Latest on Oil

Crude oil prices edged upward with stronger-than-expected growth in U.S. crude and distillate stocks offset by evidence of supply cuts from major producers including Saudi Arabia.

Exxon Active in Sanctions Debates, but Rex Tillerson Denies Lobbying

Oil giant Exxon Mobil has a long history of advocacy and engagement around issues related to international sanctions, including membership in a Washington-based trade group that strongly opposes unilateral U.S. sanctions against foreign countries and entities.

Trans-Mountain Pipeline Clears Final Hurdle for Expansion

British Columbia said Kinder Morgan could proceed with plans to expand its Trans Mountain crude-oil pipeline, representing the final regulatory hurdle for the multibillion-dollar project.

U.S. Oil and Fuel Inventories Rise Sharply

U.S. crude oil inventories rose much more than expected for the week ended Jan. 6, as did stockpiles of gasoline and other processed fuels, according to data released Wednesday by the Energy Information Administration.

U.S. Indicts Six VW Executives in Emissions Scandal

A U.S. grand jury indicted six current and former executives of Volkswagen for their alleged part in the company's U.S. emissions fraud as the Justice Department's investigation shifts from bringing the German car maker to account to prosecuting individual executives.

Electric Plant Operator Homer City Files for Bankruptcy

Homer City Generation, which has three coal-fired electric plants, filed for chapter 11 bankruptcy protection Wednesday to implement a restructuring that will erase $600 million in secured debt from its balance sheet.

Tillerson Suggests Tough Line on Russia, But Won't Commit on Sanctions

President-elect Donald Trump's pick for secretary of state, Rex Tillerson, said the U.S. needs to aggressively confront Russian President Vladimir Putin while also negotiating with his government, but refused to commit to maintaining or significantly ratcheting up sanctions on the country.

Iran Agrees to Take Steps to Reduce Enriched Uranium

Iran agreed Tuesday to take steps that would push its stockpile of enriched uranium far below the 300-kilogram cap fixed in its 2015 nuclear agreement, potentially eliminating one flashpoint over the accord, western diplomats said.

Libya Ramps Up Oil Production, Threatening OPEC Plans

Output has more than tripled in the past three months and hit a three-year high this week as militias make deals to reopen facilities. The country was exempted from cuts agreed to by major oil producers.

EU Approves French State Aid for Areva

The EU has approved a restructuring plan for French nuclear group Areva, saying a planned $4.76 billion capital injection is in line with the bloc's state-aid rules.

Oil and Gas Firms Pledge $5 Billion in Investments in Argentina This Year

Oil-and-gas companies on Tuesday pledged to invest at least $5 billion in Argentina this year and more than double that annually in coming years after unions agreed to lower labor costs, President Mauricio Macri said.

(END) Dow Jones Newswires

January 12, 2017 07:15 ET (12:15 GMT)

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