Oil Prices Little Changed on Mixed Saudi Messages before U.S. Stock Data

Oil prices were little changed on Tuesday, giving up gains after Saudi Arabia’s oil minister gave mixed messages on future OPEC production cuts, while the market also braced for data that was expected to show a ninth straight weekly increase in U.S. crude inventories. At the CERAWeek energy conference in Houston, Saudi Oil Minister Khalid Al-Falih said last year’s agreement by OPEC and non OPEC countries to curb supplies and boost prices has improved oil market supply and demand fundamentals.

Oil Whipsaws as Output Seen Rising, More OPEC Cuts Discussed

Oil prices whipsawed on Monday, with benchmark Brent rising and U.S. crude easing slightly, after the market pushed higher early in the day on the Iraqi oil minister’s comments that cuts might persist into the second half of the year. Output forecasts from oil ministers of crude-producing countries buffeted the market as industry leaders gathered at the annual CERAweek energy conference in Houston.

Oil Whipsaws as Production Seen Rising, More OPEC Cuts Discussed

Oil prices whipsawed Monday, turning negative after the International Energy Agency forecast potential shale oil growth and waning European refined product demand, which bodes poorly for global efforts to remove a glut. In a session driven by headlines, oil earlier strengthened slightly after Iraq’s oil minister said the Organization of the Petroleum Exporting Countries would likely need to extend its production cuts into the second half of 2017.

Retirement Account Managers Required to Put Clients First

Retirement account managers can be required to put their clients’ interest first, a Texas federal judge ruled in a second case upholding Obama administration rules. Thwarting an industry-backed effort to block the requirement, the ruling follows an earlier decision by a judge in Washington that all financial advisers handling retirement accounts must meet a fiduciary standard.

Fire Sparks Double Bonanza for Refiners as Fuel Profits Jump

A slew of blazes at plants across the globe is shrinking supplies and boosting profits from turning crude into products such as gasoline and diesel. At least 13 refineries, including in Ruwais in Abu Dhabi, Deer Park in Texas and Tuapse in Russia with a combined capacity of about 1.8 million barrels a day, were struck by fire this month, according to data compiled by Bloomberg.

Energy choice Perry steps away from Dakota Access pipeline

Former Texas Gov. Rick Perry says he has stepped down from the boards of two energy companies that are developing the controversial Dakota Access Pipeline project. Perry, who is President-elect Donald Trump’s choice for energy secretary, said in a letter to ethics officials that he resigned Dec. 31 from Energy Transfer Partners LP and Sunoco Logistics Partners LP.