While markets await a Saudi update, investors are likely asking how the kingdom left itself so vulnerable, and what it means for the future.Energyread more
Of the recessions the U.S. has seen dating back to the early 1980s, none has come without an oil spike of at least 90%.Economyread more
An oil processing facility at Abqaiq and the nearby Khurais oil field was attacked on Saturday.Marketsread more
Energy stocks, one of the worst-performing sector this year, spiked on Monday after an attack on Saudi Arabia's heart of oil production Saturday sent oil prices soaring.Marketsread more
Shares of defense companies rose on Monday after the United States military was put on alert by President Donald Trump.Marketsread more
The Saudi-led military coalition battling Yemen's Houthi movement said on Monday that the attack on Saudi oil plants was carried out by Iranian weapons and did not originate...Oilread more
Stocks fell on Monday amid fears that a surge in oil prices following an attack in Saudi Arabia could slow down global economic growth.Marketsread more
New research by the Digital Citizens Alliance shows how easy it is to buy illegal steroids and other appearance- and performance-enhancing drugs.Cybersecurityread more
GM shares were down nearly 3% Monday as analysts estimated the strike could cost GM tens of millions of dollars per day. The two sides resumed talks at 10 a.m. Monday...Autosread more
Amazon changed the algorithms that power its product-search system to favor the company's own products, The Wall Street Journal reported.Technologyread more
Between 180 and 200 underperforming GameStop stores are set to shutter before the end of the fiscal year, and more could be on the way.Entertainmentread more
Standard and Poor's downgraded ExxonMobil's credit rating from AAA to AA+ on Tuesday because of expectations of continuing low oil prices.
Shares of ExxonMobil were flat on the day.
In its announcement, S&P said that it expects Exxon's "credit measures, including free operating cash flow (FOCF) to debt and discretionary cash flow (DCF) to debt, will remain below [its] expectations for the 'AAA' rating through 2018." The ratings agency added that its outlook on Exxon is stable.
S&P added that the "company's debt level has more than doubled in recent years, reflecting high capital spending on major projects in a high commodity price environment and dividends and share repurchases that substantially exceeded internally generated cash flow."
S&P also said that while Exxon has made efforts to reduce capital spending, the maintenance of production and replacing reserves will ultimately require more spending.
The ratings agency said it sees Exxon returning cash to shareholders instead of building cash or reducing its debt, which could limit improvements on credit measures even when oil prices recover.
However, S&P's stable outlook on the big oil company reflects the rating service's confidence in Exxon's "fiscally prudent manner" in its investments and acquisitions. S&P did add that it could further lower its rating on Exxon if the company isn't able to sufficiently adapt to a prolonged period of low commodity prices.
"Nothing has changed in terms of the company's financial philosophy or prudent management of its balance sheet. ExxonMobil places a high value on its strong credit position and continues to be focused on creating long-term shareholder value despite near-term market volatility," an Exxon spokesman told CNBC in an email.