Energy Markets News
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Crude oil futures fell in New York, paring the biggest weekly gain since February, as a drop in Japan’s industrial output prompted traders to lock in profits from yesterday’s rally.
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Chevron Corp. reported its biggest quarterly profit in three years, outperforming other major oil companies, as rising crude prices and proceeds from the sale of a refinery made up for a slump in production.
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Exxon Mobil Corp. Chief Executive Officer Rex Tillerson may struggle to reach his full-year production target after rallying oil prices reduced the company’s take from wells in Africa and output slumped in the U.S. and Europe.
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The season’s first “nor’easter” will spread snow and heavy rain across New York and the U.S. Northeast tomorrow, the National Weather Service said.