Oil Prices News
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Brent crude dropped for a third day to its lowest intraday price in three weeks as manufacturing in China shrank and U.S. gasoline stockpiles increased.
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Apache Corp. isn’t waiting for Carl Icahn to tell the energy company how to reverse a two-year decline that’s erased $14 billion from its market value.
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Hong Kong stocks fell, with the benchmark index headed for its biggest drop in almost seven weeks, as a preliminary survey showed China’s manufacturing unexpectedly contracting. Concern that the Federal Reserve will scale back stimulus also dragged shares lower.
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European Union leaders urged faster integration of the bloc’s power and natural-gas markets to lower energy prices as the U.S. shale-gas revolution widens the EU’s cost gap with its largest trading partner.
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Russia plans to switch from a flat rate of tax on natural gas producers to a formula that takes into account energy prices and the difficulty of extracting the fuel, according to a draft released today.
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Russian industrial-output growth slowed as a stalling economy and weakening exports hurt demand.
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Russian industrial production probably grew more slowly in April than in the previous month as a stalling local economy and weakening exports hurt demand.
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Enbridge Inc., Canada’s largest oil pipeline operator, is spending more time seeking public support for new conduits than regulatory approval as opponents of fossil fuel development try to block new routes to market, Chief Executive Officer Al Monaco said.
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Palm oil may decline about 14 percent as output increases in Indonesia and Malaysia, rebuilding stockpiles in the world’s two largest producers, according to Dorab Mistry, director at Godrej International Ltd.
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The Central Bank of Nigeria will probably keep its benchmark lending rate unchanged at a record high to bolster its foreign-currency reserves and support the naira after oil prices fell last month.
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