Iran's oil minister said Tehran was ready to negotiate with Saudi Arabia over the conditions in oil markets, Iran's Press TV reported.» Read More
After posting relatively weak earnings reports for the fourth quarter of 2015, most banks based in Texas and Oklahoma have seen their shares rally. In the weeks leading up to their earnings reports, banks in Texas and Oklahoma were the target of short sellers who saw the continuing decline in oil prices hurting lenders. Even the president of the Dallas Federal...
CNBC's Morgan Brennan dives into the latest results from BP and Exxon Mobil.
*U.S. crude settles below $30/ barrel. NEW YORK, Feb 2- U.S. and European stock indexes fell sharply on Tuesday and buyers sought safe-haven government bonds after another tumble in depressed oil prices. Benchmark Brent crude settled down 4.4 percent, while U.S. crude fell 5.5 percent, settling below $30 a barrel.
CNBC's Jackie DeAngelis reports on oil and production.
Brian Busch, Genscape, does not see a bottom of oil and expects a modest reduction in demand.
California's attorney general is suing Southern California Gas Company, claiming failed to contain or report an LA gas leak.
Mersch warns that there could be a risk of low oil prices becoming entrenched.
North Dakota faces a $1 billion budget shortfall. Alaska's gap is an estimated $3.5 billion. —Gasoline is expected to average just $2.03 a gallon this year, down from $2.43, according to the Energy Department.
Exxon Mobil Corp. said Tuesday that fourth-quarter profit fell 58 percent to $2.78 billion. That helped Exxon avoid the fate of rival Chevron Corp., which lost money in the fourth quarter. Exxon shares fell $2.12, or 2.8 percent, to $74.17 in afternoon trading.
Feb 2- U.S. stocks extended their selloff in early afternoon trading on Tuesday as falling oil prices heightened concerns regarding the health of the global economy and investors sought safer investments. Brent oil fell nearly 6 percent, while U.S. crude briefly slid below $30 per barrel, as hopes for a deal between OPEC and Russia on output cuts faded.
Feb 2- Wall Street was sharply lower on Tuesday as falling oil prices heightened concerns regarding the health of the global economy and investors sought safer investments. Brent oil fell more than 5 percent, while U.S. crude briefly slid below $30 per barrel, as hopes for a deal between OPEC and Russia on output cuts faded. "We still haven't broken the correlation...
NEW YORK, Feb 2- Oil prices fell more than 3 percent on Tuesday amid worries about demand, renewing pressure on global equities and boosting buying of safe-haven U.S. government bonds. U.S. crude prices slipped below $30 a barrel before recovering somewhat as hopes for a deal between OPEC and Russia on output cuts faded. "People want to see stability in that market...
Energy ETFs are down following earnings results from big energy names and slipping oil prices.
Discussing Exxon's earnings beat, but quarterly profit below $3 billion for the first time in 14 years, with Stewart Glickman, S&P Capital IQ oil analyst. Glickman has a "buy" on Exxon, but cut his price target to $88.
LONDON, Feb 2- European equities fell on Tuesday as crude oil prices slipped again and companies like BP reported disappointing earnings. BP fell 9 percent, its biggest daily decline since mid-June 2010, after reporting its worst annual loss in more than 20 years in 2015 and announced thousands of job cuts. "BP's dividend is a mile away from being covered by...
Dennis Gartman explains why he thinks Boone Pickens' prediction for oil is wrong.
NEW YORK— Another steep drop in the price of oil weighed on global markets Tuesday. Energy stocks fell as oil giants Exxon Mobil and Chevron reported their worst quarterly results in more than a decade. On Monday, the Institute for Supply Management said its gauge of factory activity pointed to a contraction while China's official survey found that...
* "Highly unlikely" OPEC, Russia will cooperate- Goldman. LONDON, Feb 2- Brent oil fell more than 5 percent on Tuesday, while U.S. crude slid below $30 per barrel, hit by worries about the demand outlook and rising supply, while hopes for a deal between OPEC and Russia on output cuts faded. Russia's energy minister and Venezuela's oil minister discussed the possibility of...
NEW YORK, Feb 2- U.S. Oil fell around 4 percent on Tuesday, dented by worries about the demand outlook and rising supply, while hopes for a deal between OPEC and Russia on output cuts faded. "I think the reaction in the bonds is greater than you would think from the stimulus of oil and the stock market," said Lou Brien, a market strategist at DRW Trading in Chicago.
Crude prices should not be so heavily influenced by oil stocks, one analyst told CNBC, saying that their recent correlation is fundamentally flawed.