Oil Stems Losses as Saudi Arabia Cuts Exports
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Oil prices on built on Monday's modest gains, supported by reports that Saudi Arabia will cut its supplies to Asia and the U.S., even as investors remain skeptical that production cuts led by Middle Eastern producers and Russia are helping to alleviate a years-long market glut.
Saudi Arabia Cuts U.S. Oil Exports to Ease Supply Glut
The kingdom is slashing its U.S. oil exports to a near three-decade low for this time of the year, intensifying its efforts to reduce bloated inventories that have been pummeling crude prices.
Energy Companies Seek Out Deal Makers
The energy sector is thirsty for finance executives with deal-making skills as rising oil prices spur merger activity and companies seek to fill vacancies created during the market bust.
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OPEC Oil Production Rose in May
The Organization of the Petroleum Exporting Countries said it produced more crude oil in May, underscoring the fragility of the cartel's agreement with other big producers to cut output and stabilize a slumping market.
Electric-Bus Maker Proterra Raises $55 Million With Eye Toward IPO
Proterra, the electric-bus maker heading toward a possible initial public offering, has raised an additional $55 million in funding from investors including BMW AG's venture-capital arm and Al Gore's investment fund.
GE's Next CEO to Get $5 Million in Target Pay but No Special Stock Award
General Electric Co.'s leadership reshuffle left the company's new chief with target annual pay of $5 million and a runner-up for the job with a shot at more than $7 million in GE shares if he sticks around for five years.
CST Industries Files for Chapter 11
The maker of oil, gas and agricultural storage tanks plans to sell itself in a 363 sale.
Cyber Experts Identify Malware That Could Disrupt U.S. Power Grid
Computer security researchers said they have discovered the malicious software that knocked out electricity in Ukraine's capital last year, and warned U.S. companies that the code could be repurposed to disrupt their systems.
Three Petrobras Workers Die Following Friday Explosion
Three workers at an offshore drill rig contracted by Brazilian state-run oil company Petróleo Brasileiro SA died of burn injuries following an explosion on Friday, raising concerns that the company's ongoing cost cuts are impacting safety.
A Shale-Oil Boomtown Climbs Back From the Bust
Drillers are inching back to action in North Dakota's Bakken shale region after a nearly three-year bust, a sign the recovery of the American oil and gas sector is spreading.
(END) Dow Jones Newswires
June 13, 2017 11:16 ET (15:16 GMT)