futures rise over $1 a barrel before consolidating. NEW YORK, July 29- Oil prices jumped about 2 percent on Wednesday, springing from near six-month lows, after U.S. government data showed a surprisingly large crude stockpile draw that signaled the market may have been wrong in predicting slumping demand for energy. Crude futures have lost over $10 a barrel...

  • WILLISTON, N.D., July 29- U.S. oil companies, under renewed pressure from falling crude prices, are increasingly tweaking and mixing fracking technologies as they scramble to squeeze more out of wells and eke out profits after rounds of cost-cutting. Shale oil firms need the experiments to payoff now more so than before given that oil prices have resumed their...

  • NEW YORK, July 29- U.S. crude oil inventories declined far more than expected last week, while gasoline stocks decreased amid robust demand for the motor fuel, data from the Energy Information Administration showed on Wednesday. U.S. crude was up $1.02 at $49 a barrel at 11:13 a.m. EDT, well above its session low of $47.39. Brent crude was up 58 cents at $53.88, having...

  • Hess hurts on lower prices

    Hess Corp. posts profit loss on cheap oil.

  • LONDON, July 29- Oil prices reversed earlier losses and rose on Wednesday after weekly data showed an unexpectedly large drawdown in U.S. crude inventories. Data from the U.S. Energy Information Administration showed crude stocks fell by 4.2 million barrels last week, more than twenty times analysts' expectations for an decrease of 184,000 barrels.

  • Corn harvest

    The downward slide in commodity prices is accelerating, surpassing the low reached during the financial crisis in 2008.

  • Deep cuts for Chevron 22 Hours Ago
    Deep cuts for Chevron

    Chevron plans to slash 1,500 jobs to offset slumping crude oil prices.

  • *OPEC oversupply 3 million bpd in Q2- Reuters survey. "If you look at there's been a pretty big build and also a build in gasoline that is going to add a bit of pressure today," said Olivier Jakob, an oil analyst at Petromatrix in Zug, Switzerland. Front-month Brent futures were last at $53.08 a barrel, down 22 cents, by 1045 GMT, on course for their sixth straight daily...

  • *OPEC oversupply 3 million bpd in Q2- Reuters survey. "If you look at there's been a pretty big build and also a build in gasoline that is going to add a bit of pressure today," said Olivier Jakob, an oil analyst at Petromatrix in Zug, Switzerland. Front-month Brent futures were down 42 cents at $52.88 a barrel by 0850 GMT, set for their sixth consecutive daily decline, the...

  • *OPEC oversupply 3 million bpd in Q2- Reuters survey. Asian investors focused on OPEC production figures that showed members of the Organization of the Petroleum Exporting Countries produced around 3 million barrels of oil per day more than daily demand in the second quarter, a Reuters survey showed. OPEC members pumped 31.25 million barrels per day in the...

  • *OPEC oversupply 3 million bpd in Q2- Reuters survey. Asian investors focused on OPEC production figures that showed members of the Organization of the Petroleum Exporting Countries produced around 3 million barrels of oil per day more than daily demand in the second quarter, a Reuters survey showed. OPEC members pumped 31.25 million barrels per day in the...

  • An oil pump jack in the oil town of Gonzales, Texas.

    Oil prices reversed earlier losses and rose on Wednesday after weekly data showed an unexpectedly large drawdown in U.S. crude inventories.

  • *U.S. crude for September delivery dropped 25 cents to $47.73 a barrel as of 0003 GMT, after ending the previous session up 59 cents. The contract fell 17 cents in the previous session, and at one hit $52.28, its lowest since Feb. 2 on concerns about the stock market plunge in China, the world's largest energy consumer. *European Union foreign policy chief Federica...

  • July 28- Chevron Corp, the second-largest U.S. oil company, said on Tuesday it would lay off 1,500 employees, about 2 percent of its global work force, as it trims costs to offset declining crude prices. Nearly all of the layoffs will be in Texas, where the company has expanded in recent years to develop land in the Permian shale formation, and California, where Chevron...