Oil Settles Below $40 on Demand Worries

Oil futures declined on Friday, with the U.S. benchmark ending below $40 a barrel for the first time since early July, contributing to a loss for the week as concerns over prospects for demand, losses in the stock market, and strength in the U.S. dollar pushed prices to their lowest since July. 


 
U.S. Oil-Rig Count Climbs by 1 in Latest Week, Baker Hughes Says

The number of rigs drilling for oil in the U.S. rose by one in the past week to 181, according to oil-field services company Baker Hughes. 


 
Oil Industry Is Fading Away in Land of the World's Richest Reserves

Venezuela sees its production dwindle after decades of graft and mismanagement under Chávez and Maduro regimes, and now the burden of U.S. sanctions. The last drilling rig in the country has shut down. 


 
Transocean Restructuring Can Proceed Over Hedge Fund's Opposition

A federal judge authorized Transocean, the world's largest offshore oil-rig contractor, to proceed with a disputed restructuring of up to $2 billion of its $9 billion debt load amid a deeply painful period for deep-water drilling. 


 
Energy & Utilities Roundup: Market Talk

The latest Market Talks covering Energy and Utilities 


 
A Glut of Refineries Is the Oil Industry's Next Problem

New capacity in the developing world is making European plants that turn oil into gasoline and other products obsolete 


 
EDP Renovaveis Earnings Fall

Portugal's EDP Renovaveis reported an 18% drop in earnings to EUR793 million following a lower revenue and electricity production. 


 
Colorado Natural-Gas Driller Ursa Piceance Files for Bankruptcy

Ursa Piceance has filed for bankruptcy protection, its natural-gas drilling operation battered by commodity-price volatility, Covid-19 pandemic damage and a tighter regulatory climate in Colorado. 


 
Denbury Resources Cleared to Exit Bankruptcy

The Texas-based oil-and-gas producer got the green light to exit bankruptcy with a plan that hands control to creditors and cuts $2.1 billion in bond debt. 


 
U.S. Oil Inventories Fall for Sixth Straight Week

U.S. inventories of crude oil fell for a sixth straight week, while gasoline and other fuel supplies also declined, according to data released Wednesday by the Energy Information Administration.