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Marathon investors say shareholders back removal of CEO

Marathon investors say shareholders back removal of CEO

Two activist investors in Marathon Petroleum say there is now broad-based shareholder support for immediate changes. Company announced that it has completed three separate transactions. Company announced today that it sent an irrevocable notice of early redemption. Marathon Oil, through its wholly owned subsidiaries, is the operator and majority shareholder of the integrated gas. The...

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OPEC output rises for first time since start of 2019 cuts

OPEC output rises for first time since start of 2019 cuts

The first increase since the group and its allies started a new round of output cutbacks. Saudi Arabia was successful in getting the Organization of the Petroleum Exporting Countries (OPEC). The OPEC+ alliance is poised to extend production cuts into 2020. It start of the year to shore up a weak global market. Oil prices...

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Crude has surged >35% in 2018 as OPEC+ limit output

Crude has surged >35% in 2018 as OPEC+ limit output

West Texas Intermediate futures were little changed, poised for a fifth weekly increase. OPEC’s crude oil production down by 570,000 bpd from February. Saudi Arabia has threatened the United States to stop using dollars for its oil trades. It compared with a 2.8-million-barrel build in oil inventories in the previous week. The EIA released new...

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Oil bulls get bolder as OPEC cuts lessen odds of a relapse

Oil bulls get bolder as OPEC cuts lessen odds of a relapse

Oil’s bulls are getting bolder with manufacturing cuts orchestrated by OPEC taking maintain and U.S. Oil ended the week on a rebound, but investors remain wary. It’s tough to stay positive on crude when the world’s three oil superpowers are likely to increase production. That was the most important improve since August. Meanwhile, short-selling bets have plunged...

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Oil surges to yearly high amid signs of lower Saudi shipments

Oil surges to yearly high amid signs of lower Saudi shipments

Saudi Arabia signaled it will reduce oilNSE 0.63 % exports by as much as half a million barrels a day in December. Oil prices suddenly fell on weekend to their lowest levels in more than a year. Oil prices vaulted above $54 a barrel, the highest since November, as a steep drop in U.S. imports from Saudi...

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Oil slides as U.S. production surge stokes fears of global glut

Oil slides as U.S. production surge stokes fears of global glut

Oil tumbled on a report that U.S. production surged and fuel inventories climbed, but signs that OPEC’s plan to drain a global glut is taking hold eased the losses. Oil closed higher for the second straight day as Russia and Saudi Arabia. American oil drillers pumped a record 11.9 MMbpd last week. Futures fell as much as...

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Oil climbs to 3-week high as trade talks fuel demand optimism

Oil climbs to 3-week high as trade talks fuel demand optimism

Oil futures rose on Monday, buoyed by optimism tied to trade talks between the U.S. and China as well as output reductions by major oil producers. Brent crude futures were up $1.02, or 1.78 percent, to $58.35 per barrel at 1450 GMT. Talks with China are “going very well,” U.S. President Donald Trump said in a...

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Canadian heavy crude surges as rail shipments keep climbing

Canadian heavy crude surges as rail shipments keep climbing

Canada’s heavy oil has quietly become the hottest commodity in North American energy. Optimism is back in the industry as prices are surging toward $70 US per barrel, and thoughts of $100 return. The discount of Western Canadian Select at Hardisty, Alberta, to West Texas. Quarterlies from such players as Suncor Energy Inc. and Cenovus Energy Inc....

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Oil retreats again after recovering from pre-holiday sell-off

Oil retreats again after recovering from pre-holiday sell-off

Oil prices fell on Friday, dropping from highs last seen in 2015, as soaring U.S. production undermined a 10 percent rally from December lows that was driven by tightening supply and political tensions in OPEC member Iran. Rising U.S. output and weaker refined products demand weighed on the market, traders said. “The holiday demand surge...

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