Investing.com - Oil was higher Wednesday as armed protesters disrupted output in Libya. U.S. crude was up 27 cents, or 0.56%, at $48.64 at 08:00 ET. Brent crude gained 31 cents, or 0.60%, to $51.73. Investors are also mulling the chances of an extension of output cuts by major producers. OPEC and non-OPEC producers are cutting output by 1.8 million barrels a day in the first half. Iranian Oil Minister Bijan Zanganeh said Tuesday an extension of the cuts beyond June is likely. American Petroleum Institute weekly data Tuesday showed a rise of 1.9 million barrels in U.S. crude stocks. The Energy Information Administration is expected to report a 1.357 million barrels rise in crude inventories.
LONDON/DUBAI (Reuters) - OPEC oil output is likely to fall for a third straight month in March, a Reuters survey found on Wednesday, as the United Arab Emirates made progress in trimming supplies while maintenance and unrest cut production in exempt nations Nigeria and Libya. The reduction by the UAE has helped boost OPEC compliance this month with its production-cutting deal to 95 percent, up from an initial February estimate of 94 percent and a record high, according to Reuters surveys. The Organization of the Petroleum Exporting Countries pledged to reduce output by about 1.2 million barrels per day (bpd) from Jan. 1 - the first accord on supply curbs since 2008. Non-OPEC countries pledged to cut about half as much. In comments made to Reuters, OPEC Secretary-General Mohammed Barkindo said the OPEC and non-OPEC agreement "is gradually, but steadily working its way to restore balance to the oil markets".
5 Reasons to Own BP plc (ADR) (BP) Stock Speculation of a buyout stands at the top of the list By Will Ashworth, InvestorPlace Contributor | Mar 29, 2017, 10:18 am EDT BP plc (ADR) (NYSE:BP) finally delivered for long-time owners of BP stock this past year. Up 27.3% in 2016, it was the stock’s best annual performance since 2009, the year prior to the Deepwater Horizon oil spill.
5 Reasons to Own BP plc (ADR) (BP) Stock Source: Mike Mozart via Flickr That should be music to the ears of BP CEO Bob Dudley who took the helm on October 1, 2010, after former CEO Tony Hayward resigned five months earlier.
By promoting Dudley to CEO, the native of Mississippi became the first American to run the British oil company.
Unfortunately, BP stock hasn’t kept the momentum going so far in 2017, down 6.8% through Mar. 22. Was 2016 a dead cat bounce? Should investors consider owning BP stock despite lingering memories of the tragedy in the Gulf of Mexico that took the lives of 11 people almost seven years ago?
Five Reasons to Own BP stock Exxon Mobil Comes Calling
There’s nothing official mind you, but earlier this month rumors started spreading that Exxon Mobil Corporation (NYSE:XOM) was courting BP’s largest shareholders in a preliminary move to circle the wagons ultimately leading to a bid to buy the company for as much as $150 billion.
10 Dividend Stocks You Shouldn’t Trust Some of these stocks will slash their dividends in the near future. Others will keep paying out big yields… but could see their shares drop dramatically as the market loses momentum. If you own any of the stocks NAMED HERE, get out now!
InvestorPlace contributor Aaron Levitt, whose specialty is energy companies, seems to think the speculation has legs given Exxon’s need for oil production — BP produces 3 million barrels of oil per day from its major assets in the North Sea, Gulf of Mexico, Middle East and Alaska — and its ability to finance such a deal.
Despite serious regulatory issues, both sides win in an Exxon/BP merger. Whether it happens is an entirely different matter.
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