Latest on Oil

Oil prices in Asia trading were lower early on Monday as drilling activities in the U.S. intensified last week, stoking concerns that the effort by global oil producers to curtail oversupply could be undercut by American shale producers.

U.S. Oil-Rig Count Climbs by Four

The number of rigs drilling for oil in the U.S. rose by four in the past week to 529, oil-field services company Baker Hughes Inc. said Friday

Volkswagen Near Settling U.S. Criminal Case Over Emissions Cheating

Volkswagen is near resolving a criminal investigation into the German auto giant's emissions cheating, said people familiar with the matter.

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 betsthat 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 Volumes

Energy 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.

(END) Dow Jones Newswires

January 09, 2017 04:15 ET (09:15 GMT)

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