°®¶¹´«Ã½

Oil in London was on track for its biggest weekly increase since January as traders waited to see whether Saudi Arabia can fulfill promises to swiftly repair critical facilities attacked last weekend.

The oil services sector will contract in 2020 as producers cut spending in response to lower crude prices, ending three years of growth, according to Rystad Energy.

Oil rose near $57 a barrel as China said it will resume talks with the U.S. to try and resolve a trade impasse that has weighed on global growth and fuel consumption.

Chevron Corp. appears to be laying the groundwork to leave Venezuela in the event that the U.S. declines to extend a waiver allowing it to continue operating in the country.

Oil headed for its biggest weekly increase since mid-July after a sizable drop in American crude inventories and an apparent pause in U.S.-China trade hostilities eased demand fears.

Enbridge Inc.’s plan to contract space on its Mainline oil pipeline system is drawing the ire of producers who argue the new system will give too much power to Midwest refiners.

TEHRAN, Iran — Iran on Aug. 26 announced that the 2.1 million barrels of crude aboard an Iranian oil tanker pursued by the United States have been sold to an unnamed buyer as the ship, at the center of a crisis roiling the region, continued its voyage in the Mediterranean Sea.

Oil steadied near $56 a barrel as hints of a trade detente between the U.S. and China, along with the prospect of monetary stimulus, buoyed financial markets.

A glut of oil is headed to the Gulf Coast. That development is triggering a race among a growing number of entrants to build deepwater crude export terminals in the Gulf of Mexico to ship most of that oil to foreign markets.

The days when energy stocks and the price of oil moved in lockstep are now few and far between. In Canada, it’s the worst divergence on record.