Oil

Oil producer Chevron reported a 90% drop in second-quarter profit on Friday as falling oil prices eroded results, and the company took charges to suspend projects in the low-price environment.

The world's largest publicly traded oil company reported quarterly profit that more than halved in the second quarter as tumbling crude oil prices weighed on results.

U.S. crude is set to post the largest monthly drop since the 2008 financial crisis, after signs that top producers in the Middle East were continuing to pump at record levels despite a growing global gut.

Chevron Corp, the second-largest U.S. oil company, said on Tuesday it would lay off 1,500 employees, about 2 percent of its global work force, as it trims costs to offset declining crude prices.

Oil prices fell on Wednesday as U.S. government data showed crude inventories rose last week and as a stronger dollar and weaker global equities applied pressure.

Marathon Petroleum Corp's master limited partnership (MLP), MPLX LP, will acquire MarkWest Energy Partners LP for about $15.63 billion to add natural gas processing facilities to its portfolio.

Saudi Arabia is getting squeezed by oil’s year-long slump, and projections call for the crude-rich country's budget deficit to widen in 2015.

Schlumberger, one of the world's largest oilfield services companies, said it will acquire oilfield equipment maker Cameron International Corp in a deal valued at $14.8 billion.