Oil

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.

Exxon is pushing for the U.S. to end restrictions on exporting oil, as the oil giant releases its energy outlook that projects rising supplies.

Thanks to booming shale plays, the U.S. is on track to leapfrog Saudi Arabia and Russia to become the world’s largest oil producer sooner than expected.

OPEC said the boom in U.S. shale oil production could soften demand for the cartel’s oil, but its head later suggested it will run out of steam.

ConocoPhillips recorded a third-quarter profit that jumped 38%, as asset sales boosted the exploration and production firm’s bottom line.