Oil prices have tumbled about seven per cent, with US crude plunging to its lowest level in more than a year, caught in a broader Wall Street sell-off that was fed by rising concerns about slowing global economic growth.
Woodside Petroleum has struck a revised deal with the City of Karratha to build a 604-bed workers camp, but the planning approval time-frame for the project remains uncertain.
Brent crude futures fell in choppy trade, under pressure from growing supply but supported by a reported drawdown of US oil inventories, potential European Union sanctions on Iran and possible OPEC production cuts.
Oil ended the week slightly firmer after volatile trading, supported by expectations that the Organisation of the Petroleum Exporting Countries would agree to cut output next month, though prices fell for the sixth straight week amid global oversupply concerns.
ANNIVERSARY SPECIAL: Foreign investment, free trade and a skilled workforce have helped WA tap its enormous oil and gas reserves, to the benefit of the entire country. This article is part of a special series to mark Business News' 25-year anniversary.
Oil has bounced nearly two per cent, recouping some of the previous session's heavy sell-off, on the growing prospect that the Organisation of the Petroleum Exporting Countries and allied producers would cut output at a meeting next month to prop up the market.
Woodside Petroleum has urged governments across Australia to back its ambitious growth projects, which include $30 billion on LNG projects along with development of industrial-scale hydrogen power.
US crude prices turned negative as President Donald Trump said he hoped there would be no oil output reductions, after Saudi Arabia said OPEC was considering cutting supply next year, citing softening demand.
Oil prices have fallen nearly a percentage point as global supply increased and investors worried demand growth could slow, pressuring US crude to its longest stretch of daily declines since 1984.
Oil prices fell nearly 2.0 per cent overnight as investors focused on swelling global crude supply, which is increasing more quickly than many had expected.
Treasurer Josh Frydenberg has rejected a Chinese consortium's proposed $13 billion purchase of APA Group, saying the deal would result in an undue concentration of foreign ownership of the country's gas transmission pipelines.
Oil prices have fallen further, with US crude futures sliding to an eight-month low, a day after Washington granted sanction waivers to top buyers of Iranian oil and as Iran said it had so far been able to sell as much oil as it needs to sell.
Oil prices were mixed after a steep five-day fall, as the United States formally imposed punitive sanctions on Iran but granted eight countries temporary waivers allowing them to keep buying oil from the Islamic Republic.
Oil prices have fallen about one per cent and notched a weekly loss of over six per cent, as investors worried about oversupply after the United States said it will temporarily spare eight jurisdictions from Iran-related sanctions.
Oil has fallen nearly 3.0 per cent, with US crude futures hitting lows not seen since April, due to growing concerns that global demand is weakening at a time when output from the world's major oil producers is surging.
Oil prices have fallen and posted the worst monthly performance since mid-2016 on evidence of rising global crude supply, but losses were limited by signs of strong US demand for fuel.
Oil prices have dropped more than one per cent on signs of rising supply and concern that global economic growth and demand for fuel will fall victim to the US-China trade war.
Oil prices have edged lower, with futures on track for the worst monthly performance since mid-2016, after Russia signalled that output will remain high and as concern over the global economy fuelled worries about demand for crude.
A sluggish approvals process for seismic work at the Xanadu prospect in the Perth Basin has led Whitebark Energy to sell its stake in the project in a $5 million deal, with the money to head to Canada instead.
Oil prices rose overnight, following the US stock market higher a day after Wall Street's biggest drop since 2011, and as Saudi Arabia's energy minister signalled major producers may have to intervene in crude markets to support prices.
Gas is flowing at Woodside Petroleum's Greater Western Flank-2 project, an extension of the North West Shelf Venture, with the company saying costs came in 30 per cent under budget.
Oil prices plunged about five per cent overnight to two-month lows as a sell-off in global equity markets raised worries about demand growth and after Saudi Arabia said it could supply more crude quickly if needed, easing concerns ahead of US sanctions on Iran.
Tokyo-based Inpex has achieved a significant milestone, with the first shipment of LNG departing the company's $46 billion Ichthys project at its onshore plant in Darwin.
Oil futures changed little after paring earlier losses, despite Saudi Arabia's pledge to raise crude production to a record high, two weeks before US sanctions potentially choke off Iranian supplies.
SPECIAL REPORT: Gold Corporation, Alcoa, Roy Hill and Chevron have all posted higher revenue numbers in Business News' annual analysis of WA's biggest exporters.
The Environmental Protection Authority will receive a $3.3 million funding boost to deal with a recent spike in proposals in Western Australia, with the government also announcing plans for a scheme to allow the outsourcing of some assessments.
