Bank of America hit by weak trading, provisions for energy loans
Bank of America Corp, the No. 2 U.S. bank by assets, reported an 18 percent slide in quarterly profit on Thursday as its trading business was hit by concerns about Continue Reading
Wells Fargo profit falls as bad loan provisions surge
Wells Fargo & Co’s ( WFC.N ) quarterly profit fell 7 percent as the No.3 U.S. bank by assets set aside more than $1 billion to cover bad loans, saying Continue Reading
IEA Sees Oil Oversupply Almost Gone in Second Half on Shale Drop
Production outside the Organization of Petroleum Exporting Countries will decline by the most since 1992 as the U.S. shale oil boom falters. Surplus to dwindle to 200,000 barrels a day Continue Reading
OPEC trims 2016 oil demand growth, says its output rises slightly
OPEC on Wednesday predicted global demand for its crude oil will be less than previously thought in 2016 as consumption slows down, increasing the excess supply on the market this Continue Reading
Huge Oil Supertanker Lines Forming “World’s Biggest Traffic Jam”
“It may be the world’s biggest traffic jam.” Last week we revealed what we thought was a “ shocking photo ” of nearly 30 oil tankers caught in a traffic Continue Reading
Gulf of Mexico a short-term bright spot for oil
The U.S. Gulf of Mexico may return as the primary source of additions to crude oil production as onshore production fades, a federal report finds. A short-term market report from Continue Reading
Oil-Sands Megaprojects are Finished on Grim Price Outlook
Lower-for-longer market forecasts mean megaprojects on hold The era of megaprojects in Canada’s oil sands is probably over as crude is seen staying lower for longer, some of the biggest Continue Reading
Wells Fargo energy investment unit sought risky deals, faces losses
A Wells Fargo bank logo is pictured on a building in North Miami, Florida March 19, 2016. When Cubic Energy Inc’s bankruptcy plan took effect on March 1, shareholders of Continue Reading
‘Peak Oil’ Not Until 2035
The world will begin to wean itself off its reliance on oil starting in about 20 more years. According to Bernstein analyst Neil Beveridge, the world will hit peak oil Continue Reading
Weak Oil Prices Curbing Production
The debate among the world’s biggest oil nations over whether to freeze production is beginning to be overtaken by a rapid slide in output around the world. On Tuesday, as Continue Reading