Oil

As Saudi Arabia's long-serving oil minister Ali al-Naimi departs his job, the kingdom's crown as top crude supplier to Asia is slipping.

Saudi Arabia fired long-serving oil minister Ali al-Naimi on Saturday, dismissing one of the industry's most powerful figures as the country battles with weak oil prices.

Oil prices rose about 1 percent on Friday as the dollar softened but benchmark Brent was on track to its biggest weekly loss in four months after investors cashed out from last week's six-month highs.

Oil prices jumped about 2 percent on Thursday, resuming their rally from last week, as a raging wildfire cut production from Canada's oil sands region and escalating Libyan violence raised more worries about immediate oil supplies than a longer-term glut.

A bigger-than-expected build in U.S. crude inventories to fresh record highs pushed oil markets down after an early rally on Wednesday over concerns about production cuts in Canada's oil sands region due to a wildfire.

Halliburton Co said it would consider acquisitions to bolster its weaker businesses as the world's No. 2 oilfield services company looked to move on after abandoning a deal to buy smaller rival Baker Hughes.

Oil prices slipped Tuesday on renewed concerns about weaker Chinese demand and growing global supplies.

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Image Source: ConocoPhillips.

Image source: MRC Global.

Halliburton, the world's No.2 oilfield services provider, reported a higher-than-expected adjusted profit for the first quarter as deep cost cuts helped cushion the impact of a drop in drilling and completion activity.

Baker Hughes and Halliburto, two of the nation’s biggest oilfield services companies, announced they terminated their highly-contested merger deal after regulators in both the U.S. and Europe declined to give the tie up a green light.

U.S. stocks rose Monday, bouncing back after their biggest weekly decline since February.

Crude prices fell 2 percent on Monday as data showing higher Middle East oil production and record hedge fund buying sparked profit-taking on last month's outsized rally.

Oilfield services provider Halliburton and smaller rival Baker Hughes announced the termination of their $28 billion merger deal on Sunday after opposition from U.S. and European antitrust regulators.

The slim gains on the benchmark S&P 500 index this month belies the stark difference in performance between April's top and bottom performers.