It was every week the place each oil and pure fuel futures got here beneath promoting stress.
On the information entrance, supermajors ExxonMobil (XOM – Free Report) and Royal Dutch Shell (RDS.A – Free Report) issued updates on their upcoming third-quarter earnings. In the meantime, world’s largest impartial oil and fuel producer ConocoPhillips (COP – Free Report) introduced a 38% dividend hike mixed with a $three billion share repurchase.
Total, it was a dismal week for the sector. West Texas Intermediate (WTI) crude futures moved down 5.5% to shut at $52.81 per barrel, whereas pure fuel costs dropped 2.2% for the week to complete at 2.352 per million Btu (MMBtu). (See the final ‘Oil & Gasoline Inventory Roundup’ right here: BP & ExxonMobil’s Multibillion Dollar Deals Steal the Show)
The U.S. crude benchmark registered a pointy weekly loss on issues about demand and a larger-than-anticipated construct in home stockpiles.
Pure fuel costs additionally completed down after the weekly stock launch confirmed a larger-than-expected improve in provides. The bearish…