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Crude-oil prices eased, though they are poised to end the week more than 3% higher, with traders expecting the global oil cartel to extend a production-cut deal when the group meets later this month.

Petrobras Posts Largest Profit in Two Years

Brazilian state-controlled oil company Petróleo Brasileiro SA reported its largest quarterly earnings in two years as the government continued allowing it to sell fuel at a profit in the domestic market.

Germany's SolarWorld Files for Insolvency

SolarWorld, Europe's largest independent solar energy company has filed for insolvency in Germany due to the "difficult market environment" as low-cost panels, mostly manufactured in Asia, have glutted the global market.

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Subsea 7 Makes Bid for Bankrupt Offshore Venture EMAS Chiyoda

Europe's Subsea 7 SA would take over the struggling operations of EMAS Chiyoda Subsea Ltd., whose fleet of ships build offshore drilling projects, under a proposal filed with a U.S. Bankruptcy Court.

China May Introduce Oil-Futures Contract This Year

China is planning to introduce an oil-futures contract this year, which authorities hope will help gain the country more clout in a trillions-of-dollars global market.

Saudi Reversal Marks a Power Play in the Kingdom

After Saudi King Salman decreed the reversal of unpopular austerity measures, the future course of the kingdom hinges on whether the move will come to be seen by its people as a sign of weakness or a sign of wisdom.

Elliott Sues to Open Up Energy Future Bankruptcy

Paul Singer's Elliott Associates LP, a hedge fund in control of more than $2.8 billion worth of Energy Future Holdings Corp. debt, is suing for the right to propose a chapter 11 exit plan for the Dallas power company.

Maersk Executives Call a Bottom in the Shipping Container Market

Danish shipping-and-oil giant A.P. Moller-Maersk A/S said Thursday the container market is starting to emerge from one of the worst industry downturns with demand outgrowing capacity for the second consecutive quarter.

Workers at Exxon's Nigeria Unit Begin Walkout

Workers at Exxon Mobil's Nigerian unit have begun a gradual withdrawal from the company's oil-and-gas installations in a strike that threatens to shut down production of 660,000 barrels of oil a day, a union official said Wednesday.

U.S. Virgin Islands Utility to Test Bond Market

The U.S. Virgin Islands' public utility is asking Wall Street to help finance an upgrade of its energy infrastructure as unpaid bills pile up and conflict with its regulator escalates.

(END) Dow Jones Newswires

May 12, 2017 11:15 ET (15:15 GMT)