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Tag Archives: Oil price

Average long-term US mortgage rate falls fifth straight week

In this Tuesday, Jan. 26, 2016, photo, a single family home is advertised for sale in Miami. On Thursday, Feb. 4, 2016, Freddie Mac reports on the week’s average U.S. mortgage rates. (AP Photo/Lynne Sladky)

WASHINGTON — Average long-term U.S. mortgage rates fell for the fifth straight week amid volatility in world financial markets. Mortgage buyer Freddie Mac says the average rate on a 30-year fixed-rate mortgage slid to 3.72 percent this week, down from 3.79 percent last week and the lowest since it averaged 3.68 percent in April 2015. The average rate on a ...

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Stocks stage a late-day turnaround, helped by weaker dollar

Wall Street

NEW YORK — U.S. stocks are staging a rapid comeback in late-afternoon trading Wednesday, helped by a surge in the price of oil and a decline in the U.S. dollar. Chipotle Mexican Grill fell sharply as the company disclosed a federal investigation into its E. coli outbreak, and Yahoo sank as the troubled Internet company announced layoffs and plans to ...

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North Dakota “Great Recession” real estate crisis?

real estate crisis indicated by unfinished apartment

The North Dakota Office of State Tax Commissioner recently reported a $63 million shortfall in anticipated sales tax collections in December of 2015. Sales tax collections have declined by over 50 percent in some oil patch cities. Even with a massive state investment program and projects that were financed prior to the recent decline in oil prices, sales tax revenues still collapsed. Plunging sales ...

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US stocks rebound a day after plunge, led by energy sector

NYSE wall st stocks

U.S. stocks bounced back from an early slide Thursday, recouping some ground a day after their worst drop since September. Energy stocks led the rally as the price of crude oil climbed more than 2 percent. Exxon Mobil and Chevron jumped 4 percent, by far the largest gains in the Dow Jones industrial average. Investors also had their eye on ...

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Oil keeps falling. And falling. How low can it go?

oil barrel

DALLAS  — The price of oil keeps falling. And falling. And falling. It has to stop somewhere, right? Even after trending down for a year and a half, U.S. crude has fallen another 17 percent since the start of the year and is now probing depths not seen since 2003. “All you can do is forecast direction, and the direction ...

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As oil plunges, energy companies cut jobs, postpone projects

oil rig

LONDON — The world’s biggest oil companies are slashing jobs and backing off major investments as the price of crude falls to new lows — and there may be more pain to come. Companies like BP, which said Tuesday it is cutting 4,000 jobs, are slimming down to cope with the slump in oil, whose price has plummeted to its ...

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Cheaper oil buoys consumers, hammers producers

DALLAS — Oil prices have been lower for longer than expected. Now, with OPEC’s decision to keep pumping at current levels, analysts expect oil to remain relatively cheap well into 2016 and maybe longer. That, of course, is good news for consumers and fuel-guzzling industries like airlines, but oil producers are being squeezed and thousands of workers in the oil ...

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Shell says can make BG deal work despite weak oil price

LONDON – Royal Dutch Shell sought to ease investor concerns over its planned $70 billion takeover of BG Group, announcing plans for further benefits and cost cuts aimed at making the deal work with an oil price in the mid-$60s a barrel. The Anglo-Dutch group, which hopes to complete the deal early next year, said it now expected synergies to ...

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Oil down on large U.S. crude stockpile build

LONDON (Reuters) – Oil prices slipped on Wednesday after an unexpectedly big build in U.S. crude inventories, further evidence of an oversupply that has helped halve global spot prices over the last year. U.S. crude oil stockpiles rose by 4.6 million barrels in the week to Sept. 25, the American Petroleum Institute (API) said, well above a modest increase of ...

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