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Crude oil settled higher after U.S. data showed stockpiles of oil and fuel continued to drop and oil production fell for the first time since February.

U.S. Oil Supplies Decline as Refinery Runs Accelerate

U.S. crude-oil inventories fell by 1.8 million barrels for the week ended May 12 as refinery activity sped up, according to government data released Wednesday. Crude-oil stockpiles fell by 1.8 million barrels.

Exxon Mobil to Enter Mexican Gas-Station Market

Exxon Mobil plans to open its first Mexican service station in the second half of the year, joining the likes of BP Plc in the country's newly opened motor fuels market.

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BHP Billiton CEO Meets Elliott Amid Pressure

BHP Billiton CEO Andrew Mackenzie met with Elliott Management, the activist investor pushing for the company to shed some of its oil-and-gas assets and boost shareholder returns.

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.

In the Himalayas, a New Power Rises: Water

Nepal is betting that a new energy gold rush borne of its thousands of rivers and craggy peaks will establish it as a major Asian electricity source.

GulfMark Offshore Files for Chapter 11

GulfMark Offshore filed for bankruptcy protection after reaching a deal with bondholders on the terms of a debt-for-equity swap as the shakeout in the offshore support industry continues.

Analysts See 60 Billion-Cubic Feet Addition to U.S. Natural-Gas Inventories

Analysts expect data to show natural gas stockpiles grew by about 30% less than normal for this time of year. U.S. EIA is expected to report that storage levels grew by 60.29 billion cubic feet of gas during week ended May 12, according to the average forecast of analysts, brokers and traders surveyed.

Beverly Hills High School Oil Well Is Ordered Shut

California regulators have invoked their police powers to order failing oil and gas driller Venoco LLC to plug up wells it intends to abandon, including wells on the campus of the Beverly Hills High School.

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.

(END) Dow Jones Newswires

May 17, 2017 16:15 ET (20:15 GMT)