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  • Oil inventories down, glut hurts prices Wednesday, 10 Feb 2016 | 2:33 PM ET
    Oil inventories down, glut hurts prices

    Oil settled at $27.45 a barrel for the day, after production in the U.S. dropped slightly, reports CNBC's Jackie DeAngelis.

  • *Russia's Sechin floats idea of oil output cuts. NEW YORK, Feb 10- Oil prices seesawed in choppy trade on Wednesday, with U.S. crude slipping and Brent paring gains as worries about a global supply glut offset data showing a surprise drop in U.S. crude stockpiles. OPEC data pointed to a larger oil supply surplus on the world market this year than previously thought, as...

  • *Russia's Sechin floats idea of oil output cuts. NEW YORK, Feb 10 (Reuters)- U.S. oil prices fell on Wednesday, reversing an early rally, and Brent also pared gains as worries about the global supply glut offset encouraging U.S. government data showing a surprise drop in domestic crude stockpiles. "We believe there's been short covering on the headline and we feel we...

  • BP: Here’s the upside for oil producers Wednesday, 10 Feb 2016 | 11:57 AM ET
    Natural gas is extracted at the Patterson 298 natural gas fueled drilling rig drills on land in the Permian Basin that is owned by Apache Corporation on February 5, 2015 in Mentone, Texas.

    Over the next 20 years, shale production in the U.S. is expected to grow to 8 million barrels per day, BP said.

  • NEW YORK, Feb 10- U.S. crude stockpiles fell unexpectedly last week as imports slumped, while gasoline inventories hit a record high for a second week, data from the Energy Information Administration showed on Wednesday. U.S. crude futures initially rose on the news, topping $29 a barrel, but quickly retreated, and was at $27.85, down 9 cents on the day by 11:03 a.m....

  • Inflation to continue to stay low: Yellen Wednesday, 10 Feb 2016 | 11:05 AM ET
    Inflation to continue to stay low: Yellen

    Fed Chairman Janet Yellen says the Fed is continuing to watch inflation expectations and reiterates that it will revise expectations based on incoming data.

  • *Budget shortfall up to $30 bln if oil prices stay at $30. MOSCOW, Feb 10- Russia is running out of options to plug a yawning hole in its budget- and steps unthinkable before oil prices began to plunge 20 months ago are now being considered. It could face an additional shortfall of up to 2.5 trillion roubles this year if crude prices stay at around $30 per barrel, putting...

  • OPEC expects rivals to produce less oil in 2016 Wednesday, 10 Feb 2016 | 9:37 AM ET
    OPEC expects rivals to produce less oil in 2016

    The Organization of the Petroleum Exporting Countries forecasts a decline in non-OPEC oil supply this year.

  • Russia's Sechin floats idea of oil output cuts Wednesday, 10 Feb 2016 | 8:54 AM ET
    Crude oil refining in Russia

    The head of Rosneft floated the idea of an output cut by oil-producing countries to prop up sagging prices but fell short of saying whether Moscow take part.

  • OPEC expects rivals to pump out less oil in 2016 Wednesday, 10 Feb 2016 | 6:20 AM ET

    Oil cartel OPEC has cut its forecasts for how much its rival producers will produce in 2016, while the 12-member group ramps up its own output.

  • *Iran says open to cooperation with Saudi Arabia. LONDON, Feb 10- Oil rose towards $31 a barrel on Wednesday after four days of declines, supported by the prospect of OPEC and rival producers cooperating to tackle a supply glut that has sent prices to a 12- year low. Iran's oil minister said Tehran was ready to negotiate with Saudi Arabia and the Kremlin's oil tsar...

  • What's the outlook for the oil market? Wednesday, 10 Feb 2016 | 2:53 AM ET
    What's the outlook for the oil market?

    Edward Morse, managing director and global head of commodities at Citi, shares his views on oil, commodity prices and Chinese demand.

  • *Iran says open to cooperation with Saudi Arabia. SINGAPORE, Feb 10- Crude oil prices pushed higher on Wednesday after Iran said it was open to cooperation with Saudi Arabia, partly recovering from an 8 percent fall in the previous session on concerns over demand and weak equities. Prices were supported by comments from Iran's oil minister that Tehran is ready to...

  • Oil rebounds in Asia as Iran talk raises hopes Tuesday, 9 Feb 2016 | 10:58 PM ET
    A worker grabs a nozzle at a PTT gas station in Bangkok, Thailand, January 5, 2016.

    Oil prices rose sharply in Asian trade on Wednesday on glimmers of hope of a producer cut-back and after a steep sell-off overnight.

  • Oil settles down 1.75%, at lowest level in three weeks Wednesday, 10 Feb 2016 | 3:40 PM ET
    An oil pump jack in Russia

    Oil prices seesawed on Wednesday as worries about a global supply glut offset a surprise drop in U.S. crude stockpiles.

  • *Iran says open to cooperation with Saudi Arabia. SINGAPORE, Feb 10- Crude oil prices pushed higher on Wednesday after Iran said it was open to cooperation with Saudi Arabia, partly recovering from an 8 percent fall in the previous session led by concerns over demand and weak equities. Prices were supported by comments from Iran's oil minister that Tehran is ready...

  • NYMEX-Crude oil rebounds after steep selloff Tuesday, 9 Feb 2016 | 8:18 PM ET

    *U.S. crude for March delivery was 47 cents higher at $28.41 a barrel by 0113 GMT. *The front-month Brent contract was 50 cents higher at $30.82 a barrel, after it had closed $2.56, or 7.8 percent, down on Tuesday. *Meanwhile, the International Energy Agency predicted the world will store unwanted oil for most of 2016 as declines in U.S. output take time and that OPEC is...

  • Iran ready to cooperate with Saudis on oil: Report Tuesday, 9 Feb 2016 | 7:51 PM ET
    Iranian workers walk at a unit of South Pars Gas field in Asalouyeh Seaport, north of Persian Gulf, Iran November 19, 2015.

    Iran's oil minister said Tehran was ready to negotiate with Saudi Arabia over the conditions in oil markets, Iran's Press TV reported.

  • The oil market will be stronger: Analyst Tuesday, 9 Feb 2016 | 7:10 PM ET
    Oil Rollercoaster

    Oil plunged Tuesday, but what does the future hold for the commodity? Analysts weigh in.

  • The Mideast countries hardest hit by oil prices Tuesday, 9 Feb 2016 | 4:49 PM ET
    A worker stands at a pipeline, watching a flare stack at the Saudi Aramco oil field complex facilities at Shaybah in the Rub' al Khali ('empty quarter') desert in Shaybah, Saudi Arabia.

    Here are the countries that are most resilient to the impact of oil prices—and those hit hardest.