oil prices

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Russia Loses Half of Its Billionaires
Russia Loses Half of Its Billionaires
Feb 16, 2009 10:00 AM CST

Russia Loses Half of Its Billionaires

Market woes, weak ruble have chipped away at fortunes

(Newser) - The 10 wealthiest Russians have lost two-thirds of their fortunes in the past year, AP reports, based on the magazine Finans' annual list of billionaires. The ranks of billionaires have been cut in half, from 101 to just 49. Last year's richest Russian, Oleg Deripaska, has fallen to eighth on...

Oil Prices Plunge, Gas Not So Much

Refineries slashed production after demand for gas dipped

(Newser) - Gas is pumping toward $2 per gallon—a 22% increase since Dec. 30—even though oil prices have dipped 16% over the same period. What gives? When penny-pinched Americans cut back on fuel last fall, oil refineries were slow to ease production. Now they're overcompensating with production cuts to recover...

For Chavez, the End Is Near
 For Chavez, the End Is Near 
OPINION
Feb 14, 2009 4:04 PM CST

For Chavez, the End Is Near

Referendum will keep him in power, but Venezuelan economy makes it 'irrelevant'

(Newser) - Hugo Chavez has a slight lead in tomorrow’s referendum that would allow him to extend his rule in Venezuela, but the realities of the country’s economy make the issue “mostly irrelevant,” Edward Schumacher-Matos writes in the Washington Post. No matter the outcome, his days are numbered....

Dow Ends Bad Week Down 82
 Dow Ends Bad Week Down 82 
MARKETS
Feb 13, 2009 3:23 PM CST

Dow Ends Bad Week Down 82

Energy firms see gains on oil rally

(Newser) - Stocks fell today after treading water for most of the session, the Wall Street Journal reports. Financials fell, but a rise in energy stocks spurred by a $3.53 gain in the price of oil buoyed indices somewhat. The House passage of the stimulus plan seemed to have little effect...

Talk of Oil-Supply Cut Sends Prices Higher

(Newser) - Oil approached $41 a barrel today after OPEC said it would cut its output if necessary to stabilize prices, Reuters reports. “I think we still need more action,” OPEC’s secretary-general said, promising the cuts would be more thorough than many expected, with 80% compliance among the 12-member...

Exxon Breaks Own Profit Record With $45B Haul

The oil behemoth shattered the annual profit record despite slow fourth quarter

(Newser) - Buoyed by last year's spike in crude prices, Exxon Mobil Corp. today reported a profit of $45.2 billion for 2008, breaking its own record for a US company, even as its fourth-quarter earnings fell 33%  from a year ago. The previous record for annual profit was $40.6 billion,...

Prof Does Math, Finds Banking System 'Insolvent'

(Newser) - A New York University professor who predicted the current economic crisis warns that losses at US banks could climb to $3.6 trillion, leaving the whole system essentially bankrupt, Bloomberg reports. Economist Nouriel Roubini argues that since the system has a base capitalization of just $1.4 trillion, if losses...

Pickens, Facing Headwinds, Pushes Energy Plan in DC

Falling oil prices, stock market have taken alternative-energy push along for ride

(Newser) - Billionaire T. Boone Pickens is in Washington today to push lawmakers to breathe new life into his scheme for weaning America off foreign oil—which has suffered setbacks in recent months, the Wall Street Journal reports, not least of which are the energy and stock markets. A $100 decline in...

Fat Cat Exxon Primed to Deal
 Fat Cat Exxon Primed to Deal 
Jan 12, 2009 10:22 AM CST

Fat Cat Exxon Primed to Deal

Behemoth stood still when oil hit record highs, now has $40B for buying spree

(Newser) - Flush with cash after resisting costly acquisitions while oil prices hit record highs, Exxon Mobil could be ready for a shopping spree that could alter the face of the world’s energy supply, reports the Wall Street Journal. The company has nearly $37 billion in reserves and could target another...

Stocks Edge Down Ahead of Earnings
 Stocks Edge Down 
 Ahead of Earnings 
MARKET Open
Jan 12, 2009 9:04 AM CST

Stocks Edge Down Ahead of Earnings

Dow off 50 in early trading; first reports due late today

(Newser) - Stocks moved lower at today’s open as traders held their collective breath ahead of what’s expected to be a dismal earning season, the Wall Street Journal reports. The Dow was down 50 points recently, to 8,548, while the S&P and Nasdaq dipped 0.95% and 0....

Dow Down 245 on Jobs
 Dow Down 245 on Jobs 
MARKETS
Jan 7, 2009 3:24 PM CST

Dow Down 245 on Jobs

Investors nervous ahead of Friday's December employment report

(Newser) - Stocks piled on after this morning’s losses, with investors shaken by a grim jobs report and news of layoffs and slashed forecasts at Alcoa and Intel. Crude plunged $5.95, to $43.01 a barrel, after inventories rose more than forecast, MarketWatch reports. The Dow fell 245.40 to...

Dow Rises 62 Despite Data
 Dow Rises 62 Despite Data  
MARKETS
Jan 6, 2009 3:27 PM CST

Dow Rises 62 Despite Data

Oil futures end a four-day rally

(Newser) - Stocks failed to hold on to session highs but made gains today amid a series of dismal, if not unexpected, economic reports. Oil futures ended a four-day rally, falling $0.23 to $48.59 a barrel after briefly topping $50, Marketwatch reports. The Dow added 62.21 points to close...

Stocks Hop, Oil Leaps
 Stocks Hop, Oil Leaps 
MARKET Open
Jan 6, 2009 8:51 AM CST

Stocks Hop, Oil Leaps

Dow rise modest, oil rise fo' real

(Newser) - Stocks turned upward at the open today, as traders hunted for bargains and signs of a recovery. The Dow rose 80 points, while the S&P and Nasdaq climbed 1% and 0.9% respectively. Oil, meanwhile, jumped $1.22 to $50.03 as a dispute between Gazprom and the Ukraine...

Venezuela Yanks Free Fuel for Poor Americans

Plunging price of oil forces Chavez to freeze fuel aid program

(Newser) - Venezuela has halted its gifts of free fuel to America's poor, the New York Times reports. The controversial foreign aid project supplied heating oil to 200,000 low-income households in 23 states and on Indian reservations, but the plunge in the price of oil has hit Venezuela hard and President...

Dow Dips 81 on Autos, Building
Dow Dips 81 on Autos, Building 
MARKETS
Jan 5, 2009 3:20 PM CST

Dow Dips 81 on Autos, Building

Several wireless and financial firms fall after downgrades

(Newser) - Stocks fell today as the markets digested poor, but better-than-forecast, reports in auto sales and construction spending, the Wall Street Journal reports. Though the Dow rose to an 8-week high Friday, it fell 81.80 today to close at 8,952.89. The Nasdaq lost 4.18, closing at 1,...

Dow Clears 9,000 to Open '09
 Dow Clears 9,000 to Open '09 
MARKETS
Jan 2, 2009 3:29 PM CST

Dow Clears 9,000 to Open '09

Market discounts poor manufacturing report

(Newser) - Stocks rallied in the first session of 2009, with energy stocks leading advances on a jump in crude oil prices, MarketWatch reports. GM rose after announced changes to GMAC policy expected to give prospective buyers more financing options. In light trading volume, the Dow climbed 258.30 points to close...

Stocks Start Slowly in 2009
 Stocks Start Slowly in 2009 
MARKET Open
Jan 2, 2009 8:49 AM CST

Stocks Start Slowly in 2009

Open flat

(Newser) - Stocks started the new year with a whimper, opening flat in the first trading session of 2009. The Dow rose 26 points, while the S&P and Nasdaq saw 0.3% and 0.2% gains. Many traders were watching oil, which fell $3 today after a 14% surge on Wednesday....

Dow Drops 32; Crude Rises
 Dow Drops 32; Crude Rises 
MARKETS
Dec 29, 2008 3:27 PM CST

Dow Drops 32; Crude Rises

Rohm & Haas, Dow Chemical fall on scuttled Kuwait deal

(Newser) - Stocks saw light losses today as news of trouble in Rohm & Haas’ acquisition of Dow Chemical hurt materials and crude staged a comeback on renewed Middle East tension, MarketWatch reports. The Dow closed down 31.62 points at 8,483.93. The Nasdaq fell 19.92 to close at...

Stocks Flat as Oil Surges
 Stocks Flat as Oil Surges 
MARKET Open
Dec 29, 2008 9:10 AM CST

Stocks Flat as Oil Surges

Case Schiller likely to throw this out of whack later

(Newser) - Oil prices soared this morning, as Middle East tensions reached a fever pitch, but stocks barely budged, with the Dow rising a mere 1.83 points, while the Nasdaq and S&P moved up 0.44 and 5.18 respectively. Oil rose above $40 thanks to Israel’s dramatic attacks...

Oil Tops $40 on Gaza Turmoil
Oil Tops $40
on Gaza Turmoil
Dec 29, 2008 6:01 AM CST

Oil Tops $40 on Gaza Turmoil

Crude jumps 8% on violence, while OPEC waits for production cut to take hold

(Newser) - The price of oil jumped to $40 a barrel this morning, a gain of 8% over the previous session, as violence between Israel and Hamas threatened to destabilize crude supplies from the Middle East. Oil has been rising slightly after falling by more than $100 a barrel since July. The...

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