Oil steady as recession woes counter positive Chinese signals
Oil prices held steady on Monday in choppy trading as fears that high inflation and energy costs could...
Oil prices held steady on Monday in choppy trading as fears that high inflation and energy costs could drag the global economy into recession offset China's continuation of loose monetary policy.
Brent crude futures were down 1 cents, or 0.01%, to $91.62 a barrel, recovering from a 6.4% fall last week. U.S. West Texas Intermediate crude was down 15 cents, or 0.2%, at $85.46 after a 7.6% decline last week.
"U.S. inflation remains a front topic and with the Fed set to raise rates at least into next year, there are fears that demand destruction will escalate," said Dennis Kissler, senior vice president of trading at BOK Financial.
Dow ends up 550 points, Nasdaq jumps over 3% as focus shifts to earnings
U.S. stocks closed sharply higher Monday as quarterly corporate earnings picked up steam and the S&P...
U.S. stocks closed sharply higher Monday as quarterly corporate earnings picked up steam and the S&P 500 recorded its best daily percentage gain since Oct. 4, according to FactSet data. The Dow Jones Industrial Average DJIA, +1.86% gained about 550 points, or 1.9%, ending near 30,188, while the S&P 500 index SPX, +2.65% advanced 2.7%. But it was the technology-heavy Nasdaq Composite Index COMP, 3.43% that led the way higher for the three big stock indexes with a 3.4% gain. The bounce in stocks came after the U.K.'s new Chancellor of the Exchequer Jeremy Hunt reverse most of the previously announced "mini-budget," including unfunded tax cuts and a reduction to energy benefits. Investors in the U.S. also have been focused on corporate earnings, including results from lending giant Bank of America BAC, +6.06% as it reported a "resilient and strong" U.S consumer despite the toll of high inflation.
Hamm family to buy Continental Resources for $74.28/share
Continental Resources (NYSE:CLR) +8.4%...
Continental Resources (NYSE:CLR) +8.4% Monday after agreeing to be acquired by Chairman and founder Harold Hamm for $74.28/share, valuing the company at nearly $27B; the offer price includes $0.28/share in lieu of the company's anticipated Q3 dividend.
The Hamm family, which collectively owns 83% of Continental (CLR) total outstanding common shares, made a $70/share offer for all remaining shares in June.
The new deal price represents a 15% premium to the closing price on June 13, the day before Hamm's family disclosed its initial proposal, and 8.9% premium to the closing price on Friday.
Continental (CLR) shares, which have not closed at or above $74.28 since September 2014, have gained 48% YTD.
BP Acquires RNG Producer Archaea Energy for $4.1 Billion
BP has boosted its biogas presence in the U.S. with a $4.1 billion...
BP has boosted its biogas presence in the U.S. with a $4.1 billion acquisition of renewable gas producer Archaea Energy,the company said Oct. 17, marking one of the largest deals in the sector’s history.
Houston-based Archaea operates about 50 renewable natural gas (RNG) and landfill gas-to-energy facilities across the United States. The energy major says Archaea’s development pipeline supports about a fivefold increase in RNG volumes by 2030.
OPEC+ Members Endorse Output Cut after US Coercion Accusation
OPEC+ member states lined up on Oct. 16 to endorse the steep cut to its output target agreed this month...
OPEC+ member states lined up on Oct. 16 to endorse the steep cut to its output target agreed this month after the White House, stepping up a war of words with Saudi Arabia, accused Riyadh of coercing some other nations into supporting the move.
The kingdom’s defense minister and King Salman’s son, Prince Khalid bin Salman, said the Oct. 5 decision to reduce output by 2 million bbl/d—taken despite oil markets being tight—was unanimous and based on economic factors.
His comments were backed by ministers of several OPEC+ member states including the United Arab Emirates.
