IEA Says OPEC Oil Supply Rose Most in Four Years

Saudi Arabia pumped close to a record amount of crude oil last month, leading the biggest surge in OPEC output in almost four years just as the U.S. shale boom shows signs of slowing, the International Energy Agency said. The Organization of Petroleum Exporting Countries may extend its biggest output gain since June 2011 into next month as recovery in Libya and Iraq adds to the Saudi increase, the IEA

U.S. Shale Oil Boom Turns to Gloom

The shale oil boom that pushed U.S. crude production to the highest level in four decades is grinding to a halt. Output from the prolific tight-rock formations such as North Dakota’s Bakken shale will decline 57,000 barrels a day in May.

Detroit, Stockton bankruptcies may flag wider problems – NY Fed chief

The municipal bankruptcies in Detroit and Stockton, California, may foretell more widespread problems in the United States than is implied by current bond ratings, a top Federal Reserve official said on Tuesday. “While these particular bankruptcy filings have captured a considerable amount of attention, and rightly so, they may foreshadow more widespread problems than what might be implied by current bond ratings,” New York Fed President William Dudley said at

JPMorgan profit rises as fixed-income trading rebounds

The bank’s strong results bolstered Chief Executive Jamie Dimon’s argument that size and diversification are advantages, not a reason to break up the bank. Some analysts have suggested JPMorgan should be broken up to reduce capital requirements and complexity. JPMorgan’s revenue from trading fixed income, currencies and commodities (FICC) by 5 percent to $4.07 billion in the first quarter. The strong investment banking results helped boost JPMorgan’s shares as much