Oil is poised to do something it hasn’t done in more than 30 years (hint: it isn’t good)

A jolt lower for oil since peaking in October has set crude futures on track toward an ugly record. That is even after U.S. benchmark oil on Thursday fell into correction territory, defined as a drop of at least 20% from a recent peak. If West Texas Intermediate crude for December delivery on the New York Mercantile Exchange CLZ8, -1.22% ends […]

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Oil prices rise off multimonth lows ahead of weekend OPEC gathering

Oil prices rose Wednesday, a snap back from the deep losses of recent sessions, as traders looked ahead to meetings between OPEC and its allies over the weekend that could result in supply cuts. Oil traders were looking on with interest at the midterm election outcome. A split in Washington may force the Trump administration to soften its hard-line stance […]

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Bloom Energy stock slammed as earnings and guidance disappoint

Shares of clean-energy provider Bloom Energy Corp. fell 20% Tuesday, after the company reported a wider-than-expected loss for the third quarter and trimmed guidance for the fourth quarter. The company BE, -21.38% makes fuel cells that are used in stationary power-generation services to convert natural gas or biogas into electricity. It went public in July with some fanfare, racking up a […]

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Oil prices slip anew in wake of reprieve from Iran sanctions for major consumers

Oil prices dipped again early Tuesday after the Trump administration a day earlier granted waivers to allow eight nations to continue buying Iranian crude as U.S.-driven economic sanctions against the Islamic Republic kicked in. News reports said President Donald Trump on Monday told reporters that he wants to “go a little bit slower” when it comes to sanctions on Iranian […]

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Gulfport Energy CEO resigns after unauthorized use of credit card, private jet

Gulfport Energy Corp.’s GPOR, +2.96%  chief executive has stepped down following a company review that found he had made personal charges to a company credit card and used Gulfport’s chartered aircraft without permission. On Thursday, the company said Michael G. Moore had resigned as CEO and president as of Oct. 29 and Chief Operating Officer Donnie Moore assumed top executive […]

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Why oil prices are plunging despite U.S. sanctions on Iran’s energy sector

The oil market has had nearly six months to assess the possible effect of U.S. sanctions on Iranian oil exports. Surprisingly, the prospect of significantly tighter global supplies has resulted in lower prices. President Donald Trump announced on May 8 that he would end the participation of the United States in the Joint Comprehensive Plan of Action, a 2015 pact […]

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Rise in U.S. crude-oil supplies nearly matches expectations, but marks a sixth weekly climb

The Energy Information Administration reported Wednesday that domestic crude supplies rose by 3.2 million barrels for the week ended Oct. 26. That followed five consecutive weeks of gains. Analysts surveyed by S&P Global Platts had forecast a rise of 3.3 million barrels, while the American Petroleum Institute on Tuesday reported an increase of 5.7 million barrels, according to sources. Gasoline […]

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Austrian energy group OMV's third-quarter core profit jumps by nearly a third

Austrian oil and gas group OMV posted a 31 percent rise in its third-quarter adjusted operating profit, helped by a production start-up in Abu Dhabi and higher oil prices. Clean current cost of supplies (CCS) earnings before interest and tax (EBIT), which excludes special items and inventory gains or losses, came in at 1.05 billion euros ($1.19 billion), above an […]

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