News Highlights : Top Energy News of the Day
Oil Falls After IEA Data Casts Shadow
Crude futures eased further Friday after the International Energy Agency revised its historical demand figures lower, indicating oil supplies might not be as tight as previously thought.
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.
U.S. Oil Rig Count Rises by Three
The number of rigs drilling for oil in the U.S. rose by three in the past week to 768, according to oil-field services company Baker Hughes.
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.
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.
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.