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Energy Commodities Oil

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  • *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...

  • US crude settles 81 cents higher at $48.79 per barrel Wednesday, 29 Jul 2015 | 2:34 PM ET
    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...

  • Core Labs CEO: US oil production to fall Tuesday, 28 Jul 2015 | 6:15 PM ET
    Core Labs CEO: US oil production to fall

    Core Laboratories Chairman and CEO David Demshur, discusses U.S. oil production, and whether the price of oil has reached a bottom.

  • NEW YORK, July 28- Oil prices steadied on Tuesday, with Brent recovering from near six-month lows and U.S. crude settling more than 1 percent higher as bets for a drop in U.S. stockpiles offset concern over a global oil supply glut and China's stock market meltdown. "We're getting a bounce of sorts but I'll be selling into any strength I see," said Tariq Zahir, an oil bear...

  • Commodities tomorrow: Buying the dip Tuesday, 28 Jul 2015 | 4:00 PM ET
    Commodities tomorrow: Buying the dip

    CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets.

  • *Investors shrug off China's falling stocks. NEW YORK, July 28- U.S. and European stock markets climbed 1 percent or more on Tuesday, reversing five days of declines, as investors looked past China's equities sell-off and took buying cues from earnings and mergers news. "The S&P has had five down days in a row and a lot of people are starting to nibble," said Michael...

  • Is it time to buy oil? Tuesday, 28 Jul 2015 | 4:22 PM ET
    A file photo shows an Iranian worker at the South Pars field in the southern Iranian port town of Asaluyeh.

    The Iran nuclear deal could help stabilize oil prices and even give them a boost, says Nasdaq's Tamar Essner. But here's what has to happen first.

  • 'Good selling opportunity' in oil stocks: Expert Tuesday, 28 Jul 2015 | 3:42 PM ET
    Technicians prepare oil drilling equipment to be used at Vaca Muerta Shale oil reservoir in Loma Campana. YPF has an agreement with US Chevron to exploit Vaca Muerta.

    While big-name oil stocks rose in tandem with the commodity Tuesday, they're still slated to struggle, one industry analyst said.

  • NEW YORK, July 28- Oil prices steadied on Tuesday, recovering from near six-month lows, with U.S. crude rising more than 1 percent as bets for a drop in U.S. crude stockpiles offset worries about a global supply glut and equity market meltdown in China. "We're getting a bounce of sorts but I'll be selling into any strength I see," said Tariq Zahir, an oil bear at Tyche...

  • Trader: Buy this energy stock despite oil slide Tuesday, 28 Jul 2015 | 12:17 PM ET
    A Marathon gas station in Chicago.

    CNBC "Halftime Report" trader Jim Lebenthal is buying an energy stock he believes will move higher regardless of the direction of oil prices.

  • BP has a number of challenges ahead: Pro Tuesday, 28 Jul 2015 | 11:20 AM ET
    BP has a number of challenges ahead: Pro

    Michael Hulme, commodity equities fund manager at Carmignac, talks about BP's future following its Q2 earnings.

  • China's already volatile benchmark stock index, with a combined market capitalisation of $4.6 trillion, has lost 10 percent in the last two days of trade. "Typically, equity markets do have a high correlation to quarterly GDP growth," Deutsche Bank strategist Michael Lewis said. Brent was down 97 cents at $52.50 a barrel by 1410 GMT, having hit a session low of $52.28,...

  • BP warns on oil price after announcing $6.3B loss Tuesday, 28 Jul 2015 | 4:00 AM ET
    BP warns on oil price after announcing $6.3B loss

    Oil giant BP reported a $6.3 billion loss on Tuesday, and warned that low oil prices are here to stay.

  • China's already-volatile benchmark stock index, with a combined market capitalisation of $4.6 trillion, has lost 10 percent in the last two days of trade. "Typically, equity markets do have a high correlation to quarterly GDP growth," Deutsche Bank strategist Michael Lewis said. Brent was down 72 cents at $52.75 a barrel by 1054 GMT, having hit a session low of...

  • UPDATE 2-BP profits slump after huge oil spill charge Tuesday, 28 Jul 2015 | 4:41 AM ET

    LONDON, July 28- BP's second-quarter profit slumped by nearly two thirds from a year ago as it grappled with lower crude prices and took a huge $10.8 billion charge related to the 2010 Gulf of Mexico oil spill. While BP had been expected to take a $10 billion charge for this at some point, it said on Tuesday it had also agreed to pay up to $1 billion to resolve claims from...

  • China's already-volatile benchmark stock index, with a combined market capitalisation of $4.6 trillion, has lost 10 percent in the last two days of trade. "Typically, equity markets do have a high correlation to quarterly GDP growth," Deutsche Bank strategist Michael Lewis said. Brent had fallen 78 cents to $52.69 a barrel by 0821 GMT, having hit a session low of...

  • BP warns on oil price after reporting $6.3B loss Tuesday, 28 Jul 2015 | 2:04 AM ET

    BP, the oil giant, announced a second-quarter replacement cost loss of $6.3 billion, and warned low oil prices are here to stay.

  • SINGAPORE, July 28- Oil prices fell towards four-month lows on Tuesday, dropping for a fifth straight session on persistent worries about a global supply glut, while stock market sell-offs on both sides of the Pacific also rattled investor sentiment. Uncertainty over the health of the Chinese economy, reflected in the sell-off in the stocks, lacklustre U.S. oil...