Light crude oil prices have been climbing in the last few days, closing the week at $88.94 per barrel on the NYMEX. If prices climb high enough, it could damage the still-weak economy by raising the costs of gasoline, jet fuel …
Exxon Mobil Corp. (XOM) sold nine U.S. Gulf of Mexico oil and natural gas stakes to Energy XXI in a deal worth $1.01 billion.
The assets produce about 20,000 net barrels of oil a day, The Wall Street Journal said. They contain net proved and probable…
Stocks and commodities fell sharply Friday amid anxiety that China will hike interest rates to keep its economy from overheating. The Dow flirted with a triple-digit loss. Gold and oil prices likewise plunged.
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Earlier Friday in London trading, shares of BP gained on rumors the largest oil company in the world, Exxon Mobil, is considering a bid for the oil company responsible for the largest oil spill in the U.S., Reuters reported.
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Higher demand for petroleum and chemical products, increased oil and gas production and better refining margins helped boost Exxon’s third-quarter earnings. The company beat analysts’ profit expectations, but missed Wall Street…