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US stocks slip, oil hits highest price since November

US stocks slip, oil hits highest price since November

NEW YORK (AP) — U.S. stocks are slightly lower in Wednesday morning trading as tech stocks are hammered following weak results from Apple and Twitter. Energy companies continue to rise as the price of oil reached its highest price since November. KEEPING SCORE: The Dow Jones industrial average dipped 40 points, or 0.2 percent, to 17,950 as of 10:06 a.m. ...

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US stocks open slightly higher as crude oil price stabilizes

NYSE

NEW YORK  — U.S. stocks are moving higher Thursday, led by gains in energy companies as the prices of crude oil and natural gas recover from steep plunges the day before. KEEPING SCORE: The Dow Jones industrial average added 112 points, or 0.7 percent, to 15,878 as of 10:15 a.m. Eastern time. The Standard & Poor’s 500 index rose 10 ...

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Frack leases below W.Va. wildlife management areas yield $18M

CHARLESTON, W.Va. (AP) — West Virginia has brought in $18 million by leasing the right to drill for oil and natural gas deep below state wildlife management areas and waterways, including beneath the Ohio River. But as natural gas prices stay low, no companies with the state leases have begun extracting gas, as far as state Department of Commerce officials ...

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U.S. oil ‘strippers’ maneuver to keep pumping amid crude slump

HOUSTON (Reuters) – U.S. “stripper well” operators, the nation’s smallest oil producers seen as most likely to succumb to the crude price slump, are hanging in tough, reducing the chances of near-term production cuts needed to rebalance the domestic oil market. The conventional wisdom is that “strippers” would be the first to fold in the face of oil’s slide below ...

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In Texas, residents are riding out the latest oil bust

BIG LAKE — The week before Christmas, restaurant owner Terry Stevens warmly shook hands with oil workers and wished them a happy holiday as they walked out the door, some possibly for the last time. Stevens, a 52-year-old Michigan transplant, moved to this West Texas outpost five years ago, before the latest oil boom. Workers flocked to the Mexican restaurant ...

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Oil proceeds went into personal accounts, Nigerian president says

LAGOS (Reuters) – Nigerian authorities have seen documents suggesting the proceeds from past crude oil sales were diverted to personal accounts rather than reaching government coffers, President Muhammadu Buhari said on Wednesday. Buhari, who took office in May after being elected on an anti-corruption ticket, said funds were “looted illegally”. He could not provide more details, since various cases were ...

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Crude oil prices drop more than 1 percent as weak outlook prevails

SINGAPORE (Reuters) – Crude oil futures fell around half a dollar early on Wednesday as the market remained under pressure from slowing demand and high supplies, while forecasts that a cold snap in Europe and the United States would be short-lived also hurt prices. Crude prices have plunged by two-thirds since mid-2014 as soaring output from the Organization of the ...

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Analysis – End of easy money for mini-refineries splitting U.S. shale?

Analysis – End of easy money for mini-refiners splitting U.S. shale?

HOUSTON – Energy companies and oil trading firms that teamed up to build several mini-refineries that convert a swelling surplus of ultra-light U.S. crude into fuels for export seemed like a pretty safe investment bet for a while. The bet was built on several converging dynamics: an ever-rising supply of condensate; a U.S. refining system built to run heavier crudes; and ...

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2015 year in review: The boom went bust

2015 year in review 2015: The boom went bust

When the New Year arrived, it was clear Odessa would not see another year of an oilfield boom. Instead, locals in the industry wondered just how bad it would get and for how long? As the year ends, those same questions remain. The Organization of Petroleum Exporting Countries agreed on Thanksgiving Day 2014 not to cut production in the face ...

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Market won’t respond immediately to lifting of export ban

oil tankers at sea

The oil industry received a psychological lift when President Barack Obama last week signed a $1.1 trillion spending bill that also included a provision to allow the U.S. to export crude oil after a four decade ban, but it’s going to take a while for the black gold to begin flowing to the coast and abroad. Petroleum economist Karr Ingham ...

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