BP PLC on Tuesday named Lamar McKay as chairman and president of its U.S. arm, replacing Bob Malone, who's retiring after guiding BP's American operations through two and a half turbulent years.

It's taken three years of post-Hurricane Rita restoration work but BP's Texas City refinery began operating at full capacity this week, meeting its own end of 2008 deadline.

Oil companies may have notched extraordinary profits in 2008, but their shares have largely tumbled with the price of crude as a broad recession cut into demand globally.

LyondellBasell Industries, the world's third-largest independent chemical company, said Wednesday that it its considering bankruptcy protection as a broadening recession eats away at consumer demand.

The Energy Department will likely report a 1.5 million barrel jump in crude oil reserves on Wednesday for the week ended Jan. 2, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

M&A banking next year will be more Accident and Emergency than Mergers and Acquisitions as companies slim down, banks pair up and the strong eat the weak.

Oil, gasoline and distillate stockpile levels jumped much more than expected last week as demand for crude-based products continued to slump amid the economic recession, according to government data released Wednesday.

European building materials and construction stocks could be big gainers from a Barack Obama win in Tuesday's U.S. presidential election, while defence companies would get a boost if rival John McCain won, analysts said.

Wall Street went on a bargain-hunting bonanza, with a frenzy of activity in the final hour of trading, sending shares up 10 percent.

Investors went on a late-day buying spree, scooping up shares of beaten down stocks and sending the major indexes soaring 7-8 percent.

Volatility reigned again on Wall Street Tuesday as jittery investors had a hard time committing to the morning's early rally -- or to the subsequent paring of gains.

Stocks opened higher Tuesday after Monday's late selloff as international markets bounced back amid expectations of a U.S. rate cut.

Stock index futures pointed to a substantial gain at the open Tuesday, following Monday's late selloff, as international markets rebounded and investors pondered the effect of an upcoming expected interest-rate cut.

The Energy Department will likely report a 78 billion to 83 billion cubic feet drop in natural gas reserves on Thursday for the week ended Jan. 2, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

Natural gas storage levels in the U.S. fell less than expected last week and remain above the year-ago average, a government report said Thursday.