Russia isn’t expecting much from Opec’s next meeting May 20, 2016 Russian energy minister, Alexander Novak, isn't expecting much from the fractured Organisation of Petroleum Exporting Countries' when it meets early next month. "In my opinion, any decisions on coordination which would require an obligatory fulfilment, are unlikely to be taken," Novak told Russian state TV in an interview. Read more: Opec faced with waning influence [...]
Circle Oil share price plummets after it warns “little or no value” left for shareholders May 20, 2016 Circle Oil tumbled as much as 75 per cent to 0.5p per share this morning, after it warned shareholders there could be "little or no value" left. The bleak assessment is based on the Aim-listed firm's $77.5m (£53.2m) outstanding debt position, as well as "indicative proposals" it's received to date. Read more: Will oil prices fall [...]
Brent crude oil price edges away from $50 a barrel May 20, 2016 Brent crude edged away from the $50 mark in early afternoon trading, despite worries about the situations in Canada and Nigeria sent investors into a buying frenzy. Brent crude was down 0.4 per cent at $48.60 at lunchtime, while WTI crude – the US benchmark – was down 0.2 per cent, at $48.04. That was a reversal of gains in [...]
S&P: Energy firms drive corporate defaults to highest since post-financial crisis May 20, 2016 The commodity crunch helped push the number of firms defaulting on their debt to the highest level since 2009, according to credit ratings agency Standard & Poor's. Energy and natural resources companies accounted for more than half of the 72 corporate defaults so far this year. Of these, 29 were in the struggling oil and gas sector, while 12 came [...]
Copper is heading for its third weekly decline May 20, 2016 Copper is heading for its third weekly decline today, having come under pressure from the stronger dollar. Three-month copper on the London Metal Exchange shed 0.7 per cent to 4,580 per tonne, following a 0.7 per cent loss in the previous session. Read more: Glencore share price falls as copper production slides Copper has shed around nine per [...]
Golfer Phil Mickelson has been named as a defendant in an insider dealing case filed by US authorities May 19, 2016 Golfer Phil Mickelson has been charged as part of an insider dealing case filed by the US Securities and Exchange Commission (SEC). According to the authorities, Mickelson used an alleged tip he received from a gambler, William “Billy” Walters, who got information from a former chairman of Dean Foods, Thomas Davis. Davis allegedly passed information [...]
BP is raising £400m to bolster its balance sheet May 19, 2016 Oil major BP wants to raise £400m to shore up its balance sheet which has been battered by low oil prices. BP said today it will issue cash-settled convertible bonds as part of its regular debt issuance process, with the proceeds being used for "general corporate processes". Read more: What crisis? BP buys North Sea field "This [...]
Feeding on the Fed: FTSE 100 slims down on prospect of US interest rate hike May 19, 2016 Traders have been feeding on the Fed for the best part of 24 hours now, as they chew through a tasty release from the world's most important central bank. Depending on what you'd ordered, the Federal Open Market Committee (FOMC) either left a sour taste in the mouth or delivered some unexpected goodies. Equities and [...]
Oil services groups FMC Technologies and Technip to team up in $13bn deal May 19, 2016 France's Technip and US rival FMC Technologies said today they would merge to create an oil services company worth $13bn (£8.9bn). It comes as the industry has been enacting cost cuts to weather the oil price rout which has hit exploration and production. Technip and FMC expect the all-share deal to save at least $400m in annual costs by 2019. Read [...]
Before the bell: What you need to know before the US market open May 19, 2016 Markets are still reeling from the Fed's warning that they're not taking the possibility of a June interest rate hike seriously enough and ratings agency Moody's has downgraded US growth prospects. Here's what you need to know before the US market open at 2:30pm London time. The pre-market is not looking strong this morning follow [...]
