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Crude oil prices retreated on Wednesday in Asia trade, weighed by renewed concerns that U.S. production is undercutting the global oil cartel's efforts to put the market back to balance.
Hedge Funds Turn Against OPEC After Oil Gains Slip Away
OPEC officials had made the case that supply cuts would reduce the global glut and boost crude prices. Instead, oil prices are down more than 10% from their February high, and some hedge-fund traders are reeling.
Oil Prices Slip on Fears of Lingering Oversupply
Oil prices flipped to small losses Tuesday with concerns about strong imports to the U.S. erasing earlier gains tied to optimism about extended production cuts from the world's biggest exporters.
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Extending Production Cuts May Not Reduce Global Oil Stocks, Says IEA
OPEC and its oil-producing partners may have to do more than merely extend their petroleum-output cuts to achieve their goal of rebalancing global supply and demand, the International Energy Agency said.
Activist Investor Backs Off Call for BHP to Ditch Sydney Listing
Activist investor Elliott Management refined its attack on BHP Billiton, calling for an independent review of its petroleum business and deflecting earlier criticism by proposing the company retain a main stock listing in Australia.
SunEdison Comes to Terms With Unsecured Creditors
Failed solar-power developer SunEdison unveiled a series of settlements that brought the company's influential committee of unsecured creditors on board with its chapter 11 exit plan.
U.S. Crude-Oil Stockpiles Seen Down in Week
Analysts see U.S. crude-oil inventories falling by 2.2 million barrels, on average, in government data due Wednesday. Gasoline stockpiles are expected to show a decrease of 900,000 barrels.
Saudi Arabia, Russia Want Nine-Month Extension to Deal on Oil Output Cuts
Russia and Saudi Arabia's energy ministers said a production cut by the world's biggest oil producers should be extended by nine months to the end of March 2018.
The Real Winner From Oil Supply Cuts
The most surprising result of the anticipated deal among big oil producers to extend supply cuts might be that the U.S. re-emerges as the world's biggest oil producer.
Battle Heats Up for Control of Refiner Citgo
Dozens of companies are lining up with claims on the one big pot of money remaining if Venezuela defaults on its debts: the assets of state-owned oil refiner Citgo Holdings.
Citgo's Worth May Be Running Dry
Creditors and companies around the world are mounting competing claims for Citgo's assets in the increasingly likely event of a Venezuelan default. But it isn't clear how much value remains.
(END) Dow Jones Newswires
May 17, 2017 07:15 ET (11:15 GMT)