Crude oil futures tumbled to their lowest in nearly seven years on Monday after OPEC failed to address a growing supply glut, while a stronger dollar made it more expensive to hold crude positions.
Negotiators paving the way for a global climate change agreement in Paris have cleared a major hurdle, producing a draft accord in record time and raising hopes that a full week of minister-led talks can now clinch a deal despite many sticking points.
The U.S. oil rig count fell by 10 to 545 last week, for a third period in a row, according to oil driller Baker Hughes. That’s the lowest tally since the week of June 4, 2010.
Blindsided by a brutal downturn, oil companies have scuttled plans for scores of costly energy projects in an industry-wide retreat that could wipe out 19 million barrels from the world’s daily regimen of hydrocarbons over the next few years, a new report says.
An internal OPEC document written to prepare a crucial meeting Friday warns oil prices will remain under pressure in the near future while markets would remain oversupplied even if the cartel cut its production.
It was a record year for oil train mishaps—and the year crude-by-rail hit the brakes.
Activists have been urging investors for years to pull money out of the fossil-fuel producers blamed for much of the world’s warming. Joe Camel’s new role shows the movement has an even broader target: not just the industry’s money, but its reputation.
British warplanes hit oil fields that help finance the activities of the Islamic State in Britain’s first airstrikes following a vote in Parliament that authorized military action in Syria, its defense secretary said Thursday.
As its smuggling and oil businesses have faltered, the Islamic State has fallen back on ever-increasing taxes and tolls imposed on its squeezed citizens.
Volkswagen’s emissions scandal crushed the brand’s U.S. sales in November, despite heavy discounts and a strong month for the overall auto industry.
