Latest on Oil

Oil prices flipped between gains and losses Friday, as investors weighed the prospects for lower production levels against building oil products in storage..

Saudi Arabia Cuts Output in Accordance With OPEC Deal

Saudi Arabia has cut its crude-oil production by at least 486,000 barrels a day since October, bringing the world's largest exporter of petroleum swiftly into line with OPEC's deal to raise prices.

Venezuela's Oil Company Sued Over Latest Citgo Deal

Petróleos de Venezuela is facing new legal action from North American multinationals over financial maneuvers they say are designed to shield the state-owned oil giant's U.S. assets from seizure.

EU Tax Push May Land Engie With $300 Million Luxembourg Levy

France's Engie may have to return more than $300 million in unpaid taxes to Luxembourg if the energy company's tax arrangements are found to breach EU rules on illegal state aid.

U.S. Oil Inventories Plunge, Fuel Supplies Surge

U.S. crude oil inventories declined much more than expected for the week ended Dec. 30, but fuel stockpiles rose higher, according to data released by the EIA.

Speculative Money Fueling Oil Rally

OPEC's recent agreement to limit crude production is unleashing a tide of bets that oil prices will rise, and that speculation raises the prospect that the oil market could reverse suddenly if the cartel fails to deliver.

Nigeria Plans Security Advisory Council to End Oil Pipeline Vandalism

State-owned Nigerian National Petroleum Corp. said it plans to establish a security advisory council to solve pipeline vandalism and other security challenges in its oil and gas industry.

Encana Boosts Forecasts, Citing Lower Costs and Increased VolumesEnergy producer Encana Corp. said Wednesday that results in 2017 will exceed its forecast released just a few months ago as the company continues to cut costs and boost volumes.

Exxon Mobil Cashes Out Ex-CEO Tillerson Ahead of Confirmation Hearings

Exxon Mobil has awarded former Chief Executive Rex Tillerson a $180 million retirement package as the company moves to break financial ties with President-elect Donald Trump's nominee for secretary of state.

Bonanza Creek Bankruptcy Means Losses for Investors in 2015 Stock Offering

Shares of Bonanza Creek Energy Inc. jumped 40% Wednesday on its plans to shed more than half of its debt in bankruptcy proceedings, but the pop is little consolation for investors who bought the shares of the Denver energy producers' stock offering two years ago.

Energy Future Cleared to Poll Creditors on Bankruptcy Exit

A bankruptcy judge authorized creditors to begin voting on Energy Future Holdings Corp.'s chapter 11 exit plan Wednesday after the Texas power giant flip-flopped on a deal with senior lenders.

(END) Dow Jones Newswires

January 06, 2017 11:15 ET (16:15 GMT)

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