LIMA, Dec 7- Peru's state oil company would be allowed to privatize up to 49 percent of Petroperu through share offerings on the local stock market under a bill soon to be submitted to Congress, a top official said on Saturday.» Read More
Interest-rate worries and a disappointing outlook from Texas Instruments are taking the punch out of stock prices today. But Lehman Brothers, the first of three brokers to report earnings this week, is a bright spot. The firm had a 27% jump in net profit and its stock is moving higher.
World oil demand will rise more quickly than previously thought this year, the International Energy Agency said on Tuesday, adding weight to consumer nations' calls for more OPEC oil. In its June monthly report, the adviser to 26 industrialised countries lifted its forecast for 2007 growth in world oil demand to 1.7 million barrels per day (bpd) or two percent, up 200,000 bpd from the previous forecast.
Stocks closed flat as the markets failed to hang onto a minor afternoon rally. "As volatility starts to pick up again, people have begun to realize that the probability of the Fed easing here is very, very low -- maybe even a better probability the Fed tightens here," said Richard Bernstein, chief investment strategist at Merrill Lynch.
U.S. oil rose to just shy of $66 on Monday, and London Brent crude recovered above $69, after a sell-off of more than $2 at the end of last week, buoyed by news leading exporter Saudi Arabia would keep OPEC supply curbs in place through July.
Shares in Russian gas giant Gazprom rose as Deputy Chief Executive Alexander Medvedev announced Sunday the company was near to closing an unspecified deal to grow its market presence in Britain.
Carl Wunsch, professor of physical oceanography at the Massachusetts Institute of Technology, told CNBC’s “Squawk Box” that the debate about global warming can point out risks, but assertions of coming catastrophe can’t be proven with mathematical certainty.
OPEC has no plans to release more oil into the market ahead of its next policy meeting in September, Iran's oil minister said Monday.
Norsk Hydro struck oil and natural gas reserves about 75 miles off the western Norway city of Bergen, the Norwegian Petroleum Directorate announced Monday.
The national average price for gasoline dropped 7 cents in the last three weeks, according to a nationwide survey released Sunday that marked the first decline since January.
Stocks closed sharply higher as bargain hunters helped the market snap three-day selloff. "Bond yields have been rising and people stepped back from the market but came back in today and invested money that was piling up on the sidelines in the past couple of days," said David Goerz, chief investment officer at HighMark Capital.
Hugh Grant, chairman and chief executive of Monsanto, told CNBC’s “Street Signs” that he believes ethanol will be a “sustainable industry” that can thrive without governmental subsidies.
Oil dropped more than two dollars on Friday, weakened by selling in equity markets that raised doubts over energy demand and after a storm that halted exports from Oman lost power.
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Russian stocks have posted outstanding returns in the last six years, but market pros say investors may want to pause before jumping headfirst into the maturing economy.
Chief financial officers are becoming more pessimistic about the U.S. economy, according to a survey by Duke University’s Fuqua School of Business. The CFOs expect slower growth in earnings, capital spending and hiring, the survey says. They’re also concerned about rising labor costs and weakening consumer demand.
Stocks closed sharply lower as rising bond yields signaled a tougher global credit environment. "It was a pretty ugly day," said Tom Schrader, managing director of U.S. listed trading at Stifel Nicolaus. "The market needed a washout and we got one. It was caused by higher rates, which is not good for the carry trade, LBOs and M&A."
Investors' expectations of an interest rate cut--and home buyers' hopes for cheaper mortgages--seem to be disappearing. The yield on the Treasury's 10-year note passed 5%, and some market watchers say the yield is likely to climb higher. That will make it even harder for consumers to finance home puchases and companies to borrow.
Some consumer advocates fear that consumers may get less bang for their buck at the pump, as scorching heat physically expands the volume of gasoline -- while gasoline prices remain the same. Judy Dugan, research director at the Foundation For Taxpayer & Consumer Rights, told "Morning Call" that the heat expansion -- and ostensible dilution -- of gasoline affects consumers negatively.
Oil and gasoline futures jumped Thursday on concerns that U.S. refineries aren't making enough gasoline to meet domestic demand.
Stocks closed lower for the second straight session after the latest productivity data renewed inflation concerns and a rate hike in Europe fueled jitters about rising interest rates. "I think what we're seeing here is a correction after a fantastic run," said Larry Kantor, co-head of research at Barclays Capital.