NEW YORK Oil prices gained more than 2% on Wednesday as worries eased about demand declining due to the spread of coronavirus cases in China, while supplies tightened as the United States moved to cut off more Venezuelan crude from the market.
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NEW YORK/LONDON Oil prices inched up on Monday as concerns over the economic fallout from the coronavirus outbreak in China were offset by expectations that potential production cuts from major producers could tighten global crude supply.
NEW YORK The Philadelphia Energy Solutions oil refinery site will be sold for $252 million and redeveloped under a plan approved in bankruptcy court on Thursday, ending months of uncertainty over whether the idled plant would be restarted, court filings show.
NEW YORK A federal judge on Wednesday said he was prepared to approve Philadelphia Energy Solutions' bankruptcy plan which includes the sale of the largest East Coast oil refinery to a Chicago real estate developer for $252 million.
NEW YORK Opponents of Philadelphia Energy Solutions' bankruptcy plan have vowed a long legal fight if a federal court this week approves a sale that would keep the largest East Coast oil refinery permanently shut while paying out bonuses to company executives.
NEW YORK Oil prices rose about 1% on Tuesday, up from 13-month lows as the number of new coronavirus cases slowed in China, easing some concern over the potential for lengthy oil demand destruction.