India on Wednesday relaxed its rules for setting up fuel stations in the country after a gap of 17 years, opening to non-energy companies a sector long eyed by global oil majors. India, where fuel demand is expected to rise in coming years, has become a lucrative market after the government removed controls on retail pricing of gasoline and gasoil.
Canadian oil and gas producer Husky Energy Inc (HUSKF) laid off a number of employees on Tuesday, a company spokeswoman said, the latest sign of how Canada's energy sector is struggling with declining capital investment and sluggish growth. Calgary, Alberta-based Husky declined to say how many jobs were affected by the cuts.
Canada's energy industry saw its worst-case election result materialize on Monday as the Liberals failed to secure a majority government, leaving them in need of support from left-leaning parties that are opposed to new oil pipelines. Liberal Prime Minister Justin Trudeau won enough seats to form a minority government but fell short of an overall majority.
Despite a big drop in quarterly earnings reported on Monday and a gloomy outlook for U.S. shale--where the oil-field services company is the market leader--investors liked what they heard. Shares of the Houston-based company rose nearly 8% by midday. Companies that sell picks and shovels to the oil-and-gas industry are particularly sensitive to downturns.
Exxon Mobil Corp. (XOM) and New York's attorney general are headed for a showdown this week over accusations the company deceived investors, a rare trial over how the oil industry accounts for the impact of climate change. The trial, which begins Tuesday in state court in Manhattan, is the culmination of a sprawling investigation into Exxon and its accounting practices that spanned four years and three New York attorneys general. It is expected to include as a witness former Secretary...
* Unshackling FX market is among reforms agreed with IMF. * Parallel market slide puts pressure on official rate. * Oil price tumble in mid-2014 caused economic crisis. * Curb on mining, informal sector limits dollars on the street. * Angola FX reserves - https://tmsnrt.rs/2MXmzno. By Karin Strohecker and Omar Mohammed.
Canada's main stock index rose slightly on Friday, helped by energy stocks, but China's slowest growth in nearly three decades exacerbated concerns about global growth and capped gains. * At 9:42 a.m. ET, the Toronto Stock Exchange's S&P/TSX composite index was up 30.07 points, or 0.18%, at 16,456.37. * Six of the index's 11 major sectors were up.
Oil prices edged lower on Friday, as concerns about China's economy outweighed bullish signals from its refining sector, but losses were limited on hopes for progress toward a U.S.-China trade agreement. Benchmark Brent crude oil futures fell 65 cents, or 1.1%, to $59.26 a barrel by 1:06 p.m. EDT. Both Brent and WTI were on track to lose 2% for the week.
Those are terms equity analysts are using to describe investors' attitude toward energy stocks. Shares of exploration-and-production companies, along with oil-field-service firms, have fallen even more than crude prices this year. A five-year slump in oil prices as well as even longer bouts of rock-bottom natural-gas sales and profligate spending has caused investors to sour on the sector.
A company owned by the Navajo Nation purchased Cloud Peak mines. "Coal Bankruptcies Pile Up as Utilities Embrace Gas, Renewables," at 9:14 a.m. EDT Oct. 13, incorrectly said the company sold the mines in the 18th paragraph. (END) Dow Jones Newswires 10-14-19 1329 ET Copyright (c) 2019 Dow Jones& Company, Inc..
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