Energy Industry News
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Oil declined for a second day in New York on speculation that slowing economic growth in the U.S. and China will crimp fuel consumption in the world’s two biggest crude users.
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Lee weakened to a depression from a tropical storm after making landfall and soaking Louisiana and much of the Gulf Coast. Flooding from the storm is expected to move into the Tennessee Valley and southern Appalachians.
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Troops from Libya’s transitional government engaged in sporadic fighting with fighters loyal to Muammar Qaddafi near Bani Walid after talks for a peaceful surrender of the city broke down.
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Cnooc Ltd., China’s largest offshore energy explorer, had its biggest decline in a month in Hong Kong trading after oil leaks at a field operated by partner ConocoPhillips forced the company to cut its output estimate.
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