Followers | 7 |
Posts | 604 |
Boards Moderated | 0 |
Alias Born | 03/08/2017 |
Thursday, May 25, 2017 4:35:33 PM
Crude oil prices plunge as much as 5% after OPEC's decision to extend production cuts fell short of hopes for deeper or longer cuts; WTI -3.9% at $49.35/bbl and Brent -3.7% at $51.96/bbl, fall sharply lower after paring early losses throughout the morning.
"A nine-month extension of the output cuts is already baked into prices," says Olivier Jakob, energy markets analyst at Swiss consultancy Petromatrix, adding that "this shows there's not much more OPEC can do."
Shares of oil and gas companies are sharply lower, bucking the rally in the broader stock market, with 32 of 34 components of the SPDR Energy Select Sector ETF (XLE -1.4%) showing losses.
Among the biggest and most active losers: RIG -5.9%, CHK -4.5%, MRO -5.5%, WLL -7.4%, COP -3.5%.
The two XLE gainers are TSO +2.3%, KMI +0.6%.
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM