HOUSTON/WILLISTON, N.D – With the prospect of another plunge in crude prices <CLc1><LCOc1> looming after two months of stability, U.S. shale oil producers may face another round of spending cuts to conserve cash and survive the downturn. A deeper retrenchment would have far-reaching effects. Additional cutbacks would further gut the already-hemorrhaging oilfield services industry and may heighten expectations for a ...

LONDON – Brent oil prices fell below $53 a barrel on Wednesday on oversupply concerns as industry data indicated U.S. crude stocks had hit a new record high. U.S. crude inventories rose by 10.5 million barrels to 450 million barrels in the week to March 13, American Petroleum Institute (API) figures showed on Tuesday. Official inventory data will be issued ...

LONDON – OPEC members’ own versions of their oil output were for years greeted with such skepticism that the group resorted to publishing what others thought they were producing. That gave rise to a mini-industry of OPEC watchers, tapping secretive sources to track every barrel. Output was hotly contested when the group squabbled over member quotas, which have since been ...

NEW YORK – A four-day drop in U.S. oil prices has shattered a month of relative stability and raised the specter of another sustained move lower as rocketing production and swelling inventories re-emerge as dominant market forces. Hammered by oversupply, U.S. oil prices fell 60 percent from $107 a barrel in June to below $44 a barrel in January before ...

LONDON – Oil prices might have stabilized only temporarily because the global oil glut is worsening and U.S. production shows no sign of slowing, the International Energy Agency said on Friday. The West’s energy watchdog said the United States may soon run out of spare capacity to store crude, which would put additional downward pressure on prices. That process would ...

LONDON – Brent crude rose to $57 a barrel on Wednesday, rebounding after hitting a one-month low as a surprise drop in U.S. oil stocks overshadowed a rally in the dollar and global oversupply. Brent for April delivery <LCOc1> hit a one-month low of $55.92 a barrel before recovering to trade up 62 cents at $57.01 a barrel by 1248 ...

NEW YORK — ExxonMobil CEO Rex Tillerson expects the price of oil to remain low over the next two years because of ample global supplies and relatively weak economic growth. Speaking at the company’s annual investor meeting in New York, Tillerson cautioned that geopolitical turmoil could unexpectedly send prices higher. But he said that if tensions calm, much more oil ...

NEW YORK — The U.S. has so much crude that it is running out of places to put it, and that could drive oil and gasoline prices even lower in the coming months. For the past seven weeks, the United States has been producing and importing an average of 1 million more barrels of oil every day than it is ...

LONDON – Brent crude oil prices slipped below $59 a barrel on Thursday after another big weekly build in U.S. crude inventories and a possible rise in Saudi output stoked worries about oversupply. U.S. crude stocks rose by 14.3 million barrels last week, data from industry group the American Petroleum Institute (API) showed after Wednesday’s settlement, compared with analysts’ expectations ...

Phillips 66 Partners LP said it would buy Phillips 66’s interests in three pipeline systems for a total of $1.01 billion to expand its operations in Texas. The deal includes two natural gas pipeline systems based in Texas, as well as a 19.46 percent interest in the Explorer Pipeline Company, which operates a pipeline carrying refined products between the Gulf ...