Business


OPEC oil squeeze to remain, but will it lift prices?

Before, OPEC's strategy was to keep pumping at full tilt in order to push the oil price lower and make life hard for the Americans, who need a higher price to make money. Worldwide benchmark Brent shed about 0.5%. The pan-European STOXX 600 .stoxx index fell 0.5 percent and euro zone blue chips .stoxx50e fell 0.7 percent by 0922 GMT, while in London both the main FTSE 100 .ftse benchmark and mid caps .ftmc nudged higher to hit fresh record highs.



OPEC agrees to extend production cuts

The OPEC and the select group of 11 non-OPEC producers announced an agreement today to extend existing production cuts through the first quarter of 2018. OPEC agreed to cut oil production by about 1.8 million barrels per day in December for the first half of 2017. Led by Russian Federation, non-OPEC producers had initially curbed output in conjunction with OPEC in a landmark deal for the first half of the year from January.



Oil languishes after OPEC fails to deepen supply cuts, Asia stocks retreat

At around 11.00 a.m. London time, Brent was trading 0.3 percent lower at $53.65 a barrel with the U.S. West Texas Intermediate (WTI) benchmark edging down by almost the same amount to sit at $50.96 a barrel. It has been closed for all but a few weeks since a militant attack in early 2016. Chief market strategist of AxiTrader, Greg McKenna noted that " OPEC agreeing to nine months without deeper cuts leaves prices at the mercy of inventories and US production and demand ", Investors are ...



Clearbridge LLC Continues to Hold Holding in Mylan N V (MYL)

Euclidean Technologies Management Llc increased its stake in Trinity Inds Inc (TRN) by 126.08% based on its latest 2016Q4 regulatory filing with the SEC. Covington Capital Mngmt owns 5,375 shares. Mylan N.V. (NASDAQ:MYL) reached 17.83% versus a 1-year low price of $33.6. Gulf Comml Bank (Uk) reported 137,670 shares.



Jared Kushner 'proposed secret communication channel with Russia'

The Post was first alerted in mid-December to the meeting by an anonymous letter, which said, among other things, that Kushner had talked to Kislyak about setting up the communications channel. Jared Kushner and Russian Federation discussed a secret and secure communications channel, according to a new report. It is unclear whether they learned about it from intercepted Russian communications or by other means.


Most Active Stock: Scorpio Tankers Inc. (STNG)

Most Active Stock: Scorpio Tankers Inc. (STNG)

Finally, Bank of America Corp upgraded Scorpio Tankers from an underperform rating to a buy rating and set a $6.00 price objective on the stock in a report on Friday, May 12th. The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 14th. The ex-dividend date of this dividend is Tuesday, May 9th.