Crude oil supplies jump, lowering energy futures
NATION
Crude oil supplies jump,
lowering energy futures
NEW YORK — Energy futures fell Wednesday, at times dropping below $90 a barrel after the government said crude oil supplies jumped unexpectedly last week.
In its weekly inventory report, the Energy Department’s Energy Information Administration said crude oil inventories rose by 4.3 million barrels last week, the first increase since the week ended Nov. 9.
Light, sweet crude for February delivery fell $1.78 to $90.12 a barrel on the New York Mercantile Exchange after falling as low as $89.26 earlier. It was the first time since Dec. 19 the price of crude fell below $90.
Company to eliminate
660 jobs in 3 states
MIAMISBURG, Ohio — A company that supplies paper to catalog and magazine publishers said Wednesday that it will shut down some operations at plants in Ohio, Wisconsin and Maine, eliminating about 660 jobs.
NewPage Corp. said the cuts come as it integrates the North American operations of Finland-based Stora Enso Oyj that it bought for about $2.1 billion last September. NewPage acquired eight factories in the deal.
Most of the cuts will be in Wisconsin, where NewPage will shut down a pulp mill and paper machines in Niagara and Kimberly, eliminating about 440 jobs. Newpage also will close an operation in Chillicothe, Ohio, that employs about 160 workers and shut down a paper machine in Rumford, Maine, that has 60 workers.
Associated Press