News Highlights: Top Energy News of the Day

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Oil futures rebounded some to start the week in Asian trading after skidding 7% last week, but market players doubt bargain buying will be enough to hoist U.S. benchmark prices away from $50 a barrel near-term.

Saudi King Appoints Son Envoy to Washington

The naming of Prince Khaled bin Salman as the new Saudi ambassador to the U.S. seen as part of an effort by Riyadh to cement improving ties with the new administration.

Saudi Arabia Reinstates Perks for State Employees as Finances Improve

Saudi Arabia's King Salman has reinstated allowances and bonuses for state employees as its finances improve, a move aimed at boosting consumer confidence to support growth as the kingdom overhauls its oil-dependent economy.

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

President Trump 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.

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.

Adams Resources Files For Chapter 11 Protection

Adams Resources Exploration Corp. sought chapter 11 protection Friday, a day after its Houston-based parent said it had decided that a bankruptcy sale process was the best option for its subsidiary.

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.

(END) Dow Jones Newswires

April 24, 2017 04:15 ET (08:15 GMT)