News Highlights : Top Energy News of the Day
Global Oil Supply Grows on Higher OPEC Output Despite Deal
The global oil supply rose for a third consecutive month in July, even as the market continues to rebalance, the International Energy Agency said.
British Columbia Vows to Block Pipeline Expansion
The government of British Columbia, Canada's westernmost province, vowed to use every legal option to stop construction of Kinder Morgan Inc.'s planned expansion of a pipeline connecting the Alberta oil sands with the Pacific Coast.
Petrobras Net Profit Falls 68%
Brazilian state-controlled oil company Petróleo Brasileiro, or Petrobras, reported a decline in its second-quarter earnings amid lower sales and a higher tax bill.
Oil Pulls Back After Topping $50 a Barrel
Oil futures fell Thursday, pulling back after topping $50 a barrel as investors weighed evidence that the world stock overhang is finally falling against rising OPEC production.
OPEC Says Crude Output Rose in July
OPEC's crude-oil production rose further in July, in the latest sign the cartel's efforts to reduce output and drain a global supply glut are falling short.
Babcock & Wilcox Agrees to Buy Back Private-Equity Stake a Day Before 72% Plunge
A private-equity firm that three months ago took a 10% stake in power-generating company Babcock & Wilcox Enterprises Inc. struck a deal to sell its position back to the company, dodging by one day a 72% plunge in the stock.
A Reason to Cheer at OPEC
Crude stockpiles are down, yes, but what may really please oil exporters is the oil futures curve.
Natural Gas Surges After Data
Natural gas prices settled sharply higher Thursday, extending a rally to a fourth day after data showed that stockpiles grew by less than expected last week, helping keep the natural gas glut in check.
Glencore Profits Rise on Commodities Boom
Swiss mining and trading giant Glencore reported strong first-half results benefiting from rising commodity prices as it continues to recover from a downturn that sparked widespread worries about its financial health and caused an investor revolt.
Investors Question Oil Output in America's Fastest-Growing Field
Investors helped turn West Texas' Permian Basin into America's fastest-growing oil field, but their confidence is cracking over whether drillers can keep production rising.