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Oil prices settled sharply lower Friday amid fears crude markets are entering a new downtrend.

Trump Administration Won't Waive Sanctions for Oil Project Exxon Planned in Russia

The U.S. has rejected a bid by oil company Exxon Mobil to resume a Black Sea venture with Rosneft, a sanctioned Russian firm close to the Kremlin.

U.S. Oil-Rig Count Rises by 5

The number of rigs drilling for oil in the U.S. rose by 5 in the past week to 688, according to oil-field services company Baker Hughes Inc.

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GE, Still Weighed by Energy, Boosts Profit Amid Cost Cutting Plan

GE's first quarter showed strength driven by its core industrial businesses as its oil and gas segment continued to drag on results.

Judge Slaps VW With $2.8 Billion Criminal Fine in Emissions Fraud

Volkswagen was ordered to pay a $2.8 billion criminal fine for rigging diesel-powered vehicles to cheat on government emissions tests, formalizing a punishment the German auto giant agreed to earlier this year in an unprecedented plea deal with U.S. prosecutors.

BHP Billiton Venture to Invest $204 Million in Australian Coal Mine

BHP Billiton is planning a US$204 million expansion of its coking-coal operations in eastern Australia to increase production of the steelmaking ingredient and reduce overall operating costs.

Auto Makers Gear Up to Build Electric Cars in China

Despite concerns about market demand, Volkswagen, General Motors and Toyota have set out plans for electric-car production in China at the Auto Shanghai vehicle expo.

Ocean Rig Is Sheltered From Highland Capital's Litigation Threat

Highland Capital Management LP on Thursday was dealt a setback in its continuing challenge to Ocean Rig UDW Inc.'s debt restructuring proposal.

Appeals Court Says Bankruptcy Deal Bars Lawsuit Against Kerr-McGee

A U.S. appellate court on Thursday ruled that thousands of people who say they were injured by contamination at a Pennsylvania wood-treatment plant can't sue the plant's former owner.

Tesla Recalls Model S and Model X Vehicles Over Faulty Parking Brakes

Tesla Inc. said Thursday it is recalling 53,000 Model S sedan and Model X sport-utility vehicles over an issue with electric-parking brakes that could prevent them from being released.

OPEC Likely to Extend Production Cut Deal, Says Saudi Minister

OPEC is likely to reach an agreement to extend the group's production cuts into the second half of 2017, Saudi Arabia's energy minister said.

(END) Dow Jones Newswires

April 21, 2017 16:15 ET (20:15 GMT)