Oil set for weekly gain as OPEC+ considers output cut
LONDON (Reuters) - Oil prices were on track for their first weekly gain in five on Friday, underpinned...
LONDON (Reuters) - Oil prices were on track for their first weekly gain in five on Friday, underpinned by a weaker dollar and the possibility that OPEC+ will agree to cut crude output when it meets on Oct. 5.
Brent crude futures for November, which expire on Friday, rose by 95 cents, or 1.07%, to $89.44 a barrel by 0948 GMT. The more active December contract was up 81 cents at $87.99.
U.S. West Texas Intermediate (WTI) crude futures rose 72 cents, or 0.89%, to $81.95.
Brent and WTI contracts rose by more than $1 earlier in the session and are poised for a weekly gain of about 4%. It would be the first weekly rise since August and follow nine-month lows hit earlier in the week.
Germany’s inflation rate is highest in more than 70 years
Germany’s annual rate of inflation accelerated again in September, beating forecasts and posting the...
Germany’s annual rate of inflation accelerated again in September, beating forecasts and posting the highest reading since December 1951, according to preliminary data released by the German statistics office Destatis on Thursday.
The consumer price index–a measure of what consumers pay for goods and services–rose 10.0% in September compared with the same month a year ago measured by national standards, up from 7.9% in August, preliminary data from German statistics office Destatis showed Thursday.
Economists polled by The Wall Street Journal expected inflation to come in at 9.5%. Consumer prices rose 10.9% on year by European Union harmonized standards, above economists’ forecast of 10.2%.
Buffett’s Berkshire Hathaway Buys 5.99 Million More Occidental Shares
Warren Buffett’s Berkshire Hathaway Inc. bought another 5.99...
Warren Buffett’s Berkshire Hathaway Inc. bought another 5.99 million shares of Occidental Petroleum Corp., boosting its stake to 20.9% after the oil company’s shares lost about a fifth of their value in less than a month.
The purchases were made between Sept. 26 and Sept. 28 and cost about $352 million, Berkshire said in a regulatory filing on Sept. 28.
Following the purchases, Berkshire now owns about 194.4 million Occidental shares worth approximately $11.9 billion, based on Occidental’s closing price of $61.41 on Sept. 28.
Berkshire also owns $10 billion of Occidental preferred stock, which generates $800 million of annual dividends.
9% of Oil, 6% of Gas Production Shut in as Hurricane Ian Slams Florida
Offshore operators ceased operations and evacuated platforms and rigs in the eastern Gulf of Mexico ahead...
Offshore operators ceased operations and evacuated platforms and rigs in the eastern Gulf of Mexico ahead of Hurricane Ian making landfall in Florida early on Sept. 28.
According to the Bureau of Safety and Environmental Enforcement (BSEE), 157,706 bbl/d, or 9.1% of all oil production in the Gulf, and 128 MMcf/d, or 6% of gas production, have been shut-in.
The shut-in process, which is mandatory during evacuations for facilities likely to be in a hurricane’s path, closes safety valves below the ocean floor and halts production to protect the environment around the wells.
11 of the 521 manned production platforms in the Gulf of Mexico were evacuated in preparation for Hurricane Ian’s passage through the region.
Devon Energy Completes Eagle Ford Bolt-on Acquisition
Devon Energy Corp. completed the acquisition of Eagle Ford operator...
Devon Energy Corp. completed the acquisition of Eagle Ford operator Validus Energy for $1.8 billion cash, the company announced in a press statement on Sept. 28.
Previously announced on Aug. 9, the acquisition will include 42,000 net acres in the Eagle Ford shale with a 90% working interest. The acquired assets currently yield 35,000 boe/d and are anticipated to increase production to approximately 40,000 boe/d over the next year.
Effective June 1, 2022, the bolt-on will bring Devon's total acreage in the Eagle Ford to 82,000 net acres while increasing its expected annual production to 73,000 boe/d.
