Energy News Results

  • Oil Rebounds as Traders Hope for Saudi-Russia Talks' Resumption

    Crude prices recouped some of their losses Tuesday, partly in response to investors' rising skepticism about the escalating war of words between key oil exporters Saudi Arabia and Russia. Brent crude, the global benchmark, rallied 8.3% to $37.22 a barrel, posting its best day since September one day after the gauge plummeted 24%. U.S. crude futures rebounded 10% to $34.36.

  • Occidental to Slash Spending, Payout Amid Lower Oil Prices -- Update

    By Rebecca Elliott and Christopher M. Matthew. Occidental Petroleum Corp. (OXY), laden with debt following its $38 billion purchase of rival Anadarko Petroleum Corp. last year, is slashing spending and dividends as it responds to a crash in oil prices. The Houston-based producer plans to cut its quarterly dividend to 11 cents a share effective July, from 79 cents, the company said Tuesday.

  • Occidental Petroleum Slashes Dividend Amid Lower Oil Prices

    Occidental Petroleum Corp. (OXY) plans to cut its quarterly dividend to 11 cents a share starting in July, from 79 cents, the company said Tuesday, as it comes under pressure due to a crash in oil prices. The Houston-based producer, laden with debt following the acquisition of rival Anadarko Petroleum Corp. last year, also said it plans to slash spending this year by roughly 32%, to about $3.6 billion. "Due to the sharp decline in global commodity prices, we are taking actions that will...

  • Oil Rebounds as Traders Hope for Saudi-Russia Talks' Resumption

    Crude prices recouped some of their losses Tuesday, partly in response to investors' rising skepticism about the escalating war of words between Saudi Arabia and Russia. Brent crude, the global benchmark, rallied over 8% to $37.34 a barrel one day after the gauge plummeted 24%. U.S. crude futures rebounded 10% Tuesday.

  • Canada Vows Response to Crude-Oil Blow

    Canadian officials vowed Monday to do whatever it takes to support its resource-reliant economy in the face of a crushing blow from sharply lower energy prices, which threaten to further roil an economy already under pressure from the coronavirus epidemic. Canadian Finance Minister Bill Morneau said he would start rolling out fiscal measures this week, because uncertainty and financial-market volatility could further erode consumer and business confidence.

  • Correction to Article on Bank Stocks Tumbling

    The article "Bank Stocks Plunge Along With Oil" at 12:51 ET, had several errors. First, it contained incorrect percentage changes for a number of the banks mentioned in the 2nd and last paragraphs. Shortly after the market opened, Bank of America (BAC) stock was down 15.3%; JPMorgan (JPM) was down 11.7%; U.S.

  • Cheaper Oil Ratchets Up Pressure on Energy Sector

    Oil companies are expected to slash investments and cut shareholder returns after crude prices sank to their lowest level in four years. The Saudi Arabian Oil Co. this past weekend decided to discount oil prices after the Organization of the Petroleum Exporting Countries and Russia failed to agree to a production cut in response to the coronavirus epidemic. The move, along with the kingdom's plan to increase production starting in April, threatens to exacerbate a glut in oil...

  • Global Markets Rocked as Crude Fight Sends Oil Prices Plunging -- Update

    Oil plunged more than 25%, 10- year Treasury yields dipped below 0.5%, stocks dropped, and currencies swung as the prospect of an energy glut ratcheted up turmoil across markets world-wide. Investors are responding to Saudi Arabia's decision over the weekend to cut most of its oil prices and boost output, despite existing threats to demand from the coronavirus epidemic. The move escalates a clash with another major oil producer, Russia.

  • Saudis Instigate Oil-Price Clash With Russia -- 3rd Update

    Oil prices plumbed their lowest levels since 2016 after Saudi Arabian state oil giant Aramco said it plans to cut prices, a move that escalates the kingdom's clash with Russia and threatens to unleash a torrent of crude into well- supplied energy markets. The Saudi gambit is part of an aggressive campaign to snatch some of Moscow's market share, according to delegates from the Organization of the Petroleum Exporting Countries and Saudi officials. It comes after a longstanding...

  • Oil Tumbles to New Multiyear Low as Futures Trading Opens

    Oil prices fell sharply to new multiyear lows as futures trading reopened Sunday evening in New York, a signal that traders fear an escalating clash between Saudi Arabia and Russia will add a flood of crude into already well supplied global energy markets. The latest declines for oil came after Saudi Arabian state oil giant Aramco said in a weekend statement that it was cutting most of its prices and plans to boost crude output. The decision by the world's key crude exporter could...

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