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Ice cancels flights, snarls traffic; snow in North Texas forecast

DALLAS (AP) — More wintry weather was expected across parts of North Texas through Wednesday.

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Einstein Bagels closing two Tarrant locations

Einstein Bagels is closing two Tarrant County locations, part of a series of 39 closings around the country, according to the company’s owners, JAB Holding Co.

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Berkshire Hathaway company acquires Fort Worth firm

M&M Manufacturing, a producer of sheet metal products for the air distribution and ventilation market based in Fort Worth, has been acquired by MiTek Industries Inc., a subsidiary of Warren Buffett’s Berkshire Hathaway Inc.,

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Plans for Grand Prairie indoor ski resort, Hard Rock Hotel evaporate

Plans for a $215 million indoor ski resort and Hard Rock Hotel in Grand Prairie have been shelved. Sherman Thurston, a member of the development team, sent a

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Top area CFOs honored

The Fort Worth Business Press honored 13 area chief financial officers today with a luncheon at the Fort Worth Club.

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Oil rises toward $104 ahead of Fed statement
 

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PAMELA SAMPSON, AP Business Writer

BANGKOK (AP) — The price of oil staged a modest recovery Wednesday, a day after hitting a four-week low, but traders say bigger gains would likely be short-lived.

Benchmark oil for August delivery was up 42 cents to $103.50 per barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.47 Tuesday to finish at $103.08 per barrel, the lowest closing price since July 3.

Traders are waiting to see if the Energy Department will report another draw in oil supplies after a surprisingly large drop of 30 million barrels over the past month. However, oil supplies remain high compared with the five-year average, and that will constrain the price of crude.

"Energy prices have been supported in recent weeks by renewed optimism about global demand and a revival of concerns about the geopolitical situation in the Middle East. However, we do not expect this to last," Jessica Hinds of Capital Economics said in a commentary.

"On the demand side, although US crude stocks have fallen by more than expected recently, we would be wary of placing too much weight on this development," Hinds said.

Later Wednesday, the Federal Reserve will give an updated assessment of the U.S. economy when it wraps up a two-day meeting in Washington. The government will release the first reading of second-quarter gross domestic product growth. Analysts expect the economy expanded more slowly last quarter compared with the 1.8 percent growth reported for the first three months of the year.

On Friday the release of employment data for July will be examined for hints about future energy demand in the world's No. 1 economy.

Brent crude, which is traded in London, fell 50 cents to $106.41.

In other energy futures trading on Nymex:

— Wholesale gasoline fell 2.7 cents to $2.948 a gallon.

— Heating oil fell 1.4 cents to $2.996 a gallon.

— Natural gas rose 1 cent to $3.442 per 1,000 cubic feet.

 

 

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