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Tag Archives: global oversupply

Energy sector leads another decline in stocks as oil falls

FILE - This July 15, 2013, file photo, shows a sign for Wall Street outside the New York Stock Exchange. Falling oil prices continued to weigh on global stock markets Tuesday, Feb. 2, 2016, a day after a 6-percent plunge that was sparked by concerns over the global economic recovery following weak Chinese and U.S. data. (AP Photo/Mark Lennihan, File)

NEW YORK — Falling oil prices continued to weigh on U.S. and global stock markets on Tuesday, as investors remained deeply concerned about the global economy following this week’s disappointing Chinese and U.S. manufacturing data. Google’s parent company, Alphabet, overtook Apple as the world’s most valuable publicly traded company. KEEPING SCORE: The Dow Jones industrial average lost 227 points, or ...

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Falling oil prices push Chevron to first loss since 2002

FILE - This Aug. 20, 2012, file photo, shows a Chevron sign in Miami. Chevron Corp. reports financial earnings on Friday, Jan. 29, 2016. (AP Photo/Alan Diaz)

DALLAS — Chevron suffered its first money-losing quarter since 2002 in the final three months of last year, as plunging crude prices chopped more than one-third from its revenue. Oil traded this month at levels not seen since 2003, although it has rebounded slightly in the last few days. Cheaper energy is great for consumers, who save with every fill-up, ...

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US stocks open higher despite sluggish economy

FILE - This Jan. 4, 2010, file photo, shows an historic marker on Wall Street in New York. Japan led global stock markets higher Friday, Jan. 29, 2016, after its central bank introduced a negative interest rate policy in the latest move to overcome malaise in the world's third-biggest economy. The yen dived against the dollar and the euro. (AP Photo/Mark Lennihan, File)

NEW YORK — U.S. stocks opened higher, despite signs of weak economic growth, on encouraging earnings news and higher energy prices. The government said Friday that growth in the U.S. economy slowed as consumers spent less, business didn’t invest as much, and exports fell. Microsoft rose 5 percent after it reported stronger-than-expected results. Consol Energy rose sharply along with the ...

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Saudi Aramco expects oil prices to rise by end of 2016

RIYADH, Saudi Arabia — Saudi Arabia’s state-owned oil giant expects oil prices will climb toward the end the year, saying the current price of around $30 a barrel is not sustainable. Saudi Aramco’s CEO Amin Nasser, speaking Tuesday at an investment conference in the kingdom, says there are indications that demand for oil picked up last year and that the ...

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North Dakota to slash state spending after oil price fall

BISMARCK, N.D. — A dramatic drop in North Dakota tax collections due to declining oil activity will force cuts in state government and a likely raid on a rainy day fund to make up for millions of dollars in shortfalls, the state’s top budget writer said Friday. “It’s obvious that will happen,” Office of Management and Budget Director Pam Sharp ...

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Applications for US unemployment aid rise to 6-month high

WASHINGTON — The number of people seeking unemployment benefits rose last week to the highest level since July, though applications remained at historically low levels. THE NUMBERS: Weekly applications for unemployment aid rose 10,000 to a seasonally adjusted 293,000. The four-week average, a less volatile measure, increased to 285,000, the highest since April. The number of Americans receiving aid has ...

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