Oil rose for the first time in three days after the dollar’s advance stalled and attention shifted back to projected production cuts. Futures rose 2 percent in New York.
Category: OPEC (Organization of the Petroleum Exporting Countries)
How Global Oil Flows Might Look After OPEC’s Supply Shock
OPEC’s quest to end a global crude glut already snapped a two-year slump in oil prices. Now attention is turning to how the group’s surprise decision to cut output will transform international trade flows of the world’s most important commodity.
Tillerson’s Foreign Prowess Said Aided by Exxon Intelligence Arm
Even before Donald Trump tapped him to be the top U.S. diplomat, Rex Tillerson already had his own State Department. Behind the walls of Exxon Mobil Corp.’s secluded corporate headquarters in suburban Dallas, a little-known intelligence unit works to keep top executives informed on economic, social and political situations around the world so they never walk into a foreign negotiation unprepared.
Major New York markets hit second consecutive day of record highs
Major New York stock indexes hit a second consecutive day of record highs while the Toronto stock market continued its six-day rise, continuing a post-U.S. election rally. On Wall Street, the Dow Jones industrial average recorded its third consecutive record-breaking day, advancing 142.04 points to 19,756.85.
RigNet Inc’s Stock Caught Fire on Friday
Offshore service stocks jumped on Friday without any news to drive the rally, with RigNet joining the likes of Seadrill Partners and others in a double-digit rally. It is a bit of a head-scratcher given that oil only rose 1.3% to roughly $51.50 per barrel, which is quite tame for crude these days — and still left it half a percentage point in the red for the week.