Oil

Chesapeake Energy Corp. on Friday said it has suspended dividends on its preferred shares as the natural-gas producer moves to conserve cash and pay down its debt.

Oil prices rebounded over $1 a barrel from 12-year lows on Thursday, their biggest daily gain this year, as rallying financial markets gave some bearish traders reason to take profits on record short positions.

U.S. crude prices were lower by 0.49% at $28.22 per barrel, erasing modest early gains as analysts said a surplus of crude would keep pressuring the market.

Unseasonably warm weather and rising supply will keep the crude oil market oversupplied until at least late 2016.

Unseasonably warm weather and rising supply will keep the crude oil market oversupplied until at least late 2016, the International Energy Agency said in its monthly report on Tuesday.

U.S. crude prices rise, interrupting a slide to 2003 levels after the return of Iran to markets