Brent crude oil slipped on Friday to below $63 a barrel, its lowest since July 2009, on persistent concerns over a global supply glut and a sluggish demand outlook.
Energy
Brent steady above $61 as companies cut upstream investments
Brent crude held steady above $61 a barrel on Thursday, bringing a sharp drop in prices to a temporary halt as companies are forced to cut upstream investments around the world.
New York bans fracking after health report
New York state will ban hydraulic fracturing after a long-awaited report concluded that the oil and gas extraction method poses health risks, Governor Andrew Cuomo's administration said on Wednesday.
In Canada's oil sands, a boomtown starts feeling the chill
The boomtown in the heart of Canada's oil sands region is getting nervous. Fort McMurray, surrounded by the boreal forest of northern Canada, has long drawn thousands with jobs that paid six-figure salaries to a region that produces more crude than anywhere else in the Western Hemisphere.
Oil hits new five-year low before rallying to $63
Brent crude oil hit a fresh five-year low close to $60 a barrel on Monday after producer group OPEC restated its determination not to cut output despite a global fuel glut, but the North Sea benchmark later rallied to around $63.
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Once at the forefront of the fight against global warming, Japan is now facing calls from other big economies such as China to set fresh emissions targets as Tokyo increases its use of dirty coal energy to replace nuclear.
U.S. Secretary of State John Kerry on Thursday urged countries at U.N. climate talks in Lima to move away from using fossil fuels while demonstrators gathered outside the meeting urged him to reject the Keystone oil pipeline.
Global demand for OPEC crude in 2015 is expected to fall to the lowest level in more than a decade and far below current output, the group said on Wednesday, pointing to a hefty supply surplus without OPEC output cuts or a slowdown in the U.S. shale boom.
BP will cut hundreds of jobs across its global oil and gas business by the end of next year in a $1 billion restructuring program announced on Wednesday following steep falls in oil prices.
A surge of oil and gas production will drive the U.S. economy 1 percent higher in 2040 than it would have otherwise grown, and energy exports will only stoke the expansion, an independent study on energy policy concluded on Tuesday.
U.S. Representative Joe Barton will introduce a bill on Tuesday to lift the 40-year ban on exports of crude oil, but the measure has almost no chance of passing due to lawmaker concerns about fuel prices and costs to refiners.
Oil production from the United States' biggest shale plays is poised to keep expanding at the same breakneck pace into early next year, according to new U.S. projections released on Monday that highlighted a slow response to tumbling prices.
Brent and U.S. crude oil each fell more than $2 a barrel on Monday to a new five-year low amid a rising number of predictions that oversupply would extend well into 2015.
Ukraine's government has allowed state energy company Ukrinterenergo to import electricity from Russia to cover current power shortages caused by a lack of coal, the Ukrainian energy ministry said.
