Oil

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.

Oil dropped again on Monday as weak economic data from China weighed on prices and an OPEC source played down talk of an emergency meeting to stem the decline.

It was a positive picture for the week, but it couldn't reverse what proved to be Wall Street's worst month since August thanks to volatility that gripped markets as oil plunged and global-growth worries weighed.

Chevron reported a fourth-quarter loss on Friday as the oil producer grappled with how best to handle plunging crude prices.

U.S. refiner Phillips 66 reported a 43 percent fall in quarterly profit, hurt by lower earnings from its midstream and chemicals businesses.

Oil was steady around $34 per barrel on Friday as hopes of a deal by major exporters to cut production faded slightly.

Oil prices rose for the third straight day on Thursday on hopes of the first global deal in over a decade between among oil-producing countries to help clear a glut that has depressed prices for over a year and a half.

Oilfield services provider Baker Hughes, which is being acquired by larger rival Halliburton, reported a quarterly net loss, hurt by a $1.25 billion impairment charge.

Oil steadied above $33 per barrel on Thursday, well off a 12-year low set earlier in the month, supported by the possibility that major producers may cooperate to cut production.

Oil futures surged on Wednesday, after Russia said it was discussing the possibility of co-operation with OPEC, fanning hopes that a deal was in the works to reduce oversupply that sent prices the lowest levels in a dozen years last week.

U.S. equities jumped on Tuesday fueled by a rally in oil prices and a slew of corporate earnings results.

Crude futures dropped below $30 a barrel on Tuesday, extending the previous day's losses by more than 3 percent.

Hess expects 4Q earnings to check in below Wall Street’s projections, as the energy company cut its production guidance for the period.