Oil Zig-Zags as US Inventory Builds Provide a Chance to Take Profits

Oil prices remained volatile in Europe, extending this week's losses, with "short-term and fast money traders very much inclined to sell outright or to take profits on any hint of bearish data," said AxiCorp's Stephen Innes. 


 
Centrica to Cut 5,000 Jobs in Restructuring

British Gas owner Centrica plans to cut 5,000 jobs in a restructuring that will remove three management layers and force the departures of the heads of its consumer and business divisions. 


 
Oil Prices Defy Supply-Demand Fundamentals

Rather than surging on supply and demand fundamentals, oil prices have ridden along with other risky assets, such as stocks. Analysts and traders worry the rebound has been too sharp and could prove short-lived. 


 
U.S. Oil Inventories Rise to Record High

U.S. inventories of crude oil rose to a record high, while stockpiles of gasoline and other fuels also increased, according to data released Wednesday by the Energy Information Administration. 


 
Private-Equity-Backed Vista Proppants Files for Bankruptcy

The frac-sand supplier backed by investment firms First Reserve and Ares Capital has filed for bankruptcy, saying it is facing unprecedented problems due to the coronavirus pandemic. 


 
Extraction Oil Shares Soar Despite Bankruptcy Warning

The Denver-based driller has said there is a good chance that it will file for bankruptcy, but weak business fundamentals haven't stopped investors from snapping up its shares. 


 
U.S. Plans to Expand Sanctions on Tankers, in Bid to Pressure Venezuela

The Trump administration, expanding an effort to choke off oil and fuel trade between Iran and Venezuela, is readying new sanctions against dozens of tankers while pressuring companies associated with those vessels, according to people familiar with the plans. 


 
U.S. Frackers to Zero In on Richest Oil Fields

The industry's recovery from the oil-price collapse is expected to focus on the Southwest's Permian Basin, at the expense of investment in more-mature shale-oil regions. 


 
BP to Cut 14% of Global Workforce as Drop in Oil Price Bites

BP is cutting thousands of jobs, accelerating existing plans to reshape the company after the coronavirus pandemic's crushing impact on oil prices. 


 
Whiting Bondholders Question Necessity of Company's Bankruptcy

A group of Whiting Petroleum bondholders is balking at the company's restructuring plan, saying the shale driller had the money to pay them in full but chose to file for bankruptcy instead.