Saudi Arabia's move to slash the price it charges in Asia for its oil this week to the lowest in more than a decade is the latest aggressive action by Gulf states to defend market share in the world's top oil consuming region.
Energy
Oil dips after weak Chinese trade data
Brent crude prices slipped on Monday as a slump in Chinese imports pointed to lower fuel demand in the world's biggest energy consumer, outweighing falling U.S. oil rig counts and signs of healthy U.S. growth.
Union says U.S. refinery strike widened; cites unfair labor practices
The United Steelworkers union said on Saturday the strike by U.S. refinery workers is expanding to two more plants early on Sunday due to unfair labor practices by oil companies.
Oil price fall exacerbated by hedging, energy firms' debt: BIS
Oil’s dramatic price fall since mid-2014 cannot be explained by changes in production and consumption alone, with hedging and energy firms' high debt levels also playing a part, the Bank for International Settlements (BIS) said on Saturday.
U.S. oil rig count falls to lowest since Dec. 2011: Baker Hughes
The number of rigs drilling for oil in the United States fell by 83 this week to 1,140 - the lowest since December 2011 - a survey showed on Friday, a clear sign of the pressure that tumbling crude prices have put on oil producers.
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Union leaders rejected a sixth contract offer Royal Dutch Shell Plc made to U.S. refinery workers, and a pause in negotiations was called Thursday on the fifth day of a strike, though talks are set to resume next week.
Crude oil prices rose as much as $1 on Friday, continuing a rebound from near six-year lows plumbed last week, but rising global inventories and steady OPEC supply will likely cap gains.
Oil rose toward $55 a barrel on Thursday, recovering from part of the previous session's slide after China took steps to pour liquidity into the world's second-biggest economy, although traders and analysts said oil's outlook looked weak.
Oil prices rose on Thursday, rallying a little after big losses in the previous session, after China took steps to pour fresh liquidity into the world's second-biggest economy to spur activity.
Russia's top oil producer Rosneft is basing its budget for this year on an average oil price of $50 per barrel, the company's Chief Executive Officer Igor Sechin said on Wednesday.
Oil prices crashed on Wednesday, with U.S. crude losing 9 percent in one of its biggest daily routs ever, as record high oil inventories in the United States cut short a four-day rally.
Eastern Canada has joined a race to export North America's vast natural gas riches to energy-hungry markets overseas, with four projects betting the far-flung Atlantic provinces will be the easiest route to Europe and India.
Rosneft is raising money from Swiss trader Trafigura days before it must repay a $7 billion debt and squeezed by sanctions, industry sources said, seeking new options after a foray into the bond market fueled a devaluation of the rouble.
Oil major BP beat expectations for the fourth quarter of 2014 thanks to a surprise profit from its stake in Russian oil giant Rosneft while taking a $3.6 billion impairment charge and cutting spending due to low oil prices.
