Oil

The world will store unwanted oil for most of 2016 as declines in U.S. output take time and OPEC is unlikely to cut a deal with other producers to reduce ballooning output, the International Energy Agency said.

Oil prices fell for a third straight session on Monday, with U.S. prices piercing $30 a barrel again, as lingering concerns about oversupply deepened after a Saudi-Venezuela meeting at the weekend showed few signs of coordination to boost prices.

Crude oil futures rose on Monday in thin trade as many Asian markets were on holiday for Lunar New Year, with few trading cues expected until Federal Reserve Chair Janet Yellen gives testimony to lawmakers later in the week.

Oil steadied on Friday in a volatile session, as bearish fundamentals pressured prices despite bullish indications earlier in the week.

Oil prices were volatile on Thursday, reversing earlier gains as skepticism that cash-strapped OPEC member Venezuela's effort to lobby crude producers for output cuts would succeed offset a weakening dollar.

ConocoPhillips slashed its dividend and took another axe to its spending plans for 2016, becoming the latest company to brace for more pain in the oil industry.

ConocoPhillips reported a much bigger quarterly loss, hurt by impairment charges, and slashed its dividend as the relentless fall in crude oil prices takes a toll on the largest U.S. independent oil and gas company.

ConocoPhillips reported a much bigger quarterly loss, hurt by impairment charges, and slashed its dividend as the relentless fall in crude oil prices takes a toll on the largest U.S. independent oil and gas company.

Oil rallied further above $35 a barrel on Thursday, adding to the previous session's 7 percent jump, as support from a weaker dollar offset concern about ample supply and record-high U.S. inventories.

Oil prices jumped 8% higher on Wednesday, snapping a two-day rout, after investors took advantage of a weaker U.S. dollar and shrugged off data showing an unexpected large surge in U.S. crude inventories to record highs.

Refiner Marathon Petroleum Corp reported a 77 percent fall in quarterly profit as it took an inventory valuation adjustment charge of $370 million.

Oil rose on Wednesday, paring earlier losses after fresh comments from Russia about its openness to talk with OPEC over output cuts helped revive hope among investors that the world's largest producers could act to boost prices.

Standard & Poor’s lowered its credit ratings for Chevron, Hess and eight other oil companies, while Exxon is facing a possible downgrade.

Oil fell sharply for the second straight day on Tuesday as hopes of a deal to curb one of the worst supply gluts in history continue to fade, with concerns about weak demand amid a mild winter deepening the rout.

Dow component ExxonMobil reported a 4Q profit of $0.67 per share, topping the estimate for $0.63. Revenue for the company came in at $59.81 billion, also beating the estimate for $51.35 billion.

BP slumped to its worst annual loss in over 20 years in 2015, the British oil and gas company announced on Tuesday, and said it would cut thousands more jobs in the face of a deep rout in oil prices.

U.S. crude falls 2% to below $31 per barrel, as hopes for a deal between OPEC and Russia on output cuts faded.