Oil trades over $61 as US rig count drop spurs supply optimism
Oil traded above $61 a barrel as signs of slowing U.S. drilling added to optimism that the global crude surplus is abating.
Iranian tanker at risk of sinking as buyer seeks alternative oil
Hanwha Total Petrochemical Co. was considering alternative oil supplies after a fire on board an Iranian tanker that was destined for the South Korean company. The 32 crew members of the vessel were still missing following a collision in the East China Sea with another ship that’s left it in danger of sinking.
Handouts cheer Saudis but show struggle to revamp economy
Saudi authorities said they’ll spend billions of riyals to help citizens offset the impact of a value-added tax and a surge in gasoline and utility prices, a move that will help ease public discontent while highlighting the kingdom’s struggle to overhaul its economy.
Fired football coach loses out on odd bonus tied to oil prices
University of Arizona football coach Rich Rodriguez was less than three months from unlocking a $3.24 million bonus -- oddly, tied to the price of oil -- when he was fired late Tuesday night by the school.
Petrobras to pay $3billion to end US lawsuits over graft
Brazil’s state-run energy explorer Petrobras agreed to pay $2.95 billion to compensate U.S. investors who lost money when a massive corruption scandal eroded the oil giant’s market value.
Oil reaches highest since June 2015 as US stockpiles dwindle
Oil climbed to the highest level in two and a half years on expectations a U.S. government report will register the longest decline in crude stockpiles since the summer driving season.
Nigeria loses almost half its power output after pipeline fire
A fire at a Nigerian pipeline interrupted gas supplies to companies generating more than 3,000 megawatts in Africa’s most populous nation, the government said.
Oil steadies above $60 as protests spread in OPEC producer Iran
Oil steadied after a second annual increase, supported by concern that protests in Iran could lead to a supply disruption in OPEC’s third-biggest member.
Politics trumps oil recovery: A guide to Mideast markets in 2018
For as long as Gulf economies rely on oil, crude will be a factor in determining how investors trade regional markets. But right now, politics is king.
South Korea said to seize second ship suspected of oil transfers
South Korea is holding another vessel over suspicions it transferred petroleum products to a North Korean vessel -- the second seizure to come to light since President Donald Trump warned China against illicit oil sales to North Korea.
Kuwait signs LNG import deal with Shell, has gas need
Kuwait Petroleum Corp. signed a 15-year liquefied natural gas import deal with Royal Dutch Shell Plc to help the oil exporting nation meet growing domestic energy demand.
Keppel Offshore to pay $422million to end bribery probe
Keppel Offshore & Marine Ltd., the world’s biggest builder of oil rigs, agreed to pay $422 million to end a U.S. bribery probe into illegal payments to officials at Petroleo Brasileiro SA, Brazil’s state-owned oil company, and to the then-governing political party.
Tax bill opens Arctic refuge for oil; expect delay to follow
Congress is close to lifting a 40-year-old ban on energy development in Alaska’s Arctic National Wildlife Refuge, but drilling for oil in that frozen wilderness may still be years away as the effort faces exhaustive environmental reviews and likely lawsuits.
VIDEO: JPM’s Kelly says $60 oil will ramp up US production
JPMorgan Asset Management chief global strategist David Kelly and Oppenheimer Funds chief investment officer Krishna Memani discuss their 2018 outlook for oil. They speak with Bloomberg’s Jonathan Ferro on “Bloomberg Markets: The Open. Watch the video to find out more.
As Shell gambles on gas, leaks cast cloud over clean credentials
After spending $50 billion on the world’s biggest bet on natural gas, Royal Dutch Shell Plc is at the forefront of Big Oil’s efforts to clean up its act. But what if the constant, insidious leaks of gas into the atmosphere actually make the fuel more polluting than coal?
Saudi Arabia unveils its 2018 budget: economists’ reaction
Saudi Arabia released its second budget since unveiling proposals to reduce the kingdom’s dependence on oil. Here economists comment on the numbers, prospects for crude prices and the direction of government policy.
Video: Saudi Finance Minister on budget, Aramco IPO
Saudi Arabia Finance Minister Mohammed Al-Jadaan discusses the Saudi budget, generating revenue off the Aramco IPO and the government’s anti-corruption crackdown. Watch the video to find out more.
Petrobras makes a year’s worth of announcements in just a week
Petrobras, carrying the largest debt load among global oil majors, is rolling a year’s worth of promises into a week of significant announcements aimed at trimming the gap before an unpredictable presidential campaign starts to gear up.
Steel tycoon looks to the skies for future of UK’s last mills
How do you turn green one of industry’s biggest energy users? For one U.K. steel magnate, the answer is to become the nation’s largest generator of renewable power.
Noble Group faces key Dec. 20 deadline amid restructuring talks
Noble Group Ltd., the embattled commodities trader, faces a key deadline on Wednesday that could complicate its negotiations with creditors as it wrestles with a $3.5 billion debt restructuring.
No respite seen for FTSE 100 lagging global peers most since ’03
U.K. mega-cap stocks are having a tough year, and their laggard days may not be over.
Oil extends advance toward $58 as US drillers trim rig count
Oil extended gains toward $58 a barrel as U.S. drillers targeting crude reduced the rig count for the first time in four weeks.
Satellites are reshaping how traders track earthly commodities
A lump of coal is scooped onto a truck bed in Australia, driven to a port, loaded on a ship, piloted across the ocean to a dock in China, piled into a train car and delivered to power plant. And it would all happen under the watchful eyes of coal traders, if a fleet of new satellite tracking firms can deliver on ambitious promises.
Oil hovers near $57 as IEA predicts supply may outpace demand in 2018
Crude traded near its lowest level in a week as the International Energy Agency forecast that new supply may grow faster than demand next year, challenging OPEC’s efforts to deflate global stockpiles.
VIDEO: 4 charts to know – oil off the post-OPEC boil
Crude slid the most in two months after U.S. gas data revealed supply that beat all estimates. Meanwhile, iron ore and copper are in focus in part due to changing Chinese demand. Bloomberg's Ramy Inocencio explains with his Bloomberg terminal charts you need to know on "Bloomberg: Daybreak Asia."