U.S. Oil, Fuel Inventories Rise More Than Expected

U.S. crude oil inventories rose by 2.8 million barrels, to 488.3 million barrels, more than expected, while stockpiles of gasoline also saw a large increase of 6.8 million barrels, to 253.2 million barrels, according to data released by the EIA.

Hess Reports Wider Loss

Hess reported a loss of $4.89 billion, or $15.65 a share, compared with a loss of $1.82 billion, or $6.43, a year earlier, although earnings slid less than expected as the company benefited from higher energy selling prices.

BP Warns Battle for Oil Market Share Could Return

The world's appetite for oil will slacken in the coming decades, but petroleum supplies will remain abundant, BP said, highlighting the possibility that big producers will renew their fight for market share.

Saudi Aramco Axes Plans for Petronas Joint Venture

Saudi Aramco has given up plans to partner Malaysia's Petronas for an up to $20.1 billion refining and petrochemicals project, people familiar with the matter say.

Judge Keeps Forbes Energy's Bankruptcy on Fast Track

A judge kept oil-field services company Forbes Energy Services Ltd. on schedule for a short trip through chapter 11, scheduling a hearing in March to consider the company's bankruptcy-exit plan.

Peabody Energy Opposes Rival Restructuring Plan

Peabody Energy Corp. has come out against a rival restructuring plan by a group of bondholders and shareholders. Peabody will seek court approval Thursday to put its own plan to a creditor vote.

BHP Billiton Cuts Annual Copper Output Forecast

Copper's rise to an 18-month high is being fanned by global production problems at the world's largest miner, which saw a prolonged power blackout at anAustralian mine and now faces threats of a strike in Chile.

Genco Reorganization Plan Wins Court Approval

Illinois Power Generating Co., a coal-fired power generator indirectly owned by Dynegy Inc., won court approval for its reorganization plan.

New York State's First Offshore Wind Farm Gets Green Light

The Long Island Power Authority completed an agreement Wednesday to build New York state's first offshore wind farm 30 miles east of Montauk, N.Y., the latest effort by the industry to gain traction in the U.S. market.

Trump Takes Action to Revive Keystone, Dakota Pipelines

President Trump moved to revive the Keystone XL and Dakota Access pipelines, projects that were rejected under the Obama administration.

(END) Dow Jones Newswires

January 26, 2017 00:15 ET (05:15 GMT)

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